As has been the case with other countries worldwide, the Czech Republic has seen the imposition of lockdown measures designed to halt the spread of Covid-19. Despite these headwinds, however, the market remains resilient, with there being an uptick in bank lending activity since the pandemic first began.
Although inbound Chinese investments have lessened, there has been notable interest from entities located elsewhere in the Asia Pacific region, as was evidenced by the investment made by Japan-based company Teijin into Benet Automotive.
Elsewhere, on the legislative side, in a move welcomed by many, the government abolished the real estate acquisition tax (4%) in September 2020.
The legal market in the Czech Republic includes international players like Allen & Overy, Clifford Chance, and White & Case, s.r.o., advokátní kancelář, who continue to capture a large share of high-end matters. Regional firms such as Kinstellar and PRK Partners are also key players in the market.