Rogán proposes raising face value of residency bonds
The face value of special government bonds that accelerate applications for permanent residency by foreign nationals could be raised to €300,000. The proposal was submitted in Parliament yesterday by Fidesz parliamentary group chairman Antal Rogán. Hungary’s bonds, currently sold at €250,000, are the cheapest such securities in the European Union and demand for them is growing fast, Rogán said. Bonds will remain competitive even after the increase, he argued.
Hungarian legislation allows foreign nationals to get permanent residency through an accelerated procedure if they invest at least €250,000 in securities issued by an agent mandated by the state.
The securities purchased, either by the foreign national or a company majority-owned by the foreign national, are not government securities but papers issued by the agents, who buy, in turn, special-purpose five-year discount bonds issued by the Government Debt Management Agency (ÁKK).
The "Permanent Residency Hungarian State Bonds" may not be traded. By mid-May, 722 bonds had been sold, according to data from ÁKK.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.