News 2012

Press Release: Hungary provides €250,000 fast track into Europe

Law firm VJT & Partners in Budapest highlights the importance of the new ‘Hungarian investment immigration’ law adopted by the Hungarian Parliament

ImmigrationBudapest, Hungary (PRWEB) 12 December 2012

A new law, passed on 11th December 2012, offers permanent residency in Hungary for €250,000 with no requirement for the applicant to live permanently in Hungary. The amount is currently considered to be the lowest across the EU.

Hungarian permanent residence permits can now be issued, under preferential conditions, to private individuals who have invested in government residency bonds worth €250,000 with a 5-year maturity.

Law firm VJT & Partners’ Immigration Services Desk has seen a significant increase in enquiries from foreign nationals in relation to this new scheme, in particular from China, the Middle East and Russia; with investors expected to start taking up this opportunity shortly.

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Private individuals can buy government residency bonds either in their capacity as a private individual or via a business in which they are a majority shareholder. Hungarian residency bonds, guaranteed by the Hungarian government, will be denominated in euros and will offer a very attractive interest-rate.

The preferential conditions mean that there is no need to live continuously in Hungary in order to become a permanent resident.

Under this preferential process, after the purchase of government residency bonds, a temporary residence permit will initially be issued. This will be converted into a Hungarian permanent residence permit after six months, this being the ‘benefit’ offered in exchange for investing in the securities. There is no need to reside in Hungary following receipt of the permanent residence permit.

János Tamás Varga, Managing Partner of VJT & Partners commented: “Taking into account the relatively low level of financial commitment required and the soft residency requirements, this new law is the most advantageous for investors seeking to relocate to the EU. The technicalities of the new scheme are fairly complex therefore a Hungarian immigration lawyer must be retained according to the new regulation.”

The Hungarian permanent residence permit allows permanent residents to travel freely within the 25 other Schengen countries for up to 90 days every six months. In addition, Hungarian permanent residency offers all the rights and benefits that citizens enjoy in Hungary but with some notable exceptions, such as not being eligible to vote in Government elections or hold a Hungarian passport.

Permanent residency provides a lawful, indefinite-term residence, which will serve as a major route to Hungarian citizenship. Those with citizenship can enjoy all the immigration benefits which Hungary’s EU membership affords, including work, travel and relocation without restrictions anywhere across the EU.

János Tamás Varga, Managing Partner of VJT & Partners, added: “The Government is still refining the technical details of the process and we will certainly keep interested enquirers updated.”

The Hungarian Government welcomes investors from all countries. A significant surge of interest in Hungarian investment is expected, and encouraged, by the Government.

About VJT & Partners

VJT & Partners is a leading independent commercial law firm in Hungary advising international and domestic corporate clients primarily in the field of business, commercial, employment and technology law. The firm’s employment practice, premier-ranked by the international legal directories, includes a full service immigration desk, focusing on business and investment-related immigration to Hungary.

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Press Release: Hungary to offer investment-based permanent residency for €250,000

ResidencyBudapest, Hungary (PRWEB UK) 6 November 2012

A major development in Hungarian immigration policy affecting ’investor residency’ is anticipated imminently. On 27th October, 2012 the ruling party of Hungary submitted a Bill to Parliament, which would offer permanent Hungarian residency under preferential conditions for non-EU national investors willing to buy at least €250,000 of government bonds.

The Bill is currently under consideration and is expected to become law very soon.

Law firm VJT & Partners’ Immigration Services Desk has seen significant increase in enquiries from foreign nationals in relation to the new scheme, in particular from China, the Middle East and Russia.

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János Tamás Varga, Managing Partner of VJT & Partners, commented: ”We have not previously had such a seismic change to Hungary’s immigration regulations. There is already clear evidence that real interest exists from international investors. The proposed terms are very attractive compared to other EU countries, which will, I am sure, be advantageous to Hungary.

The new Bill proposes that private individuals or private companies, in which a private individual is a majority shareholder, that have purchased and hold €250,000 of goverment bonds (’residency bonds’) with a maturity period of a minimum of five years will qualify for this new special category and be subject to preferential treatment.

Hungarian Goverment bonds are considered as low risk investments, while offering favourable interest rates. At maturity, the original capital is returned to the investor with interest.

The ’preferential treatment’ outlined in the Bill includes exemption from certain existing requirements relating to Hungarian permanent residency. Notably there will be no need for at least three years continuous physical residence in Hungary. Also, unlike other immigration policies, legal representation will be permitted throughout the entire preferential process, meaning that a petitioner’s personal appearance or involvement in the process is not required and the whole matter can be handled through a Hungarian immigration lawyer.

Hungarian permanent residents are entitled to reside in Hungary for an indefinite period of time. Unlike Hungarian citizens, however, permanent residents cannot hold a Hungarian passport or vote in Government elections. But otherwise they enjoy the same benefits in Hungary as citizens do, including eligibility for Hungarian health care, public education, employment and welfare, among others, and they receive a Hungarian ID card. Hungarian permanent residents can travel visa-free to any Schengen state for a maximum stay of up to 90 days.

János Tamás Varga, Managing Partner of VJT & Partners, added: “An EU-wide work permit is inevitably an asset for anyone. Hungarian permanent residency may ultimately lead to Hungarian citizenship which would allow a successful applicant to work in any EU country. In addition, EU citizens can freely travel and relocate within the territory of the EU. A Hungarian passport also allows visa-free travel to a number of countries outside the EU, such as the USA and Canada. Hungarian permanent residency can also serve as springboard for a temporary resident permit in another EU country.

About VJT & Partners

VJT & Partners is a leading independent commercial law firm in Hungary advising international and domestic corporate clients primarily in the field of business, commercial, employment and technology law. The firm’s employment practice, premier-ranked by the international legal directories, includes a full service immigration desk, focusing on business and investment-related immigration to Hungary.

See the original Press Release

VJT & Partners Publishes Hungarian Chapter in Global Legal Insight's "Employment & Labour Law"

gliManaging Partner János Tamás Varga and partner Dóra Bocskov-Szabó of leading Hungarian law firm VJT & Partners have recently published the Hungarian Chapter in Global Legal Insight’s first edition of ‘Employment & Labour Law’.

The guide, which is written and authored by leading employment and labor lawyers worldwide, provides general counsel, HR practitioners, advisers and managers with an overview of developments in employment and labour law in 25 jurisdictions around the world. The guide also provides personal perspectives on current and forthcoming changes to the labour and employment law regime in their respective jurisdictions.

The article was first printed in Autumn 2012. A copy of the Hungarian Chapter can be made available on request.

VJT & Partners Publishes Hungarian Chapter in Practical Law's Multi-jurisdictional "Data Protection" Guide 2012/13

Data Protection in HungaryManaging Partner János Tamás Varga and partner Zoltán Tarján of leading Hungarian law firm VJT & Partners have recently published the Hungarian Chapter in Practical Law’s Multi-Jurisdictional Guide 2012/13 on Data Protection published by PLC.

The guide, which is written and authored by leading lawyers worldwide, examines and analyses data protection and privacy laws in more than 30 major jurisdictions worldwide.

The article can be accessed by following this link: Multi-Jurisdictional Guide 2012/13 on Data Protection.

For details about the firm’s data protection practice please visit the Data Protection page of VJT-Partners.com.

VJT & Partners Highly Ranked in 2012 Chambers Europe Legal Directory Across its Core Practice Areas

ChambersLeading Hungarian law firm VJT & Partners is pleased to announce it has been highly ranked across its core practices in leading international independent legal directory, Chambers Europe, 2012.

Ranked within the Hungarian section, the firm is listed in its core practice areas: Corporate and Private Equity, Employment and TMT.

The firm is ranked in the second tier for employment and private equity, the third tier for TMT and the fourth tier for Corporate/M&A.

Additionally Managing Partner János Tamás Varga is recognised as a leader in the field for each of the categories for which the firm is ranked.

Clients commented in relation to the corporate and private equity team that it is a: "a diligent, reliable, high-quality practice," and that the “reliable team guarantees high-quality work."

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In addition, the employment practice is acknowledged as follows: “the team pays attention to detail, gives reliable advice and does diligent work.”

Of János Tamás Varga, clients noted with respect to his corporate expertise: "he is extremely thorough and responsive," and "an experienced, bright negotiator with great attention to detail.”

In relation to Private Equity, clients and peers recognised that he is an "experienced negotiator" with " international standard qualities: pragmatism, intelligence and reliability."

János Tamás Varga commented, “We are pleased with our showing in Chambers Europe 2012. We feel that as a firm we have made great progress in the last 12 months and this is endorsed by this recognition from this leading independent legal directory through its ranking of our corporate, private equity, employment and TMT practices.”

VJT & Partners’ János Tamás Varga Named One of the "Best Lawyers in Hungary"

Best LawyersLeading Hungarian law firm VJT & Partners is pleased to report that Managing Partner János Tamás Varga has been recognised as one of just three “Best Lawyers in Hungary” for Labour and Employment law; published by Best Lawyers, the oldest peer-review publication in the global legal profession.

Best Lawyers’ rankings are based on peer-reviewed surveys: thousands of lawyers in equivalent sectors respond to questionnaires in which they are asked to rate lawyers from competing law firms.

This second edition of Best Lawyers in Hungary is currently available on BestLawyers.com.

János Tamás Varga, Managing Partner of VJT & Partners, commented,“I am honoured to be recognised in such a well respected peer-review publication. This further supports our growing reputation as a leader in labour and employment law in Hungary. However, such excellent accolades are only possible with the support of a fantastic team behind me.”

VJT & Partners has been Recommended as a Top Tier Firm in 2012 Legal 500 EMEA Legal Directory

Legal500Leading Hungarian law firm VJT & Partners is pleased to announce it has been highly ranked across its core practices in leading international independent legal directory Legal 500 EMEA, 2012.

Ranked within the Hungarian section, the firm is listed in the first tier for employment, the second tier for TMT, the third tier for Mergers & Acquisitions and dispute resolution and in the fourth tier for real estate and construction.

The team at VJT & Partners is acknowledged as 'very professional' and 'focuses on the key issues' by clients with respect to both its M&A and TMT practices.

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Managing Partner János Tamás Varga is recommended for his work in M&A, Dispute Resolution, Employment and TMT and partner Dóra Bocskov-Szabó is recommended for her employment expertise.

János Tamás Varga, Managing Partner of VJT & Partners, commented, 'This is further endorsement of the strength of our core practice areas: corporate M&A – especially in relation to TMT - employment, dispute resolution and real estate.'

VJT & Partners Publishes Details of the New Hungarian Data Protection Law in 'Data Protection & Privacy’, Published by Thomson Reuters

Data ProtectionManaging Partner János Tamás Varga and partner Zoltán Tarján of leading Hungarian law firm VJT & Partners have had an article published in ’Data Protection & Privacy: Challenges Present and Future’, published by Thomson Reuters.

Part of The European Lawyer Reference Series, the Hungarian chapter provides key information on the new Data Protection Act in Hungary (Act CXII of 2011).

The book as a whole looks at data protection and privacy laws in more than 30 major jurisdictions worldwide and also examines the newly proposed draft Data Protection Regulation.

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'This book will be a very useful guide for legal professionals and will also contribute to further reflection on how to make data protection more effective in 2015 and beyond' European Data Protection Supervisor Peter Hustinx said.

The article was first printed in January 2012 and further details of the book can be accessed here.

A copy of the Hungarian Chapter can be made available on request.

VJT & Partners Publishes Details of Hungarian Employment Law Developments in Focus Europe

Focus EuropeManaging Partner János Tamás Varga and partner Dóra Bocskov-Szabó of leading Hungarian law firm VJT & Partners have published an article in Focus Europe, a quarterly supplement published by the American Lawyer.

Titled “New Labor Code in Hungary” the article looks at the details of the overhaul of Hungary’s current labor legislation, following the introduction of a Bill to the Hungarian Parliament in October 2011.

The Bill has been introduced owing to the severe impact of the economic crisis on the Hungarian economy, the result of which has been the Hungarian Government putting employment at the very heart of its economic policy.

The article was first printed in the Winter 2011 edition of Focus Europe, published as a supplement to the American Lawyer. It can be read here.

VJT & Partners Publishes Details of Hungarian Arbitration Developments in Global Arbitration Review

GARManaging Partner János Tamás Varga and partner Zoltán Csernus of leading Hungarian law firm VJT & Partners have had an article published in leading international arbitration publication Global Arbitration Review.

Titled ”Hungary: New bill proposes ban on arbitration with state entities”, the article examines the potential impact of the proposed new rules which would make domestic arbitration of high-value disputes involving state entities illegal.

The article was first printed in December 2011 by Global Arbitration Review (GAR), and is reproduced with kind permission from the publisher of Global Arbitration Review, Law Business Research. It can be read here.

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