Hungarian citizenship for sale

2012-10-31 14:59

Budapest - Hungarian lawmakers have come up with a very creative way to deal with the country's financial crisis - now any foreigner can obtain permanent residency by simply purchasing Hungarian government bonds worth 250,000 Euros (R2.8 million). The government claims that this would help to ease Hungary's debt, which is the highest in Central Europe and runs into billions of Euros, ETN reports.

Hungary is a member of the EU and Hungarian passport holders are entitled to work and live anywhere in the European Union.

The move, backed by the ruling government party, is designed to attract new investors, especially from China. Hungary has billions of euro worth of foreign currency debt maturing in the next few years and has explored a variety of ways to refinance.

The European Union has already called the action of the Hungarian government "a shocking abuse of membership in the EU."

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