The Hungarian Investor
Residency Bond is
suspended from 31st of March 2017. This announcement has been
distributed by the Hungarian Government Debt Management Agency (AKK). While application
submitted before the final date shall be still processed, no new application
for residency bonds will be accepted after the end of March 2017.
The HIRBP was started in 2013 and
allowed to high-net-worth individuals from non EU countries to invest € 300 000
in Residency Government Bonds for not less than 5 years and
to acquire Permanent Residency Permit in Hungary. The latest amendments of the
Program, allowed the process to be finalize within less than two months and the
residency to be extended to all family members.
At the end of 2016 the Program become a
source of political conflict among the Hungarian Parliament and institutions. The
different political fractions quarreled over the efficiency of the Program and
referred to the national security, which brought to the final suspension of the Residency Bond system. Although the HIRBP is “alive” on paper, after 31st
of March it will be not applicable. The Hungarian officials still do not have
plan what would happened with those investors who already had obtained
Hungarian PRC, but still remain their compulsory investment in Hungarian GBs,
or for those who had started the procedure, but still have not obtained their
Hungarian status. It remains unclear whether the Government or the licensed
companies, distributors of the GB’s shall be responsible for the investment
exit after the fifth year.
Comments
Post a Comment