Hungary: Wealthy Foreigners Can Buy Permanent Residency

By Larry Habegger and Laurie Weed | Permalink | No Comments | November 7th, 2012 | Trackback

U.S. citizens who may be considering expatriation after the election should note that Hungary just made it a little easier, though not inexpensive, to relocate to Europe. In attempt to address some of the country’s debt, which is among the highest in the European Union, Budapest officials passed a law that would grant permanent residency to any foreigner that invests 250,000 Euros (about $320,000) in Hungarian government bonds. In theory, a permanent resident could eventually apply for citizenship, along with a passport that would allow residence anywhere in the EU. Interested parties should act quickly, however; the EU has already denounced the move as a “shocking abuse of membership.”

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