75 People To Spend HUF75 Million For Permanent Residency In Hungary
- 24 Oct 2013 6:40 AM
Seventy-five foreign individuals have already paid HUF 75 million (€250 000) for residency bonds in order to gain permanent residency in Hungary, which entitles them to travel freely within the 25 other Schengen countries for up to 90 days every six months. The government is hoping to get at least 4500 special residency bond buyers each year, says Napi Gazdaság.
Based on Hungarian Government Debt Management Agency (AKK) data, by the end of September 75 foreigners had already purchased these special Hungarian government bonds.
According to a Napi Gazdaság article, the securities had a rough start, but some recent calculations show that more people are willing to pay. Over the past month the number of securities sold had doubled since August, and the government expects to sell at least a few hundred more before the end of the year.
Until now, there was approximately HUF 5.5 billion in state revenue from the sold residency bonds, but if everything goes according to the government’s plan, this number could jump to HUF 30 billion by the end of the year.
Source: ORIGO
By Tímea Klincsek for XpatLoop.com
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