Latest News: The Hungarian government has officially announced the closure of its Government Bond Investment Immigration Program. The Government Debt Management Agency (ÁKK) of Hungary issued a statement on January 12, 2017, stating that in view of the favorable financing environment currently established in Hungary, the Government Debt Management Agency has decided to cease the sale of Hungarian immigration bonds.
The closure of the Hungarian Government Bond Investment Immigration Program has led investors to wonder whether countries with relatively lenient investment immigration policies, such as Cyprus, Portugal, Greece, and Spain, will follow suit.
Cyprus has become one of the hottest investment destinations in Europe due to its competitive EU passport program—the fast-track citizenship policy. The investment citizenship policy in Cyprus has undergone a series of optimizations: the investment amount was reduced from 15 million euros before the 2013 banking crisis to 5 million euros, then to 2.5 million euros in 2014, and further reduced to the current 2 million euros announced in September 2016. To further attract investment, the Cypriot government has also introduced a series of favorable policies, such as the abolition of real estate tax starting from 2017, and plans to exempt capital gains tax on properties purchased before December 31, 2017. For applicants of the Cyprus property investment immigration program, this significantly reduces the cost of holding property in Cyprus. Today, the Cypriot economy continues to improve. According to forecasts by the International Monetary Fund and the European Commission, the annual growth for 2016 was expected to be 2.8%. As the economic situation in Cyprus improves, the investment amount could potentially return to the previous 15 million euros at any time.
In addition, the Golden Residence Permit Program launched by Portugal is one of the most lenient methods in history to obtain residency and fast-track citizenship. Investors only need to purchase property or agricultural land in Portugal worth over 500,000 euros to obtain Golden Residence status for the whole family in one step, enjoying the same benefits as Portuguese citizens in terms of healthcare and education. Their children can also enjoy most-favored-nation treatment within the EU when applying to universities in various EU countries. As the Portuguese economy recovers and develops rapidly, the investment immigration policy may also change at any time. Furthermore, other popular European immigration policies include Spain's investment residence policy, Ireland's investor residence program, and Greece's permanent residence program. As long as the minimum investment requirements are met, one can apply for a residence permit in these countries. With the recovery of the European economy, the economic conditions of various countries are improving, and the tightening of immigration policies will be an inevitable trend.
Therefore, for investors interested in European immigration, the closure of the Hungarian Government Bond Investment Immigration Program is undoubtedly a warning. Immigration experts at Worldway Group remind investors: immigration policies change rapidly; those who are interested should make their choices early and not miss the best opportunity. For more immigration information, please call: 400-138-2929.