Almost anybody can buy real estate in the Czech Republic. In many cases, you will have to register a limited liability company (S.R.O.. - společnost s ručením omezeným). EU nationals however can buy property in the Czech Republic without registering a company.
EU citizens only need their passport when buying property in the Czech Republic. Other nationalities can buy Czech real estate if their spouse is Czech and/or if they have a permanent residence permit in the Czech Republic. For private purposes you no longer need to register a company in these cases. However, if you want to open a business in the Czech Republic, such as a B&B, you will still need to set up a company. In this case you either have to open a branch of your existing company in the Czech Republic or register a new company.
The standard procedure for non-EU members, either individual persons or businesses, is to open a company in the Czech Republic with which to buy real estate. However, there are some exceptions. More information is provided by the Czech Ministry of Finance on Real Estate Legislature .
Although EU nationals are not required to register a S.R.O. to buy property in the Czech Republic, this approach can still have its advantages. The company structure provides a useful tax and liability shelter against lawsuits referring to your property in the Czech Republic.
You should make use of professional advice when setting up a company in the Czech Republic. The running costs of the company are generally relatively low.