EU citizenship for foreigners buying bonds
Hungary, 31st October: Want to become EU citizen? Buy Hungary state bonds, says a new bill.
Hungarian citizenship is on sale for those from non-EU nations willing to purchase Hungarian debt.
Wealthy foreigners offered Hungary residency—Struggling to cope up with ongoing financial woes, Hungary has come up with a rare opportunity to foreigners wanting to become Hungary residents. The plan is to offer Hungary residency to those who are willing to finance nation’s increasing public debt.
As per the proposal by populist ruling party of Hungary, Hungary residency is being offered in lieu of buying government bonds. This plan will help the nation bail out of ever-increasing financial crunch. The state has been finding it tough to battle the recession and is working to reach a pact with IMF(International Monetary Fund) for monetary help.
But efforts have not materialized till now.
Get a European passport by buying European debt, says the latest proposal by Hungary politicians. The plan aims to attract more foreign investments to help overcome current financial crisis.
Become Hungarian resident, get easier path to Hungarian citizenship--According to the proponents of the bill Mihaly Babak, more opportunities will unfold for a foreign if he chooses to become a Hungarian citizen.
Foreign nationals from non-EU nations who either—
• Have a minimum of €250,000 ($322,825) government bonds with maturity period of not less than five years; or • Buy government bonds of the same amount are eligibile to become Hungarian permanent residents.
This will further throw open for them a route to becoming Hungarian citizens.
Benefits of Hungary residency--
Preferential immigration system will be available for foreigners fulfilling above conditions.
They will get permanent residency in Hungary and will ultimately gain Hungarian citizenship allowing them to live and work in the EU(European Union).
In addition, foreign investors having EU passport are allowed to travel to any parts of the Europe as well as the US without any visa.
Such foreigners also enjoy the right to stay and work in all 27 nations of the EU including the UK. The official website of the Hungarian government clearly mentions that the plan connects purchasing government bonds to gaining EU citizenship since it aims to help state financing.
Several other nations already have such programs of gaining permanent residency by making specified investments.