Romania - United States Department of State

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EXECUTIVE SUMMARY

Openness To, and Restrictions Upon, Foreign Investment Policies Towards Foreign Direct Investment Hungary maintains an open economy and its high-quality infrastructure and central location in Europe attract foreign investment. According to some reports, however, government policies have resulted in some foreign investors selling their stakes to the government or state-owned enterprises in other sectors, including banking and energy.

As a bloc, the EU accounts for approximately 89 percent of all FDI in Hungary in terms of direct investors, and 62 percent in terms of ultimate controlling parent investor.

In terms of ultimate investor — i.

5 cts Suisse anti aging

In terms of direct investor location, Germany was the largest investor, followed by the Netherlands, Austria, Luxembourg, and then the United States. The majority of U. Approximately U. Total, cumulative FDI from Asian sources has approximately doubled sinceaccounting for over five percent of total FDI stock in South Korea made several major new investments in the manufacturing sector in According to the European Commission ECa series of progressively-tiered taxes implemented in disproportionately penalized foreign businesses in the telecommunications, tobacco, retail, media, and advertisement industries, while simultaneously favoring Hungarian companies.

Following EC infringement procedures, the GOH phased out most discriminatory tax rates by and replaced them with flat taxes. Retail businesses claimed the GOH specifically set the threshold to target large foreign retail chains.

The EC likewise determined that the law was discriminatory and launched an infringement procedure inleading the GOH to repeal the law in November Inthe GOH passed a regulation that gives the government preemptive rights to purchase real estate in World Heritage areas.

The rule has been used to block the purchase of real estate by foreign investors in the most desirable areas of Budapest. In Aprilduring the COVID pandemic, the GOH issued a decree that levied sector-specific taxes on the banking and retail sectors to fund 5 cts Suisse anti aging economic support.

This progressive tax on retail grocery outlets is structured such that it applies mainly to large foreign retail firms. The GOH publicly declared its intention to reduce foreign ownership in the banking sector in Accordingly, various GOH initiatives have reduced foreign 5 cts Suisse anti aging from about 70 percent in to These initiatives included a bank tax; a financial transaction tax levied on all cash withdrawals; and regulations enacted between that obligated banks to retroactively compensate borrowers for interest rate increases on foreign currency-denominated mortgage loans, even though these increases were spelled out in the original contracts with customers and had been permitted by Hungarian law.

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Pharmaceutical firms have also taken issue with GOH policies to weigh the cost of pharmaceutical procurement as heavily as efficacy when issuing tenders for public procurement. HIPA offers company and sector-specific consultancy, recommends locations for cum să îndepărtezi ridurile de sub buză, acts as a mediator between large international companies and Hungarian firms to facilitate supplier relationships, organizes supplier training, and maintains active contact with trade associations.

Its services are available to all investors. Foreign investors generally report a productive dialogue with the government, both individually and through business organizations. Many U. The GOH has regularly consulted foreign businesses and business associations as it has developed economic support measures during the pandemic.

2021 Investment Climate Statements: Hungary

The U. The majority of significant U. As part of its economic measures during the COVID pandemic, the GOH passed a decree which requires foreign investors to seek approval for foreign investments in Hungary. Foreign law firms and auditing companies must sign a cooperation agreement with a Hungarian company to provide services on Hungarian legal or auditing issues. According to the Land Law, only private Hungarian citizens or EU citizens resident in Hungary with a minimum of three years of experience working in agriculture or holding a degree in an agricultural discipline can purchase farmland.

Eligible individuals are limited to purchasing hectares acres. All others may only lease farmland. Non-EU citizens and legal entities are not allowed to purchase agricultural land.

Noutățile de la Notino

All farmland purchases must be approved by a local land committee and Hungarian authorities, and local farmers and young farmers must be offered a right of first gel anti-imbatranire before a new non-local farmer is allowed to purchase the land. For legal entities and those who do not fulfill the above requirementsthe law allows the lease of farmland up to hectares for a maximum of 20 years.

The GOH has invalidated any pre-existing leasing contract provisions that guaranteed the lessee the first option to purchase, provoking criticism from Austrian farmers. Austria has reported the change to the European Commission, which initiated an infringement procedure against Hungary in In Marchthe European Court of Justice ruled that the termination of land use contracts violated EU rules, opening the way for EU citizens who lost their land use rights to sue 5 cts Suisse anti aging GOH for damages.

Inthe EC launched another — still ongoing — infringement procedure against Hungary concerning its restrictions on acquisitions of farmland.

1. Openness To, and Restrictions Upon, Foreign Investment

The GOH passed a national security law on investment screening in that requires foreign investors seeking to acquire more than a percent stake in a Hungarian company in certain sensitive sectors defense, intelligence services, certain financial services, electric energy, gas, water utility, and electronic information systems for governments to seek approval from the Interior Ministry.

The Ministry has up to 60 days to issue an opinion and can only deny the investment if it determines that the investment is designed to conceal an activity other than normal economic activity. Inas part of the measures to mitigate the economic effects of the COVID pandemic, the GOH passed an additional regulation requiring foreign investors to seek approval from the Ministry of Innovation and Technology MIT for greenfield or expansion of existing investments.

The GOH granted the specific power to block this type of sale to the MOI in November under emergency COVID-related legislation, just one day before the parties agreed to the sale, after months of open negotiations.

Other Investment Policy Reviews Hungary has not had any third-party investment policy 5 cts Suisse anti aging in the last three years. The registration of business enterprises is compulsory in Hungary.

Firms must contract an attorney and register online with the Court of Registration. Registry courts must process applications to register limited liability and joint-enterprise companies within 15 workdays, but the process usually does not take more than three workdays. If the Court fails to act within the given timeframe, the 5 cts Suisse anti aging company is automatically registered. If the company chooses to use a template corporate charter, registration can be completed in a one-day fast track procedure.

Registry courts provide company information to the Tax Authority NAVeliminating the need for separate registration.

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The Court maintains a computerized registry and electronic filing system and provides public access to company information. Foreign individuals 5 cts Suisse anti aging companies can establish businesses in Hungary without restrictions.

Hungarian business facilitation mechanisms provide equitable treatment for women. They offer no special preference or assistance for them in establishing a company. Outward investment is mainly in manufacturing, pharmaceuticals, services, finance and insurance, and science and technology.

There is 5 cts Suisse anti aging restriction in place for domestic investors to invest abroad. The GOH announced in early that it would like to increase Hungarian investment abroad and it is considering incentives to promote such investment. Senate ratification. The United States and Hungary have also signed a totalization agreement that eliminates double social security taxation and fills gaps in benefits for workers who have divided their careers between the two countries.

Legal Regime Transparency of the Regulatory System Generally, legal, regulatory, and accounting systems are consistent with international and EU standards. However, some executives in Hungarian subsidiaries of U. In recent years, there has been an uptick in the number of companies, including major U. Those that refuse to sell report an increase in tax audits, fines, and spurious regulatory challenges and court cases. For foreign investors, the most relevant regulations stem from EU directives and the laws passed by Parliament to implement them.

Legislation, once passed, is published in a legal gazette and available online at www. The GOH can issue decrees, which also have national scope, but they cannot be contrary to laws enacted by Parliament.

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Local municipalities can create local decrees, limited to the local jurisdiction. The GOH used this decree to levy new sector-specific taxes, to take control of a Hungarian company that had been in an ownership dispute with the GOH, and to reallocate competencies and tax collection duties from an opposition-led municipality 5 cts Suisse anti aging a county-level body led by the ruling Fidesz party. The GOH did not include a sunset clause for the SOE — which resulted in criticism from foreign governments and domestic opposition parties — but repealed it in June During the second wave of the epidemicthe GOH passed separate SOE legislation with a day sunset clause in November and extended it for another 90 days in February Interested investors are encouraged to contact Embassy points of contact for the most up-to-date information.

The accounting law requires all businesses to prepare consolidated financial statements on an annual basis in accordance with international financial standards. The GOH rarely invites interested parties 5 cts Suisse anti aging comment on draft legislation.

Civil society organizations have complained about a loophole in the current law that allows individual Members of Parliament to submit legislation and amendments without public consultation. The average deadline for submitting public comment is often very short, usually less than one week.

Revision History

The Act on Legislation and the Law Soliciting Public Opinion, both passed by Parliament ingovern the public consultation process. The laws require 5 cts Suisse anti aging GOH to publish draft laws on its webpage and to give adequate time for all interested parties to give an opinion on the draft.

However, implementation is not uniform and the GOH often fails to solicit public comments on proposed legislation. Explanations attached to draft bills include a short summary on the aim of the legislation, but regulators only occasionally release public comments. Regulatory enforcement mechanisms include the county and district level government offices, whose decisions can be challenged at county-level courts.

The GOH does not review regulations on the basis of 5 cts Suisse anti aging scientific or data-driven assessments, but some NGOs and academics do. A study by Corruption Research Center Budapest CRCB found that in the period the annual average number of new laws acid hialuronic online by Parliament increased, while the average time spent debating new laws in Parliament decreased significantly.

Their analysis assessed that the accelerating lawmaking process in Hungary in the period had negative effects on the stability of the legal environment and the overall quality of legislation.

1. Introduction

The government made budget documents, including the executive budget proposal, the enacted budget, and the end-of-year report publicly available within a reasonable period of time. Modifications to a current budget, which in were quite substantial because of the pandemic, are not consolidated with the initial budget law and do not include economic analysis of the effects of those modifications.

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As a whole, labor, environment, health, and safety laws are consistent with EU regulations. Hungary follows EU foreign trade and investment policy, and all trade regulations follow EU legislation. Contracts are enforced by ordinary courts or — if stipulated by contract — arbitration centers. Investors in Hungary can agree with their partners to turn to Hungarian or foreign arbitration courts. Apart from these arbitration centers, there are no specialized courts for commercial cases; ordinary courts are 5 cts Suisse anti aging to judge any kind of civil case.

The Civil Code of applies to civil contracts. The Hungarian judicial system includes four tiers: district courts formerly referred to as local courts ; courts of justice formerly referred to as county courts ; courts of appeal; and the Curia the Hungarian Supreme Court.

Hungary also has a Constitutional Court that reviews cases involving the constitutionality of laws and court rulings.