Issue of residence permit in Hungary for property buyers will affect the entire European market

Issue of residence permit in Hungary for property buyers will affect the entire European market

Some websites provide information that it's possible to obtain a residence permit in Hungary when buying property priced at €250,000. However, buying property in Hungary is not enough reason for obtaining a residence permit, permanent residence, or citizenship in this country, according to ee24.com.

To verify the information, we've talked to the experts. Andrey Pashatskiy, a specialist of Hungarian real estate agency Exclusive Heviz Real Estate, confirmed to ee24.com that local realtors did not have official information about the adoption of a law on granting a residence permit for buyers of property in Hungary. According to Andrew, if such a law had been approved, it would've become a big news in Hungary and Europe.

But there is a reliable and valid way to move to Hungary - to invest €250,000 in the five-year government bonds, and to pay a fee of €50,000. Chinese, Russian and Arab investors are actively using this opportunity, they get a residence permit in Hungary and the right of free travels into Schengen countries. After six months it's possble to get a permanent residence in Hungary by a simplified scheme.