Hungary announces end to residency bonds



The sale of residency bonds, the subject of some controversy lately, is coming to an end, as Hungary始s Government Debt Management Agency (脕KK) announced today that applications for residency bonds will no longer be accepted after March 31, according to reports.

The 脕KK said it will stop selling residency bonds, citing "the favorable financial position that developed last year," Hungarian news agency MTI reported. The 脕KK said it had sold residency bonds worth more than EUR 1 billion since the scheme was launched in June 2013.

Foreign nationals who buy securities backed by the bonds with a face value of EUR 300,000 enjoy an accelerated application procedure for permanent residence in Hungary, MTI recalled.

Cabinet Chief J谩nos L谩z谩r said at the end of October that the Hungarian government planned to stop selling residency bonds,聽 claiming the program was no longer needed since the country始s upgrades by rating agencies. However, Minister for National Economy Mih谩ly Varga said a few days later that the system should not be scrapped but re-evaluated, according to MTI.

A public dialogue on the residency bonds started when Jobbik said it would only support Fidesz始s change to the Fundamental Law (constitution) enshrining rejection of the EU始s planned refugee quotas provided sales of residency bonds ended. Fidesz did not announce the end of residency bonds by Jobbik始s deadline, and the amendment was not passed by Parliament.

Later Jobbik submitted Fidesz始s original amendment, but modified the text of the original by adding a single line that would have put an end to the sale of residency bonds. Fidesz MPs voted against the amendment, however, and it was never brought before Parliament.


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