Hungary became a full member of the European Union on 1st May 2004. Its membership has had a positive impact on the Hungarian economy and provided several competitive advantages for foreign companies setting up a permanent presence in the country. Due to this and several other factors, foreign ownership of and investment in Hungarian firms is widespread. Foreign capital is attracted by skilled and relatively inexpensive labour, tax incentives, modern infrastructure and a good telecommunications system. Bank accounts may be held in major foreign currencies and there are no specific laws governing inward investment (save some special sectors, for instance agriculture).
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