Czech Republic Offshore Bank Account

czech bank account

The information below provides a detailed overview of the banking system in the Czech Republic together with the laws and regulations that govern banking activity there. We have also constructed a list of the local and international banking institutions operating in the country.


The Czech Republic Banking System

The strategic location of the Czech Republic in central Europe, combined with the country’s accession to the European Union makes it a sought after jurisdiction for offshore bank account opening and banking activity. The Czech banking sector has developed favorably since 2004 and is currently a stable and investor friendly financial center.

The banking institutions operating in the country provide a broad range of banking services, from investment banking, insurance, pension funds and building societies, to ATM networks, electronic banking, mortgage loans and advanced banking security measures.

Regulation

The banking sector is regulated by the Czech National Bank (CNB), which operates to ensure harmonization, market discipline, and development across the banking system. The CNB also works to prevent system crises and to monitor banking activity in line with the jurisdictional laws in place. The primary aim of the Czech National Bank is to provide a clear, fair, and comprehensive regulatory framework for financial institutions to comply with, to ensure healthy competition in the banking sector.

Essentially the CNB plays a vital role in the operation of banks in the Czech Republic and has the power to issue provisions and decrees detailing specific terms and conditions of entry to the banking sector.

The Czech National Bank

The Czech National Bank (CNB) is established under the Constriction of the Czech Republic and regulates the banking sector in line with Act No. 6/1993 Coll., on the Czech National Bank. The act provides that the ‘Czech National Bank shall be the central bank of the Czech Republic and the authority performing financial market supervision’. The act also states the CNB operates independently and is entrusted with the powers of the administrative authority.

The Act provides that the primary objective of the board of the CNB is to maintain price stability without prejudice and to support sustainable economic growth. The provisions regarding the board of the CNB are laid down in article 6 of the Act, which states the bank board shall consist of 7 members; the Governor of the CNB, two Vice-Governors and four other members.

Main responsibilities of the Czech National Bank includes but is not limited to:

  • Set monetary policies
  • Issue banknotes and coins
  • Control the circulation of currency
  • Manage payment systems and settlements between banks
  • Supervise the overall banking sector
  • Supervise the insurance industry, credit unions, and foreign exchange

List of the banks currently operating in the Czech Republic:

  • Air Bank, a. s.
  • Equa bank, a. s.
  • Česká exportní banka, a. s.
  • Česká spořitelna, a. s.
  • Českomoravská stavební spořitelna, a. s.
  • Českomoravská záruční a rozvojová banka, a. s.
  • Československá obchodní banka, a. s.
  • Evropsko-ruská banka, a. s.
  • Fio banka, a. s.
  • GE Money Bank, a. s.
  • Hypoteční banka, a. s.
  • J&T BANKA, a. s.
  • Komerční banka, a. s.
  • LBBW Bank CZ a. s.
  • Modrá pyramida stavební spořitelna, a. s.
  • PPF banka, a. s.
  • Raiffeisen stavební spořitelna, a. s.
  • Raiffeisenbank, a. s.
  • Stavební spořitelna České spořitelny, a. s.
  • UniCredit Bank Czech Republic, a.s.
  • Volksbank CZ, a. s.
  • Wüstenrot – stavební spořitelna, a. s.
  • Wüstenrot hypoteční banka, a. s.

To open a Czech bank account with our assistance, or to learn more about offshore banking in another jurisdiction, Contact Us today.