I am about to sell my home and buy a house abroad in Slovakia, which is going to join the Euro next year. I will need to set up an LLC and that LLC will need a bank account in Slovakia. I am wondering whether I should put the remainder of my equity after I have made the new purchase into that bank account or leave it in an account here ( in fact I will do both. What I am really asking is how much or how little I should favour the current Slovak currency ).
Holding funds in countries about to join the Euro
Sep 28, 2003
3 Replies
It is going to join the EU next year. I will guess that it will not join the Euro until at least 2010 (I think 2007 is the theoretical earliest, but SK is not the strongest economy of the joiners so it is unlikely to be that quick)
My coin toss says yes, my card draw says no, Sorry my Crystal Ball isn't working today.
(FWIW, my personal view is that you should have as little cash as possible in the eastern countries currencies, but that advice is worth as much as the other three methods above)
Tim
Ah, I slightly misunderstood the situation. Slovakia is joining the EU next year rather than the Euro itself. How will EU membership affect real estate prices?
Try a google using the term 'crystal ball'
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