Hungary sold a total of 67 Hungarian residency bonds in April, which was more than twice the number sold in the previous month, according to the Hungarian Public Debt Management Center. In March, there had been a sharp fall in demand for Hungarian Residency bonds, mainly due to an increase in the investment requirement.
Foreign nationals who invest €300,000 in Hungarian residency bonds are eligible for a fast track to permanent residency that also grants free movement throughout the EU Schengen zone.
According to the Government Debt Management Agency (AKK), Hungary sold over 2,200 residency bonds till the end of 2014, raising 445.75 million euros, with the majority of buyers being from China.
The residency bonds have been subject to much criticism from Hungary’s opposition party in the recent past. However the ruling party has stood by the scheme. Buyers of residency bonds are subject to the same citizenship requirements as other applicants. Upon purchasing Hungarian government bonds worth 300,000 euros they are issued a residence permit which can be extended to five years. Citizenship may be granted when an individual has resided in Hungary for eight years.
The program has the sole aim of bringing in investment and any changes to Hungary’s immigration policy would be separate from the residency bonds scheme.
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