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.

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.

Implements: Act LV of 1994 on Arable Land. (2013-04-04)