“The Czech Republic” is a European Union member state that is now officially also known by its short form name Czechia. Czechia has a strong heritage of private banking in the great Central European private banking tradition made famous by neighbouring Austria and Switzerland.
Though things are much more difficult than even a few years ago, it is still possible to open a bank account in Czechia as a non-resident. Czech Republic has no currency controls and it is easy to open bank accounts in Euros, Dollars, Pounds Sterling or Swiss Francs for example.
Besides this, Prague is one of Europe’s most important tourist destinations so it is a pleasant, easy and inexpensive city in which to do business short or long term.
The Czech Republic, with its stable and well-regulated banking system, has carved out a niche for itself as one of the best places to set up a fintech business such as a Small Payment Institution under European EMI rules.
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