Budapest, Hungary (PRWEB) December 12, 2012
A new law, passed on 11th December 2012, offers permanent residency in Hungary for €250,000 with no requirement for the applicant to live permanently in Hungary. The amount is currently considered to be the lowest across the EU.
Hungarian permanent residence permits can now be issued, under preferential conditions, to private individuals who have invested in government residency bonds worth €250,000 with a 5-year maturity.
Law firm VJT & Partners’ Immigration Services Desk has seen a significant increase in enquiries from foreign nationals in relation to this new scheme, in particular from China, the Middle East and Russia; with investors expected to start taking up this opportunity shortly.
Private individuals can buy government residency bonds either in their capacity as a private individual or via a business in which they are a majority shareholder. Hungarian residency bonds, guaranteed by the Hungarian government, will be denominated in euros and will offer a very attractive interest-rate.
The preferential conditions mean that there is no need to live continuously in Hungary in order to become a permanent resident.
Under this preferential process, after the purchase of government residency bonds, a temporary residence permit will initially be issued. This will be converted into a Hungarian permanent residence permit after six months, this being the ‘benefit’ offered in exchange for investing in the securities. There is no need to reside in Hungary following receipt of the permanent residence permit.
János Tamás Varga, Managing Partner of VJT & Partners commented: “Taking into account the relatively low level of financial commitment required and the soft residency requirements, this new law is the most advantageous for investors seeking to relocate to the EU. The technicalities of the new scheme are fairly complex therefore a Hungarian immigration lawyer must be retained according to the new regulation.”
The Hungarian permanent residence permit allows permanent residents to travel freely within the 25 other Schengen countries for up to 90 days every six months. In addition, Hungarian permanent residency offers all the rights and benefits that citizens enjoy in Hungary but with some notable exceptions, such as not being eligible to vote in Government elections or hold a Hungarian passport.
Permanent residency provides a lawful, indefinite-term residence, which will serve as a major route to Hungarian citizenship. Those with citizenship can enjoy all the immigration benefits which Hungary’s EU membership affords, including work, travel and relocation without restrictions anywhere across the EU.
János Tamás Varga, Managing Partner of VJT & Partners, added: “The Government is still refining the technical details of the process and we will certainly keep interested enquirers updated.”
The Hungarian Government welcomes investors from all countries. A significant surge of interest in Hungarian investment is expected, and encouraged, by the Government.
About VJT & Partners
VJT & Partners is a leading independent commercial law firm in Hungary advising international and domestic corporate clients primarily in the field of business, commercial, employment and technology law. The firm’s employment practice, premier-ranked by the international legal directories, includes a full service immigration desk, focusing on business and investment-related immigration to Hungary.