Residency Bond Sales Booming
- 10 May 2016 9:00 AM
Foreign citizens bought 119 residency bonds in April, up from 4 in January, 26 in February and 58 in March, the state debt manager ÁKK announced, pointing out the upward jump. In the first four months 207 residency bonds were sold, down from 241 in the same period of last year. A total of 3,565 residency bonds have been sold since they were introduced in 2013.
The €300,000 bonds allow non-EU foreigners to obtain a residence permit in Hungary within six months.
Prime Minister’s Office leader János Lázár told his press conference last Thursday that the time is right to revisit the conditions and the interest paid on the bonds, Magyar Nemzet recalls.
The bond is sold by agencies approved by Parliament’s economic committee, which charge a €45,000-€60,000 to clients. The interest on the bond is paid to them, not to the clients.
As some of the government-approved agencies have offshore status, their actual ownership is not transparent, Magyar Nemzet points out.
Source: Hungary Around the Clock
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