Hungarian Prime Minister Viktor Orban has come under criticism from several sections of the news media for his nation’s stern stance on migration, while maintaining a lucrative Citizenship by Investment program. But is Prime Minister Orban really acting erroneously, or is he doing the sensible thing in 2016 and simply looking out for his country’s best interests?
Hungarian Prime Minister Viktor Orban is well known among followers of European politics for his hardline on migration into his country. Orban has regularly called for a Brexit style referendum on the EU’s controversial quota scheme for the relocation of refugees, and has threatened to defy EU regulations by taking back control of Hungary’s borders.
Hungary is an EU member state, and a historically significant European nation with a proud history and strong traditions. Hungary is landlocked, and shares its borders with Slovakia, Romania, Serbia, Croatia and Austria, with whom it used to be united with the Austro-Hungarian Empire existed from 1867-1918. Hungary comprises 93,000 km2, and has a population of 9.9 million. Its capital is Budapest, and it is predominantly a Christian country.
Hungary has provided the world with many famous scientists and artists, and among its most famous sons and daughters are the composer Franz Liszt, the actors Zsa Zsa Gabor, Peter Lorre, John Garfield and Bella Lugosi, the legendary illusionist Harry Houdini, triple-Olympic boxing gold medalist Lazlo Papp, seven-time Olympic fencing gold medalist Aladar Gerevich and the soccer legend Ferenc Puskas of Real Madrid.
For those still unaware of what exactly Citizenship by Investment (CBI) is, it is simply the practice of granting the citizenship and passport of a country, in return for a financial investment. This investment is usually the purchase of real estate up to a specific value.
In the case of Hungary, the investment is the purchase of Hungarian government bonds to the tune of a minimum â‚¬300,000. These bonds must be maintained by the owner for a minimum of five years before they can be sold.
This program was first instigated in 2013, and by the summer of 2016 more than 3,650 residence permits had been purchased, which means that Hungary’s CBI program has already generated the country a minimum of 1.1 billion.
Benefits Of Hungarian CBI
While applicants must wait a minimum of five years before they can apply for full Hungarian citizenship and passport, the residence program does allow holders to live and work in the 26-nation Schengen Area of Western Europe for 90 days at a time. Applicants also need not spend any time in Hungary prior to, during or after the application process.
Some might say that Prime Minister Orban is being hypocritical in refusing the migrants at his borders, yet granting thousands the right to be Hungarian residents for the price of 300,000. However, every applicant for CBI must pass a stringent background check, and have the financial security to be able to make what is a large financial commitment to Hungary, and one that they are committed to maintaining for five years.
If you are interested in applying for the Hungarian Citizenship by Investment program or indeed any of the other CBI programs in Europe and the Caribbean, log onto 2ndPassports.com now for more information. There you will find details of the very best CBI programs currently available in the world.
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