Most of our readers are not as wealthy as the Samsung family, and we do not have inheritance tax in the Czech Republic (yet).
However, this article illustrates the importance of being ready for every eventuality.
One way to protect yourself from any future inheritance tax is to set up a Czech trust or a trust in another jurisdiction – but of course, you need to do that BEFORE any new tax arrives.
It is not always easy to open a bank account for a Czech Trust.
In the past, one of the best choices was Waldviertler Sparkasse Bank AG (WSPK) and we successfully directed a number of our clients to that bank.
Unfortunately, WSPK was recently taken over by Česká spořitelna, a. s. (CS). Following the takeover, CS has begun unilaterally closing trust accounts. This is a very disappointing approach as they are doing this without any attempt at consultation or discussion with clients and seem to be prioritising internal policies over common sense and good customer service.
If you are affected by this change, please contact us. We can recommend alternative banking providers who will be able to meet your needs.
Farewell WSPK. You will be missed.
