Hungary has announced plans to bring an end to its residency-by-investment program at the end of March 2017.
The move closes one of the avenues for high net worth individuals to gain access to the European Union.
The Hungarian government says the program is no longer needed because of improved financing conditions in the country, which suggests that if the situation was to deteriorate, the scheme could return.
Hungary says more than €1 billion was raised under the program over the last three years.
New applications will be accepted until March 31, 2017, after which the so-called ‘Residency Bond’ program will be closed.
The major draws of the Hungary program included a fast, four-week processing time and access to the Schengen zone of countries in exchange for an investment of €300,000 in guaranteed government bonds. This is relatively low compared to other countries, and completely safe. The money is repayable without interest after five years.
Hungary Investment Immigration Program: Benefits
- No physical presence requirement.
- Access to Schengen zone.
- Low investment requirement and low risk.
- No specific requirements regarding business background, source of funding, language skills or education requirements.
- Applicant’s family can be part of application.
- Access to free education.
The country offers access to public health and education, as well as providing integration help to new immigrants where required.
Hungarian citizenship, and the resulting European Union passport, can be applied for after seven years as a permanent resident, provided a basic grasp of the language has been achieved.
There is no physical presence requirement, and both children over 18 plus parents of the applicant can be included. Everyone included on the application can live and work in Hungary, and benefit from government services, if they desire.
Investors wishing to avail of these benefits need to get their applications in soon, with the deadline for the end of the program just over two months away.
Further reading