Hungary is a Parliamentary republic – the President has a largely ceremonial role; the Government is headed by the Prime Minister. The legal system is based on statutes that are fully harmonized with EU law, which assures an EU oversight. Hungary also has an investor- friendly environment due to fast company establishment, smooth and electronic administrative procedures and a developed business law while the rule of law remains protected through constitutional and judicial oversight of statutes and administrative decisions.
Our tax regime is internationally competitive: the corporate tax is 9%, the personal income tax is 15%, the VAT is 27% with a preferential VAT rate of 18% and 5%. The local tax can reach a maximum of only 2% and the gift and inheritance taxes are at 18% with a tax exemption between spouses, ancestors and lineal descendants. Furthermore, the Hungarian tax law provides a participation exemption, which ensures a capital gain tax relief for registered participations after one year. The country also has an extensive network of double taxation treaties. All of these make Hungary uniquely suitable for an effective and safe trust and holding location.
Hungary has been a sovereign state since 1000 AD. It was part of the Habsburg Empire until 1918 and was under soviet occupation between 1945 and 1989. It is a NATO member since 1999 and an EU member since 2004. The country’s area covers 93,030 km2 and has a population of 9.7 million, the majority of the people are Roman Catholic. The currency is Hungarian Forint (HUF), the total GDP is 164.527 billion USD and the GDP/capita is 16,905 USD.
The nation’s capital, Budapest, where Apelso Trust Zrt is based, has a population of approximately 1.7 million people; however, together with the Budapest region, with its 3.5 million people, is a regional HQ with one of the largest regional economies in the European Union with GDP $100 billion. It has an accessible location in Central Europe, an excellent infrastructure and a highly skilled labour force, especially in the IT area. There is an easy set up procedure and a low maintenance cost for businesses.
Budapest offers many highlights including unique thermal spas, an abundance of cultural shows in both historic and modern music theatres as well as innovative fusion cuisine with local traditions. Its low crime rates make it an international safe zone, creating a hub for business and leisure travels in the Middle East. The historically stable property market makes the city suitable for long-term investments. With strong private medical services at competitive fees Budapest ranks in the TOP10 of the Quality of Life index and the TOP5 European tourist destinations.