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

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 Pursuant to the authorization granted in Paragraph b) of Subsection (1) of Section 90 of the frequently amended Act LV of 1994 On Arable Land (hereinafter referred to as "ALA"), the Government hereby issues the following Decree: Section 1 The following Section 1/A shall be appended to Government Decree 7/1996 (I. 18.) Korm. On the Acquisition of Real Estate by Foreign Nationals (hereinafter referred to as "D"), as amended by Government Decree 222/1996. (XII. 26.) Korm. and Government Decree 118/1997. (VII. 11.) Korm.: "Section 1/A. (1) Contrary to the provisions of Subsections (I)-(4) of Section 1, 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 pursing the business activities for which the foreign natural person settled. (2) No property intended to be acquired for the purpose of a real estate transaction (sale, exchange, lease) shall be construed as essential for business activities. (3) A foreign natural person who has settled in Hungary as an independent entrepreneur shall be obligated to alienate his real property or file a petition with the director of the office in order to retain ownership rights (in accordance with the conditions set forth in Section 1) within one year, if his business license or entrepreneurial credentials (regulated in other legal regulations) are revoked, if, in respect of private companies, the company is removed from the register of companies, or if his chamber of commerce membership is terminated." Section 2 (1) This Decree shall enter into force on the 8th day following its promulgation. Its provisions must be applied to pending cases. (2) The procedure to be employed in the event of any violation of the alienation or licensing requirements described in Subsection (3) of Section 1/A of "D" (as stipulated in Section 1 of this Decree) shall be prescribed in a separate legal regulation.