Time-proven stability!
Time-proven stability!
OUR OFFICES
Valletta Budapest Monaco Nicosia
Amsterdam
Moscow Seychelles
Time-proven stability!
Registration of Discus Holdings
1992
1998 2004 2010 20161968 1974 1980 1986
Time-proven stability!
Tax planning and financial consulting
Second citizenship and residence planning
Wide range of legal services
Fiduciary and corporate services
Trust management
Financial consulting
Consulting in the sphere of investment in real estate and works of art
OUR SERVICES
A BRIEF DESCRIPTION OF
THE HUNGARIAN ECONOMY
Time-proven stability!
2007 2008 2015
+4,1%
+12,2%
ECONOMIC GROWTH
Time-proven stability!
UNEMPLOYMENT CONSUMER PRICE
INDEX 2014-2015
0,6%
2008 2015
12%
6%
ECONOMIC GROWTH
Time-proven stability!
GROWTH OF
INTERNAL INVESTMENT
2007 2015
+5,2%
GROWTH IN
EXTERNAL INVESTMENT
2007 2015
+12,1%
INVESTMENT IN HUNGARY
Time-proven stability!
GROWTH
OF THE SERVICE SECTOR
In relation to production
+9,7%
Time-proven stability!
MECHANICAL ENGINEERING
Audi · Mercedes Suzuki Raba · VW · ·
Time-proven stability!
HUNGARY AND LOGISTICS
Transportation
of Russian and Asian oil and gas
Time-proven stability!
HUNGARY AND LOGISTICS
Transit and redistribution
of electrical energy
Time-proven stability!
HUNGARY AND LOGISTICS
Construction of many motorways
to European standards
Time-proven stability!
HUNGARY AND LOGISTICS
Construction of the largest
logistics industrial park in Eastern Europe
Time-proven stability!
HUNGARY AND LOGISTICS
Construction in Debrecen of the largest
European air terminal for receiving cargo planes
Time-proven stability!
HUNGARY AND LOGISTICS
Danube transport artery
TRUST COMPANIES
IN HUNGARY
BENEFITS OF TRUSTS FOR THE PROGRAM OF
PERMANENT RESIDENCY IN HUNGARY THROUGH INVESTMENT
IN GOVERNMENTAL BONDS
DESCRIPTION · ADVANTAGES
Time-proven stability!
15 July 2014
Time-proven stability!
Limitation of taxpayers
to avoid paying taxes by using offshore accounts
Common Reporting Standard
Time-proven stability!
Financial institutes
Tax authorities
Competent authorities
in partner-countries
Time-proven stability!
LEGISLATING TRUSTS
IN HUNGARY
March 2014
Time-proven stability!
OPENING A BANK ACCOUNT
FOR TRUST ASSETS
only
a trustee
a beneficiary
Time-proven stability!
MAIN CHARACTERISTICS
OF HUNGARIAN TRUSTS
Professional licensed trust
Ad-hoc (not licensed) trust
Type of trust
Who can be a settlor
(entrusted administrator)
Testamentary - Inter Vivos;
Discretionary – Non-
Discretionary; Private-Charity
Anyone
(legal or private person;
resident or non resident)
Testamentary - Inter Vivos;
Discretionary – Non-
Discretionary; Private-Charity
Anyone
(legal or private person;
resident or non resident)
Time-proven stability!
Limitation in the number
of trustees
Who can be a beneficiary
Number of trustees
(minimum)
Co-trustee
No
One
Yes
Case / Year
One
Yes
MAIN CHARACTERISTICS OF HUNGARIAN TRUSTS
Professional licensed trust
Ad-hoc (not licensed) trust
Anyone
(legal or private person;
resident or non resident)
Anyone
(legal or private person;
resident or non resident)
Time-proven stability!
Trustee's citizenship /
registration form
Registration of trust
Corporate trustee
Guarantee of
professional liability
A private limited company in the
EEA can be a professional
trustee
No
Only a corporate trustee can
have a professional license
Yes, up to 5 million Euros
Yes, in the Hungarian
National Bank
No requirement
No
Professional licensed trust
Ad-hoc (not licensed) trust
MAIN CHARACTERISTICS OF HUNGARIAN TRUSTS
Anyone
(legal or private person;
resident or non resident)
Time-proven stability!
Asset type
Distribution of assets
Time limit
Protector
Yes
Any
(cash, portfolio investment,
material and non-material
assets, rights and claims)
50 years
Can use
Hungary
No
Registration address
Publicly available information
MAIN CHARACTERISTICS OF HUNGARIAN TRUSTS
Any
(cash, portfolio investment,
material and non-material
assets, rights and claims)
Yes
50 years
Can use
Hungary
No
Time-proven stability!
Yearly tax report
Bookkeeping
Audit
Yes
HUF / EUR
No
No
VAT
Taxation
Taxation of moving assets
from Settlor to trust
> 500 million HUF – 10%
< 500 million HUF - 19%
TAX Free,
no hidden taxes
Professional licensed trust
Ad-hoc (not licensed) trust
MAIN CHARACTERISTICS OF HUNGARIAN TRUSTS
Yes
HUF / EUR
No
No
> 500 million HUF – 10%
< 500 million HUF - 19%
TAX Free,
no hidden taxes
Time-proven stability!
Taxation of distribution of
assets from a trust to a
private individuals
Taxation of distribution of
a trust's profit to a private
individuals
Taxation of distribution of
assets from a trust to a
legal entity
Taxation of distribution of
a trust's profit to a legal
entity
HU residence – TAX Free
Non-resident – taxation of
beneficiary
WHT not applicable
HU residence –15%
Non-resident – taxation of
beneficiary
WHT not applicable
HU resid. > 500 million HUF – 10%
< 500 million HUF - 19%
Non-resident – taxation of
beneficiary, WHT not applicable
HU residence – TAX Free
Non-resident – taxation of
beneficiary
WHT not applicable
Professional licensed trust
Ad-hoc (not licensed) trust
MAIN CHARACTERISTICS OF HUNGARIAN TRUSTS
HU residence – TAX Free
Non-resident – taxation of
beneficiary
WHT not applicable
HU residence –15%
Non-resident – taxation of
beneficiary
WHT not applicable
HU resid. > 500 million HUF – 10%
< 500 million HUF - 19%
Non-resident – taxation of
beneficiary, WHT not applicable
HU residence – TAX Free
Non-resident – taxation of
beneficiary
WHT not applicable
Time-proven stability!
ADVANTAGES
OF THE HUNGARIAN TAX SYSTEM
Receive dividends – tax free
Inheritance – tax free
Estrangement of limited participation – tax free
Royalty - > 500 million HUF – 5%; < 500 million HUF – 9.5%
R&D – 10-15% from CIT
No WHT when paying dividends, royalties and interest
to a non-resident address
0% when there are debt obligations that exceed CIT
three times
Time-proven stability!
PRIMUS TRUST
FIRST HUNGARIAN
LICENSED
PROFESSIONAL TRUST
Time-proven stability!
UNIVERSALITY
OF A HUNGARIAN TRUST
Independent
licensed
depository
An alternative
solution to outdated
offshore schemes
Tool
of asset
declaration
PERMANENT RESIDENCY
IN HUNGARY
through
INVESTMENT IN GOVERNMENT BONDS
HUNGARIAN PERMANENT
RESIDENCE PROGRAM
December 2012
February 2013
March 2013
Accepted by Parliament
Signed by the Minister
of National Economy
Came into force
Time-proven stability!
HOLDERS OF PERMANENT RESIDENCY
IN HUNGARY THROUGH INVESTMENT
IN GOVERNMENT BONDS
DO NOT HAVE THE RIGHT TO:
vote
be elected
take leadership roles
in government
institutions
1 2 3
Time-proven stability!
HOLDERS OF PERMANENT RESIDENCY
IN HUNGARY THROUGH INVESTMENT
IN GOVERNMENT BONDS
HAVE THE RIGHT TO:
live
medical services
work
entrepreneurial activity
tax concessions
study
social security
social benefits
Time-proven stability!
POSSIBLE APPLICANTS
FOR HUNGARIAN RESIDENCY
Main
applicant
Spouse Children
(who are still
minors)
Parents
(who fit the
'pensioner'
criteria)
Time-proven stability!
PERMANENT RESIDENCY IN HUNGARY
Freedom of movement throughout the Schengen Areas countries
No need to invest in real estate
No requirement to live there
Time-proven stability!
MANAGEMENT OF THE STATE ECONOMY
Magyar Államadósság Kezelõ Zrt.
Control and management
of the program
Issue of registered
residential bonds
Time-proven stability!
ADVANTAGES OF THE PERMANENT
RESIDENCY IN HUNGARY
No requirement
to live there
Freedom of movement
throughout the Schengen
Area countries
Relatively low
minimum amount
of investment needed
Time-proven stability!
5000+ 250+ ˆ1.5bn
New residents of Hungary
due to the investment
residency program
Applications for receiving
residency in Hungary
through investment
in government bonds
Amount of attracted
investment since
the start of the program
Time-proven stability!
HUNGARIAN INVESTMENT
RESIDENCY PROGRAM
ATTRACTS SECURE INVESTORS
and becomes a platform for the development
of business, by citizens of Third Countries
in the territory of the EU
Time-proven stability!
HUNGARIAN INVESTMENT
RESIDENCY PROGRAM
It does not pose a danger to the security of Hungary and the EU
It does not pose a danger to the work market in Hungary and the EU
WHY EXACTLY SHOULD YOU CHOOSE
PERMANENT RESIDENCY IN HUNGARY THROUGH
INVESTMENT IN GOVERNMENTAL BONDS?
Time-proven stability!
RESIDENCY BONDS:
Registered government bonds
of special appointment
Nominal cost (ˆ300,000)
5 year maturity period
Time-proven stability!
SIGNING
THE CONTRACT
SUBMITTING
DOCUMENTS
PROCEDURE FOR BUYING THE BONDS AND
APPLYING FOR PERMANENT RESIDENCY
Time-proven stability!
Passport
Birth certificate
Marriage certificate
Completed Questionnaire
Application form
REQUIRED DOCUMENTS
Time-proven stability!
PLACE OF APPLICATION
Diplomatic
representation
in Hungary
Office
of Immigration
and Citizenship
Time-proven stability!
PROCEDURE FOR BUYING THE BONDS AND
APPLYING FOR PERMANENT RESIDENCY
Sign the contract
Receive payment instructions for conducting investments and for the
administrative fees
Make the payments
Prepare the Investor's file for submission for a Hungarian residence permit
Submit application for residence permit
Await a decision from the Hungarian Office of immigration and citizenship
Wait for the Hungarian state security services to check the character
of the Investor
Issue residency card
Receive residency card
1.
2.
3.
4.
5.
6.
7.
8.
9.
Time-proven stability!
TIME NEEDED FOR APPLICATION
Through diplomatic
representation – up to 45 days
Through the Office of immigration and
citizenship in Budapest – up to 8 days
Time-proven stability!
TURN A RESIDENCE PERMIT
INTO PERMANENT RESIDENCY
Filing a petition – 6 months after the issue date
of the residency card
Within 90 days from the moment of petition filing
Receive residency card with permanent residency status
Time-proven stability!
ARRANGEMENTS FOR APPLICATION
Possibility to apply for permanent residency
immediately for the whole family
Possibility to apply for permanent residency
for every family member using separate applications
Application for permanent residency for all children
who are minors is possibly only through a separate
investor package
Time-proven stability!
RETURN OF INVESTMENT
File a formal request for the return
of the investment after 5 years
Investment returned within 90 days
Time-proven stability!
Bank commission - ˆ145,000
Administrative costs - ˆ5,000
PERMANENT RESIDENCY IN HUNGARY - ˆ150,000
FINANCING OF INVESTMENTS
Time-proven stability!
PERMANENT RESIDENCY IN HUNGARY IS:
the right
to work
the right to
entrepreneurial
activity
the right
to study
social rights
freedom to move
throughout
and live in the
Schengen Area
countries
Time-proven stability!
Investors Spouses Children Parents
PERMANENT RESIDENCY IN HUNGARY –
IT'S PERMANENT RESIDENCY FOR
Time-proven stability!
RELIABLE
DISCRETE
LEGAL
CONVENIENT
FAST
PERMANENT
RESIDENCY
IN HUNGARY is
Time-proven stability!
Time-proven stability!
Phone (Russian): + 356 2778-0492
Phone (English): + 356-2122-3258
Fax: + 356-2122-3058
info@discusholdings.com.mt
www.discusholdings.com.mt
158, Merchants Street,
Valletta, VLT 1176, Malta
