Skift Take

Not a terribly high price for European citizenship, but considering this is modern Hungary, which seems to be testing the limits of the absurd in its government, there's likely to be a hidden catch.

Hungarian lawmakers came up with a very creative way to deal with the country’s financial crisis – now any foreigner can obtain permanent residency and ultimately Hungarian citizenship by simply purchasing Hungarian government bonds worth 250,000 Euros. 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.

Hungary is a member of the EU and Hungarian passport holders are entitled to work and live anywhere in the European Union. The critics of such “creative” approach charge that most of the buyers will be from China, for this will be the easiest and most effective way to gain legal rights to live and work in the EU. The European Union has already called the action of the Hungarian government “a shocking abuse of membership in the EU.”

For any query with respect to this article or any other content requirement, please contact Editor at htsyndication@hindustantimes.com

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Tags: eu, hungary

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