The life of Chinese residency bond owners in Hungary

Direkt36 interviewed a man named Han, who came from Peking to Budapest. He sold his housing back in China and moved to District XVIII to live there with his family, as 444 reported. But what does he think of Hungary as a place of residence?

First of all, Han praised the public security, which many foreigners find satisfying. Since 2013, more than 15,000 Chinese citizens moved to Hungary through residency bonds and Han was one of them. He claims that he likes living in Budapest.

The program was initiated by Antal Rogán, and it lasted until April 2017. He stated that as far as he knows, none of the bond owners has actually settled in Hungary. Direkt36 revealed quite the contrary: there are bond owners who moved in with their families, and they are planning to stay for a longer term.

The article was written as a part of the joint project of Organized Crime and Corruption Reporting Project and Transparency International. This initiation revealed the details of different visa programs, including the Hungarian residency bond.

Several member states of the EU offer Golden Visa for investors from abroad, but Hungary is especially popular.

The main reason is that the price of the investors is returned to them after five years. Moreover, their close relatives also receive permission to roam freely among the Schengen borders.

Han stated that they did not plan to move to Hungary first, as the only thing he knew about this country was football player Ferenc Puskás.  The first target was Canada, but it seemed a little bit too expensive and complicated. Then came Hungary as plan B.

Hungary State Special Debt Management Fund (HSSDF) is the company that sells the bonds to Chinese customers. This enterprise is registered in the Cayman Islands, one of the greatest offshore centers in the world.

Antal Rogán stated that HSSDF is not an offshore company as the finance committee knows the owners.

Another Chinese immigrant told Direkt36 that reality in Hungary could be disappointing compared to its advertisements in China. He claimed that most of the Chinese people who move to Hungary come with the hope of a calmer life and the better education. The advertisements also emphasize the excellent healthcare and clean environment of Hungary.

Source: 444