The government of Hungary plans to bring back the Golden Visa Program, which was shut down in 2017. A draft bill governing immigration for third-country nationals arriving in Hungary has been presented to parliament, outlining the new framework for the Residency by Investment scheme.

According to Reuters, the proposed bill creates a new category of “guest-investor visa” for people involved in projects that the government deems to be “strategically important investments”. Per the draft, obtaining a “guest-investor visa” is a requirement for applying for residence in Hungary. The visa grants its holder a ten-year stay, with the option for an additional ten years.

Under Hungary’s former Residency by Investment Schemes, foreigners could become citizens by meeting certain requirements and investing money in the nation. Launched on January 1, 2013, the Golden Visa program ran until March 31, 2017. The government raised the minimum investment requirement from €250,000 to €300,000 at one point.

Based on data from the EU Commission on investor residence programs, the program generated €1.4 billion between 2013 and 2017, which translated into 3,649 approved temporary residence permits. Authorities in Hungary received 6,621 requests from investors to reside there during this time. Out of them, 1,827 applications were turned down and 4,794 applicants were given permanent residency permits.

The government’s conclusion that the program had little economic impact led to its termination. With the proposed revival, an investor could become the owner of a “strategically important project” by investing in €500,000 worth of real estate in Hungary or a €250,000 share in a Hungarian real estate fund.

The economies of the participating nations benefit greatly from European investment programs like the Golden Visa and Golden Passport programs, but they have also given rise to security concerns about anomalies like money laundering and corruption. According to a report from Henley and Partners last year, a number of European nations currently allow foreign individuals to obtain residency and citizenship through such programs. Spain, Montenegro, Portugal, and Greece are among the notable examples.