Well, for some of them, like Russia or Rumania this is still very true (and unfortunately, will remain true for years, if not forever). Some others, like Hungary or Czech republic, might surprise you.

It is a known fact, that Prague is one of the most beautiful cities on earth. In the last years it has also become a very attractive place to live, do business and invest.

Let's start with the fact that for a lot of readers of this newsletter leaving their home country will mean tremendous tax savings (for Americans living abroad, all income up to 75,000 is tax deductible, for many other countries all income is.) Sure, if you are a construction worker, you will not be able to find a job in Prague that will pay you as much as your current job in LA, but if you are a privacy consultant, Internet entrepreneur or stock-market trader, you might as well do it from here. 

The communications are about as good as in Germany, and in the small beautiful village in the mountains where I live, I have a phone line with ISDN, cellular coverage and satellite dish for my CNN and CNBC.

Saving 25-40% of your income just by moving your residence abroad would not be that bad, would it? (Keep in mind, that if you stay in Czech Republic for more than 182 days a year, you will be liable to pay taxes here). The real fun, as you know, is not saving, it is spending!

An opera ticket will set you back $20, the liter of gas $0.80, the workout at the health club - $2.

Dinner in the fancy restaurant Hilton Hotel will be $30 (unless you want to go crazy and pay $1000 for their Chaute, say, 1902: $800.)

Parking ticket: $15. Fancy 2-bedroom apartment downtown? $1000/month. (and you can buy it for mere $200,000)

Nothing in life comes without a price, however. What is the price you pay?

The services are not as readily available as they are in the States, so if you want your suit dry cleaned in 2 hours, you have a choice of 2 cleaners, not 200, and they will not let you return your CD player after a month of use, just because "you did not like it".

Medical care is not exactly the western standard, but there are special clinics for foreigners with western personnel and equipment, that accept your insurance.

Well, expatriate living is by no means for everybody, and if it were, who would stay home and pay taxes?

However, if you think, you might be ready to try it, then Prague is definitely one of the places to be.

Doing Business In Czech Republic

The author is not likely to give you a list, because it'll be just so much fun for you to walk through the streets of Prague, and see the places you will put your vending machines, hot dog stands, banks or hotels. 

Let's take a look at the things that usually scare people out of starting a business in a foreign country.

Foreign language - probably, the biggest problem of all (depending on type of business, you are going to run). Hire an interpreter, hire English speaking personal - better yet, learn the language - by no means should it prevent you from going and taking, what is yours.