Indebted Hungary puts citizenship up for sale

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 the 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.”

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