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Hungary Advertises $300k Residency Bonds To “Middle- And Upper-Class” Africans

Tamás Székely 2016.09.22.

Gain permanent residency for you and for your family in the European Union“, says temptingly an advertisement published by the Hungarian government in the latest issue of English-language African magazine “NewAfrican”.

The advertisement was discovered and published in Hungary by news site 444.hu on Thursday morning. In an attached article Balázs Garamvölgyi, Hungary’s honorary consul in Bahrain, says the Hungarian bond residency program primarily targets “middle- and upper-class” African families and it is “fully government backed and endorsed by the European Union.”

The Hungarian residency bonds, previously targeted mainly China and the Middle East but recently also Africa, cost USD 300.000 each and so far 4.000 have been sold to applicants, the article reveals.

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