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Government Decree 157/1999 (XI.3.) Korm. on the amendment of Government Decree 7/1996 (I.18.) Korm. on the acquisition of real estate by foreign nationals.

Country/Territory
Hungary
Document type
Regulation
Date
1999
Source
FAO, FAOLEX
Original source
Photocopy.
Subject
Land & soil
Keyword
Ownership Foreign land tenure
Geographical area
Eastern Europe, Europe, Europe and Central Asia, European Union Countries
Abstract

This Decree adds a new 1/A Section to the Basic Text in which the following rules are set forth. Contrary to certain provisions of Section 1 of the Basic Text, the acquisition of real estate by a foreign natural person settling in Hungary as an independent entrepreneur must be authorized pursuant to a separate act, if such property is essential for pursuing the business activities for which the foreign natural person settled. No property intended to be acquired for the purpose of a real estate transaction shall be construed as essential for business activities. If a foreign natural person settled in Hungary as an independent entrepreneur has his business licence or entrepreneurial credentials revoked, he shall be obligated to alienate his real property or file a petition with the director of the office in order to retain ownership rights within one year.

Full text
English

References - Legislation

Implements

Act LV of 1994 on Arable Land.

Legislation | Hungary | 1994 (2013)

Keyword: Agricultural land, Land tenure, Land reform, Subdivision of land, Foreign land tenure, Right of use, Lease, Ownership, Land valuation, Use restrictions, Urban land, Agricultural development, Authorization/permit, Soil conservation/soil improvement, Classification/declassification, Soil pollution/quality, Smallholders/peasants, Offences/penalties, Size

Source: FAO, FAOLEX