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Jan 13, 2017

Hungary halts residency bond scheme

Hungary’s finance minister said the residency bonds had been among government debt instruments that needed to be reassessed

The Hungarian government has announced that it will cease selling residency bond programs.

According to MTI, the Government Debt Management Agency (AKK) said it will stop selling residency bonds, citing favorable developments in the country’s financing conditions in the last year.

Applications for the purchase of residency bonds can be submitted until March 31, the AKK said.

Hungary’s finance minister said last year the residency bonds had been among government debt instruments that needed to be reassessed because of changes to the circumstances surrounding the financing of Hungary’s public debt.

The residency bond scheme was launched in 2013. Foreign nationals who buy securities backed by the bonds with a face value of 300,000 euros enjoy an accelerated application procedure for residence in Hungary.