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US$1 equals 35.4 korunas Prague and most Czech cities were spared the worst of recent history. Because of Munich, Hitler did little damage when he conquered the Czech Republic.  Beautiful Prague attracted native and foreign entrepreneurs after the Prague Spring Then artists and writers and bohemians flocked to Bohemia (and Moravia). In their wake came tourists.  The influx pushed up realty price. In Prague and Brno there are no more bargains. Luckily, the Czech Republic blessed with many historic smaller tom where the market has not get taken off. Here you can find venerable sites with beautiful lines at an affordable price. We tell, you how to check out Czech real estate hassle free.  The Czech Republic is now a s respectable and enviable real-estate market in Europe. The economy is stable, the currency is strong ... and the economic policy is liberal. Not to mention, the crime rate is lower than that of the U.S.. All of these factors make it an ideal place for retirees and expats.  The suburbs of Prague and Brno are our picks for the best real estate you can buy today. Since Czechs are moving into the big cities for jobs and their share of the new prosperity there, real-estate prices outside those cities are still low-but are expected to rise 1,000 % over the next eight years. The city rush is the market's loss and your gain. Prime suburban homes are waiting to be taken. Interestingly, the bigger the property is, the better the bargain; most Czechs can't afford to buy and maintain a big house. Ron Winkles, an American expert on Czech real estate, told us that a turn-of-the-century, 4,000 square-foot house with parquet floors and extensive repairs was recently sold for $20,000-the same price as a 700-square-foot cottage on less than an acre of land. When house hunting, keep your eyes open for homes built before World War 11; during the communist era, houses were poorly constructed. Indeed, even if such a property is in need of restoration, you'll find it's still a better bargain than one of the newer homes.  One-family homes within 45 miles of Brno sell for $28,500 to $57,000, says Dr. Premsy1 Mike from RS Galvas, an auction and real-estate agency in Brno.

~ Books About Czech Republic ~ Lonely Planet Czech & Slovak Republics (2nd Ed) by Scott McNeely, et al Trade and Jobs in Europe : Much Ado About Nothing? by M. Dewatripont (Editor), Andre Sapir (Editor), Khalid Sekkat (Editor) People, Jobs and Mobility in the New Europe by Hans H. Blotevogel (Editor), A. J. Fielding (Editor), T. Fielding, H. Blotevogal (Contributor) Find Books On:

Following are a few listings in and around Prague and Brno: 
w a one-bedroom home near Vranovske with a veranda, a kitchen, one bathroom, and a garden plus water and electricity; 715,000 korunas ($20,197) 
w a four-room, three-bathroom home near Znoja, with a garage, a garden, and a telephone; 1,275,000 korunas ($36,000) 
w a two-story home in Mar Bude Jovicich with a kitchen, a bathroom, and a bedroom on the first floor and three bedrooms and a bathroom on the second floor; 2,750,000 korunas ($78 , 000)
w a three-room home in Jaroslavicich with a kitchen, a veranda, and one bathroom; 9 10,000 korunas ($25,706)
w In Lisni, a two-story house with a kitchen, a 16-square-meter garage, and cable television capability, 2,500,000 korumas ($70,600)

How to buy
The five ways that you can acquire real estate in the Czech Republic are by inheritance, by marriage to a Czech citizen, by having relatives in the Czech Republic, by applying for a permanent residency permit, valid for five years (you must stay at least 180 days per year in the Czech Republic and have Czech roots); or by establishing a corporation registered in the Czech Republic. Most foreigners choose to buy property by establishing a corporation in the Czech Republic. To do so, you first must get a business license, which is also part of your application for registry at the. Czech Commercial Register. See the sidebar on the right for steps to setting up a business. 

Contacts
Ron Winkles, Villa Favorite, Hredle 82, Okres Rakovnik; tel. (420-2)575301, or 7525 E. Andrew Johnson Highway., Whitesburg, TN 37891, USA 

w The Prague Post, tel. (420- 2)2487-5000or2487-5011 
w The Prague Business journal, tel. (420-2)2426-1360 

Setting up a Czech business
The Czech Commercial and Trade Code allows foreigners to form one of the following types of businesses in the Czech Republic: 

w A branch of a foreign company 
w An entrepreneurship of physical entities on the basis of a trade license
w An establishment of a certain type of company regarding its legal form (Contact the commercial department of the Czech Embassy in Washington, D.C., tel. (202) 274-9100 for details about each type of company.) 

If you decide to form a corporation; you have several options to establish it. The easiest is to find a Czech partner and form a limited-liability company. No regulations exist regarding the role of this partner; you can still be the primary owner. 

The capital for this type company is 100,000 korunas ($2,860), and the minimum investment by a partner is 20,000 korunas ($570). 

Always consult a lawyer to help you establish your company. We recommend Allen & Overy, Krakovská 9, 110 00 Prague 1; tel. (420-2)2166-4444, fax 2166-4445, which specializes in commercial law. 

After the Czech Commercial Register has approved your license, you will get a long-stay permit, which must be renewed annually and allows you to work in the Czech Republic. After five years of formal residence, you can apply for a Czech passport. 

Bob Fordi's property pick of the month
While I was in Croatia, I discovered a real find in the village of Cavtat, located only six kilometers from the Dubrovnik airport. Cavtat has about 100 homes and is surrounded by water on three sides. Palm trees, restaurants, and caf6s spill out onto the waterfront walkway. A full one-third of Cavtat's land is a preserved national park. No cars are allowed on the side streets. 

Ancient stone pathways and staircases lead you around and through the small village and to the house of Zannini, my find for the month. The 1,500-square-foot home constructed by the Zannini family and owned by them for the past 300 years is for sale-coat of arms and all. Having last been renovated in the early 1900s, it does need work. But the asking price is right at US$68,000. Realistically, you would need to spend another $50,000 to do it right, But once you did, it would truly be a gem. This house also has a second-story patio with old stone benches; from there you can see the Adriatic from three sides. 

For more information, contact Ing. Franjo Marijanovic, Director, Dubrovnik Real Estate Ltd, F. Supila 5, Dubrovnik, Croatia, tel. (385-20)41-68-60, fax (385-20)41-68-62. 

SPORTS TRAVEL

World-class skiing in Bulgaria on $45 a day

US$1 equals 1,800 leva
Rugged, mountainous Bulgaria has much to offer sports enthusiasts. The following report details its most popular-and affordable-sport, skiing. 

Where in Europe can you enjoy world-class skiing for less than $10 per day? The answer is Bulgaria. 

This rugged mountainous country is Europe's best-kept secret for ski enthusiasts. Not only do its four major alpine ski areas (Vitosha, Borovets, Bansko, and Pamporovo, all within a half day's travel from the capital Sofia) offer serious skiing, but with good local wine, tasty regional cuisine, and artistic performances galore, they also offer as sophisticated a scene as you'll find at any Austrian or Swiss resort. Yet you can hike and ski all day here for less than the cost of breakfast there. A one-day lift ticket costs about 18,000 leva ($10), and good accommodations are about $25 a night. Compare this to Western European prices, and you'll agree Bulgaria is too good to miss. 

Mount Vitosha is the closest ski resort to Sofia; it is, literally, the city's southern boundary. Skiing starts at 6,129 feet (1,868 meters) and peaks at 7,415 feet. (2,290 meters) & the slopes are long and steep enough for most skiers. In fact, two runs have been approved for international competition. Although you can drive to the base on weekdays, on the weekend you must ride the gondola from nearby Simeonovo (2,000 leva, or $11).

Black diamonds in Bansko
Bansko, a museum town with national revival houses, is a bustling year-round resort with charm, history, fine cuisine, and cultural attractions. Of the 87-peak Pirin range, Mount Vihren is the highest, at 9,500 feet (2,914meters), with alpine lakes at its peak. The ski area is 15 kilometers from tow and has a vertical drop of 850 meters. A public bus takes you from town to the ski area. 

Borovets is set in the Rila Mountains about 1.5 hours from Sofia. Its hills will challenge intermediate skiers, and you'll find good opportunities for slalom training on the steep runs. Slopes include a long nursery slope, a sheltered bowl, and the longest run in Bulgaria. 

Pamporovo, in the south-central Rhodope Mountains, starts with two advantages: good snow and warm weather. It is difficult to get there without a private car. Most slopes face north, and runs are cut through dense forest; you'll find runs from easy blues to a few black diamond slopes. The six-lift service starts at 5,250 feet (1,600 meters) and run to the top of Snexhanka at 6,319 feet (1,962 meters). The entire Rhodope area is terrific year-round for hiking, spelunking, and bike riding. 

by Maura Schwartz

Where to hang your skis
We recommend the following hotels in Sofia, Vitosha, and Pamporovo. (Rates reflect single/double rates including breakfast.) 

Sofia:
w Rila; tel. (359-2)980-8865; $89/102 
w Orbita; tel. (359-2)657-447; $35/56 

Near Vitosha:
w Prostor Hotel; tel. (359-2)671-173; $20/40 
w Mir; tel. (359-7)443-2500; $15/$28 
w Dvata Smarcha; tel. (359-7)443-2632; $16/dbl 
w Hotel Bansko; tel. (359-7)443-4275; $35/person and up 

Near Pamporovo (both Balkan tourist hotels):
w Perelik Hotel; tel. (359-3)021-405; $19/45 
w Rozhen; tel.(359-3) 021-323;$30/bed 

Getting to the slopes
U.S. tourists must pay a $23 airport tax to enter Bulgaria. Pay at the little cashier booth to the left as you enter the customs area, before going to passport control, to save time and frustration. 

Only exchange a small amount of money at the airport. Rates are poor there, and you'll find plenty of change offices throughout the city. Do not rely on credit cards, ATM machines, or traveler's checks. 

If you're staying in a five-star hotel in Sofia, it will provide shuttle service from the airport. Otherwise, take public bus 84, which goes from the airport to the Eagle bridge downtown, near most major hotels; the cost is 200 leva, and you can purchase "bileti" at the kiosk by the bus stop or from the driver. 

PERSPECTIVE

Dear reader,
Go east, young man (or woman)! Opportunities abound in Mittel-Europa and Russia, countries just emerging from statism into the world of free-market choice. 

One of the most interesting entrepreneurial centers is Tallinn, the capital of Estonia, now an independent country. (See page 7 for detail on this country.) Until the breakup of the Soviet Union, it was an integral part of Russia. 

Estonia has a few special advantages not mentioned in our article. Estonian is very closely linked to Finnish, and during the years of Soviet domination, Estonians used to watch television programs from across the Baltic Sea to find out how the real world lived. Although it is politically incorrect to say this, Estonia is unique in Mittel-Europa for being Lutheran in religion and practicing the Protestant ethic. So with all that television and stern sermons, it is perhaps not surprising that Tallin is the only place east of the Elbe with normal Westernstyle supermarkets right in the center of town. (Even the most entrepreneurial among us should not compete in retailing there.) Investment ideas for putting a bit of paprika into your portfolio are the subject of another article. 

And the peripathetic Bob Fordi has explored the charms of the Dalmatian Coast of Croatia. (See page 9.) Somebody has to do it is This was once a favorite playground for Europeans in search of sun, sand, and sea- with a history and exotic culture for the apr6s-plage hours. Islands. Walled Roman imperial palace Lovely food and wine. And Croatia will come back, because geography is destiny. 

Also look to Bulgaria and Slovenia two of Eastern Europe best-kept secrets for world-class skiing and g (See pages 1 and 10.) 

But in the interval there are bargains to found. Political mayhem cheapens real estate, and not just in Croatia. Our keen-eyed Irish correspondent has crossed the border to Belfast, where political mayhem also applies. There, too, prices are extraordinarily cheap, although the climate is not up to that of the Adriatic Sea. 

Vivian Lewis - Consulting Editor