The latest decree by the Hungarian government on the acquisition of non-agricultural land by foreigners sets down stricter rules than before, warns the law offices of Squire Patton Boggs. In its most recent report, it outlines the changes as they apply to non-EU and non-EEA natural persons and legal entities. The new decree says such persons will have to obtain a permit in order to buy property from the competent government office. “As a general rule, the acquisition permit shall be granted if the acquisition of the Real Property by the foreign natural person or legal entity does not constitute any injury to the public interest or to the interest of the local government,” writes the office. Legal entities, however, will only be granted the permit to buy property if they have established a branch office or a commercial representative office in Hungary.
