Buying property in the Czech Republic from the UK means converting pounds into Czech koruna, a freely floating EU currency that is not the euro. The GBP/CZK rate sets your real sterling cost, and because the koruna moves on its own central bank’s decisions as well as the euro’s, planning that rate early is what protects your budget between offer and completion.
Prague, Brno and the Czech ski and spa regions draw UK buyers with city apartments, holiday homes and buy-to-let flats. The purchase itself is straightforward for UK nationals. The part most buyers underestimate is the currency: a Czech price is quoted in koruna, and the rate you secure can move your sterling cost by tens of thousands of pounds on a larger home.
Do you pay in euros or Czech koruna when buying in the Czech Republic?
You pay in Czech koruna (CZK). The Czech Republic is an EU member but has kept its own currency and has set no target date to join the euro, so a Czech property is priced, contracted and completed in koruna. Your exchange-rate exposure is therefore GBP/CZK, not GBP/EUR.
That distinction matters. In a eurozone country you would instead be sending euros, with the pound against the euro as your only variable. In the Czech Republic you carry a direct, lasting pound-to-koruna exposure that will still exist for every mortgage payment, service charge or future sale, because the koruna is here to stay. You can see today’s level on our live currency converter before you budget.
Why is the Czech koruna not the same as buying in a euro country?
The koruna is one of the most actively managed floating currencies in the EU. The Czech National Bank (CNB) once used the exchange rate itself as a policy tool: from 7 November 2013 until 6 April 2017 it held a one-sided floor on the koruna, intervening to keep it no stronger than about 27 koruna to the euro to fight deflation. When the CNB removed that commitment in April 2017, the koruna was allowed to float freely again, and it has traded without a cap ever since (the CNB documents the episode in its review of the discontinued exchange-rate commitment).
For a UK buyer, two things follow. First, because the CNB watches the koruna against the euro, GBP/CZK broadly tracks the pound-to-euro move — so the drivers behind our pound-to-euro outlook feed into it. Second, the koruna adds its own layer of movement around CNB interest-rate decisions, on top of the rate differential between the Bank of England and the CNB. This is also why the koruna is not a pegged currency: the 2013–2017 floor was a temporary one-way commitment, not a permanent fix, and it is gone.
Can a UK citizen buy property in the Czech Republic after Brexit?
Yes. The Czech Republic lifted its old restrictions on foreign real-estate ownership, and UK nationals can buy residential property — an apartment, a house or building land — in their own name, with no special permit required. That is simpler than several EU neighbours: unlike buying in Poland or buying in Croatia, a UK buyer in Czechia does not need a government or land-authority permit for a home.
The main exception is agricultural and forest land, which sits under separate rules through the Czech land framework. The Czech Ministry of Foreign Affairs sets out the current position on acquiring real estate, and the UK government’s guidance for British nationals in Czechia covers residence and practical steps. For anything involving farmland, forest or a company purchase, use a Czech-qualified solicitor.
How much does the exchange rate change the cost of a Czech property?
Enough to rival the cost of the move itself. Because the price is fixed in koruna, every move in GBP/CZK between the day you agree the price and the day you send the money changes what you actually pay in sterling.
Take an illustrative Prague apartment priced at 12,000,000 koruna. At an illustrative rate of 28.00 koruna to the pound, that is about £428,571. If the pound weakens to 27.00 before you convert, the same flat costs roughly £444,444 — about £15,873 more. If the pound strengthens to 29.00, it costs around £413,793, saving about £14,778. Across that 27.00–29.00 range, the swing is close to £30,651 on one purchase. Even a modest 2% adverse move, from 28.00 to around 27.44, adds about £8,746.
The same effect applies to the deposit. A 10% reservation deposit of 1,200,000 koruna is about £42,857 at an illustrative 28.00 — and if the rate has moved by completion, the balance you owe in sterling has moved with it. Fixing the rate once you are committed takes that uncertainty out of the plan.
What are the costs and taxes when buying property in the Czech Republic?
Budget for legal fees, a notary or escrow arrangement, land-registry (cadastre) fees and, if you use one, an estate agent. One Czech feature works in a buyer’s favour: the country abolished its real-estate acquisition tax in 2020, so purchasers no longer pay the former transfer tax on the price — a cost that still applies in most of Europe.
Tax on a future sale is a separate question. When you eventually sell, HMRC assesses any Capital Gains Tax in sterling, so the koruna-to-pound rates on both your purchase and your sale feed into the taxable gain — not just the koruna price. Czech local taxes may also apply. Tax treatment depends on your residence and circumstances, so confirm the position with a qualified tax adviser before you commit. None of this is tax guidance specific to you.
How can you protect your budget against GBP/CZK moves?
You have four main ways to handle the koruna side of the purchase, each suited to a different stage of the buying journey.
| Approach | How it works | Best suited to |
|---|---|---|
| Spot transfer | Convert pounds to koruna at the live rate and send straight away. | A deposit or balance due now, with the rate you can see today. |
| Forward contract | Fix today’s rate for a future settlement, up to 12 months ahead, for a small deposit. | A known completion date where you want to lock your sterling cost. |
| Window forward | Fix the rate now but draw the koruna across a date range rather than one fixed day. | A completion that could slip — common on Czech conveyancing and new-builds. |
| Market order | Target a specific rate; the transfer triggers automatically if the market reaches it. | Buyers with time who want to aim for a particular level. |
A forward rate differs from the spot rate because of the interest-rate gap between the pound and the koruna, not because of a hidden fee. A window forward is particularly useful in Czechia, where a completion date can move; it is also worth reading how a currency plan copes when an overseas completion is delayed. If you are buying off-plan in Prague or Brno, the same logic covers off-plan staged payments, and if you are borrowing locally, look at the currency risk on an overseas mortgage repaid in koruna.
What mistakes do UK buyers make with Czech property currency?
- Assuming it is a euro purchase. Czechia is in the EU but uses the koruna; budgeting in euros gives you the wrong number and the wrong hedge.
- Leaving the rate to chance until completion. Agreeing a koruna price and converting weeks later exposes the whole purchase to market moves — the £30,651 swing above is not unusual on a larger home.
- Using a high-street bank for the transfer. Bank exchange margins are typically far wider than a specialist’s, and on a six-figure purchase the margin dwarfs any fixed fee.
- Forgetting the money has to arrive cleanly. A large cross-border payment that is held for compliance checks can cause you to miss a completion deadline.
- Ignoring the rate on the exit. The koruna-to-pound rate when you sell affects both your proceeds and your sterling CGT calculation.
How does a specialist currency broker help with a Czech purchase?
Cambridge Currencies is a UK specialist currency broker that helps private buyers and businesses move money abroad for large, time-sensitive payments such as a property purchase. For a Czech transaction, that means pricing GBP/CZK competitively against high-street banks, fixing your rate with a forward or window forward so your sterling cost is known, and making sure the payment clears compliance so it lands on time for completion.
Every transfer is handled by phone with a dedicated specialist, with the margin disclosed upfront — no app and no chatbot. Client funds are safeguarded by our FCA-authorised payment partners, Currencycloud and ScioPay, at a credit institution. Choosing the right partner matters, so it is worth knowing how to choose a currency broker for buying property abroad, and where Czechia fits among the countries UK citizens can buy property in.
Frequently asked questions
What currency do I use to buy a property in the Czech Republic?
You buy and pay in Czech koruna (CZK). The Czech Republic has kept its own currency rather than adopting the euro, so your exchange-rate exposure as a UK buyer is GBP/CZK.
Can I buy property in the Czech Republic as a UK citizen after Brexit?
Yes. UK nationals can buy residential property in their own name without a special permit. Agricultural and forest land is the main category still subject to restrictions, so take Czech legal support for those.
Does the Czech Republic charge property purchase tax?
The Czech Republic abolished its real-estate acquisition tax in 2020, so buyers no longer pay a transfer tax on the purchase price. You should still budget for legal, notary and cadastre fees, and confirm your wider tax position with a qualified adviser.
How does the pound-to-koruna rate affect my purchase?
Because the price is fixed in koruna, a stronger pound buys more koruna and lowers your sterling cost, while a weaker pound raises it. On a 12,000,000-koruna flat, a move from 28.00 to 27.00 adds roughly £15,873.
Can I fix the exchange rate before I complete?
Yes. A forward contract lets you fix today’s GBP/CZK rate for settlement up to 12 months ahead, and a window forward lets you draw the koruna across a date range if your completion date is uncertain.
Will the Czech Republic switch to the euro?
The Czech Republic is an EU member but has set no target date to adopt the euro, and successive governments have chosen to keep the koruna. For now, a UK buyer should plan around a lasting GBP/CZK exposure rather than a euro one.
Is my money safe when I transfer it for a Czech property?
With Cambridge Currencies, client funds are safeguarded by FCA-authorised payment partners, Currencycloud and ScioPay, held at a credit institution. Each transfer is completed by phone with a named specialist who manages the compliance so the payment is not held up.
Plan the currency side of your Czech purchase
If you are buying an apartment in Prague or a holiday home in the Czech countryside, speak to a Cambridge Currencies specialist about fixing your GBP/CZK rate before you commit. Request a live quote and talk through the timing of your deposit and completion with a dedicated specialist by phone.
