Hungary Golden Visa Program Set to Relaunch this 2024
In November 2023, the Hungarian parliament introduced a draft bill aimed at regulating the entry and residency of third-country nationals in Hungary. One significant change proposed by this draft bill is the reintroduction of a Residency by Investment program, similar to a Golden Visa, currently named the Guest/Visitor Investor Program, although it is not the main focus of the bill. The bill still needs to undergo thorough discussions and voting in parliament, but it is highly likely to pass without major alterations given the ruling party’s absolute majority. If approved, the program is expected to be fully implemented from September 1st, 2024.
Update: In December 2023, the final version of the bill was revised to accelerate the relaunch of the Hungary Golden Visa. Instead of September 2024, the new program is now set to take effect in 1 July 2024.
Hungary Golden Visa: Was it Previously Suspended?
It is important to note that the new Guest/Visitor Investor program differs from the previous Hungary Golden Visa, known as the Hungarian Residency Bond Program, which was active from 2012 to 2017. During that period, the program was considered one of the most affordable in Europe, with each bond priced around €300,000, plus a processing fee of €60,000. Over 7,000 Residency Bonds were sold, enabling visa-free travel in the Schengen Zone and residency in Hungary. However, the program was ultimately suspended in 2017 due to significant criticism and controversies.
The Guest/Visitor Investor Program: The New Hungary Golden Visa?
This new Guest/Visitor Investor Visa introduces a different framework and aims to serve as the replacement for the previous Hungary Golden Visa, granting residency for a period of ten years. While the specific details and complexities of the program are not yet known, it draws inspiration from similar programs across Europe. Like other Golden Visas, Hungary emphasizes real estate as one of the three options for obtaining residency:
- Investing €250,000 in a Real Estate Fund registered with the National Bank of Hungary.
- Purchasing residential property in Hungary worth €500,000.
- Donating €1 million to a public institution (educational, scientific, artistic, etc.) dedicated to the public interest of Hungary.
To Learn more about Hungary Golden Visa & want help applying to the program, Contact us today!
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Simard & Associates helps clients apply for citizenship and residence under the applicable programs. To schedule an initial free consultation, get in touch with us.
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Simard & Associates helps clients apply for citizenship and residence under the applicable programs. To schedule an initial free consultation, get in touch with us.
