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Retiring & Pensions

Czech Republic - Retiring & Pensions

The Czech Republic is growing in popularity as a retirement destination, especially for retirees who are citizens of the EU. Real estate costs are still significantly lower than those in much of western Europe, and the overall cost of living continues to be very attractive to those on a fixed retirement income.

In addition, the variety of leisure pursuits available make the Republic an enjoyable place to live for expatriates. There are many cultural, social and sports activities that attract a broad spectrum of foreign nationals to the country. There are 20 monuments in the Republic designated as UNESCO cultural and natural world heritage sites. The Czech Republic is located virtually in the heart of Europe, with convenient access to other European capitals via air or train.

Generally speaking, foreign residents are taxed on their worldwide income, so persons receiving pension or social security income should consult a professional to ascertain their precise tax liability. The Czech Republic has signed a double-taxation treaty with a number of countries, so if your retirement income is taxed in your country of origin you may be eligible for an equivalent deduction in the Republic. Again, it is prudent to consult an international tax specialist before making the decision to retire abroad.

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