For €300,000 you can buy entrance into the countryby Tej Parikh / September 5, 2016 / Leave a comment
When Hungary’s right-wing government, led by Prime Minister Viktor Orban, began an anti-immigrant billboard campaign last summer—with slogans such as “If you come to Hungary, you mustn’t take work away from Hungarians!”—it forgot to add the crucial line: but you’re welcome, as long as you have money.
According to the terms and conditions for Hungarian Residency Bonds (HRB)—a five-year government bond programme established by Orban’s Fidesz Party in 2013—an initial investment of €300,000 and a €60,000 processing fee is enough to buy a non-European Union citizen, and their family, Hungarian passports and access to the EU. Around 4,000 applications (not including family members) have already been processed up to July this year, according to PRLeap, with applicants hailing from China, Russia and the Gulf States. That figure is almost five times the number of migrants the EU proposed relocating to Hungary under its quota system last year, a policy the government challenges and on which the nation will hold a referendum on 2nd October.