Hungary revives golden visa program,

Hungary is offering personal residence permits to foreigners who purchase high-value real estate in that European Union country, six years after closing a similar "golden visa" program due to corruption scandals. According to a draft bill presented by Prime Minister Viktor Orban's government, the "guest investor program" allows individuals who invest at least 250,000 euros ($270,000) in local real estate funds or at least 500,000 euros in Hungarian real estate to apply for a 10-year renewable residence permit. Alternatively, donations of at least €1 million to so-called''Public trust funds set up by the government to oversee universities.

Hungary closed a similar program in 2017. It allowed people to invest 300,000 euros in government bonds and obtain a residence permit and free movement within the European Union. The program led to a surge in migration from China and Russia. It was shut down after media reports of corruption and lax application processing that could have allowed spies to infiltrate the EU.

Golden visas are also controversial in other European countries. Some blame such programs for creating a housing crisis.

The Hungarian program is included in a package of legislation that Orban has announced as part of his hardline policy on immigration. It is a key issue for the nationalist prime minister, whose anti-immigration message has helped him stay in power for more than a decade.

The bill was introduced after opposition parties began criticizing the government for relaxing regulations earlier this year allowing workers from non-EU countries to come to Hungary to work and help address labor shortages. It also comes at a time when Orban is trying to boost revenues after amassing a record cash-flow-based budget deficit this year.

The government by'. 's estimate states that the economy needs 500,000 new employees to meet growing demand. A particular challenge in hiring assembly line workers is the growing investment in the battery industry, which should make Hungary one of the leading manufacturers in the world.