Hungary on Tuesday upped the amount of government bonds that people from a third country needs to buy when seeking fast-track permanent residence permits in the country.

The bill to raise the amount from 250,000 euros (313,000 U.S. dollars) to 300,000 euros was approved in the 199-member National Assembly Tuesday.

The bill was submitted by Fidesz Parliamentary caucus chief Antal Rogan, who said interest in the bonds had been growing and Hungary was the cheapest European Union country to offer such residence permit to investors.

The bond was introduced at the end of December 2012, and went on sale in the summer of 2013.

As of August 2014, 1,102 people had bought the bonds. People holding temporary residence in Hungary can be granted permanent residence within six months after the purchase of these bonds.

The government debt management center issues these bonds to a company that acts as middleman, which receives the bonds at a discounted rate and resell them at full cost. The government redeems the bonds, which are redeemable in five years or more, at face value. Endit

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