The settlement bond 2.0 is coming, through which foreign citizens can obtain a residence permit in Hungary if they buy real estate or put money into a foundation university. The Chinese upper middle and elite class likes to have a refuge abroad, although this does not necessarily mean that they will live in Hungary as well – this was discussed by Gergely Salát, an expert on China and associate professor at Pázmány Péter Catholic University, in the Morning Fast in the show.
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April 25, 2024
Breakfast fast (25.04.2024) Salad Gergely
“Chinese people are typical of the safety game: they like to diversify their portfolios, and after the last 100 years of Chinese history have been very twisty, varied and ruthless – the Chinese upper middle class and the elite like to have a safe haven abroad to retreat to ” – He told Salad Gergely China expert in connection with the establishment bond 2.0.
He added that the experience of the previous settlement government bond shows that although approx. 15,000 Chinese obtained a settlement permit in Hungary, but that many did not move here. Members of the Chinese elite are typically transnational businessmen who visit and do business in several countries within a short period of time.
Each country has a different construction for settlement bonds; there are places where you have to invest money, there are places where you have to buy real estate, and elsewhere you have to make all kinds of commitments – reminded Pázmány Péter Catholic University associate professor. Developed countries like to attract elites from other countries who contribute positively to that country. The Chinese elite choose between countries according to their financial means: “obviously, the Chinese billionaire will not come to Hungary, but will buy an apartment in New York or a villa in Los Angeles,” said Salat.
Although Chinese society has a centuries-old tradition of emigration, this process has accelerated in the past decade. Xi Jinping during which politics hardened in the fight against corruption. The lives of those who acquired significant wealth during the reforms of the past decades have become much more uncertain. They have now started to be singled out, of course on political grounds, which is why many feel that it would be safer for them abroad.
He added that the purchase of the bond does not necessarily mean that the given person also lives in the given country.
You can listen to the entire conversation by clicking on the player above.
Breakfast fast/Interview with Gergelly Salat
Thursday, April 25, 2024 07:12
Reporter: Eszter Herskovits and János Selmeci
