Personal income tax and VAT were introduced into the Hungarian tax system in 1988. This was a first step in a long process of tax reform. The next major step, undertaken in 1991, was the modernization of the corporate income tax system. In 1993, the VAT legislation was further modified to conform, at least in principle, to the VAT systems used in the European Union. 1995 witnessed the introduction of…
In order to harmonize the national law with the respective EU regulations as well as to establish a modern and comprehensive regulation of business entities, Hungary implemented substantial changes to its corporate law in 2013. The new Hungarian Civil Code (Act V of 2013 on the Civil Code) came into effect on 15 March 2014 that incorporates the fundamental regulations and obligatory rules for all economic entities. The Act V…
Hungary is a member of the OECD and the NATO, part of the European Union’s internal market and the Schengen Area. Hungary became a full member of the European Union on 1 May 2004. Ten arguments why Hungary is the suitable investment location in Central Europe: 1. Great location in the heart of Europe 2. Dynamic economic growth 3. Business-friendly environment 4. Membership in the European Union and NATO 5.…
Hungary is still considered as an attractive location for foreign investors. Buying a property may be the safest investment with an excellent return. Based on the report of Eurostat, the purchase prices of properties in the EU grew 4%, in the euro zone with 3% from January to March 2016 in an annual comparison. The highest growth was however produced by Hungary in January and March 2016, the purchase prices…
A pecuniary claim can have not only civil law relations, but also criminal consequences. In most cases it is simpler and more cost-effective, if we try to assert our claim within the frame of a criminal procedure. The means to do that is the recovery of the civil claim. Using this method we have a good chance to avoid a very long and expensive procedure. I. The term of a…
Questions regarding Business Immigration to Hungary? Contact us! E:dobos@doboslegal.eu T:+3630 3088151
According to the statistics of the German-Hungarian chamber of commerce and industry, it is quite obvious that in the last decades the business relationship has immensely strengthened between Germany and Hungary. Introduction From 2000 until 2014 the import between the two countries has grown from 10.000 million euros to approximately 19.000 million euros as well as the export which has increased from 10.000 million euros to 22.000 million euros (source:…
1. Check the land registry sheet carefully. You (or your attorney) have to examine, if there are any encumbrances registered concerning the apartment. If so, you shall agree with the seller about the procedure how to cancel the encumbrances. 2. Undersigning the sale and purchase agreement (S&P): There are two options when you conclude the S&P agreement. a./ Either you undersign it in Hungary, in front of the attorney at…
What does the procedure look like when founding a company? What kind of steps have to be followed? In principle we can speak of two kinds of procedures. Our client can freely choose if he/she travels to Hungary and signs all documents before one of our lawyers or he/she can choose to sign these documents in his/her own country of origin and send them to us by post. In the…
When it comes to arriving to Hungary and applying for a residence permit, the legal regulations allow a special type of permit: the residence permit for the purpose of employment or other gainful activities (“Business Immigration”). Hungarian regulations According to Act II of 2007, third-country nationals have the right to apply for a residence permit of such kind in three cases. The first option is if they perform actual work…
