Common use of HUNGARY Clause in Contracts

HUNGARY. (a) Hungary may maintain in force for five years from the date of its accession to the EU, its legislation contained in Act LV of 1994 on Agricultural Land as amended regarding the acquisition of secondary residences. (b) Swiss nationals who have been legally resident in Hungary at least for four years continuously shall not be subject to the provisions of (a) or to any rules and procedures other than those to which nationals of Hungary are subject. During the transitional period Hungary shall apply authorisation procedures for the acquisition of secondary resi- dences based on objective, stable, transparent and public criteria. These criteria shall be applied in a non-discrimi- natory manner and shall not differentiate between Swiss nationals residing in Hungary. (c) Hungary may maintain in force for seven years from the date of its accession to the EU, the prohibitions contained in Act LV of 1994 on Agricultural Land as amended on the acquisition of agricultural land by natural persons who are non-residents or non nationals of Hungary and by legal persons. (d) Swiss nationals who want to establish themselves as self-employed farmers and who have been legally resident and active in farming in Hungary at least for three years continuously, shall not be subject to the provisions of (c) or to any rules and procedures other than those to which nationals of Hungary are subject. (e) A general review of these transitional measures shall be held in the third year following the date of its accession to the EU. To this effect, the Commission shall submit a report to the Joint Committee. The Joint Committee may decide to shorten or terminate the transitional period indicated in (c). (f) Should Hungary apply authorisation procedures for the acquisition of agricultural land during the transitional period, they shall be based on objective, stable, transparent and public criteria. These criteria shall be applied in a non- discriminatory manner. (g) If there is sufficient evidence that, upon expiry of the transitional period, there will be serious disturbances or a threat of serious disturbances on the agricultural land market of Hungary, the Joint Committee, at the request of Hungary, shall decide upon the extension of the transitional period for up to a maximum of three years.

HUNGARY. (a) Hungary may maintain in force for five years from the date of its accession to the EU, its legislation contained in Act act LV of 1994 on Agricultural agricultural Land as amended regarding the acquisition of secondary residences. (b) Swiss nationals who have been legally resident in Hungary at least for four years continuously shall not be subject to the provisions of (a) or to any rules and procedures other than those to which nationals of Hungary are subject. During the transitional period Hungary shall apply authorisation procedures for the acquisition of secondary resi- dences based on objective, stable, transparent and public criteria. These criteria shall be applied in a non-discrimi- natory manner and shall not differentiate between Swiss nationals residing in Hungary. (c) Hungary may maintain in force for seven years from the date of its accession to the EU, the prohibitions contained in Act act LV of 1994 on Agricultural agricultural Land as amended on the acquisition of agricultural land by natural persons who are non-residents or non nationals of Hungary and by legal persons. (d) Swiss nationals who want to establish themselves as self-employed farmers and who have been legally resident and active in farming in Hungary at least for three years continuously, shall not be subject to the provisions of (c) or to any rules and procedures other than those to which nationals of Hungary are subject. (e) A a general review of these transitional measures shall be held in the third year following the date of its accession to the EU. To this effect, the Commission shall submit a report to the Joint Committee. The Joint Committee may decide to shorten or terminate the transitional period indicated in (c). (f) Should Hungary apply authorisation procedures for the acquisition of agricultural land during the transitional period, they shall be based on objective, stable, transparent and public criteria. These criteria shall be applied in a non- discriminatory manner. (g) If there is sufficient evidence that, upon expiry of the transitional period, there will be serious disturbances or a threat of serious disturbances on the agricultural land market of Hungary, the Joint Committee, at the request of Hungary, shall decide upon the extension of the transitional period for up to a maximum of three years.