Unlocking Hungary's Golden Visa: A Guide to Investment and Residency
26 July 2024 | Hungary
Unlocking Hungary's Golden Visa: A Guide to Investment and Residency
In an era of global mobility and investment opportunities, Hungary’s Golden Visa program has emerged as a compelling option for individuals seeking to obtain residency through investment. This strategic initiative offers a pathway for foreign nationals to gain access to the European Union’s (EU) vast market and benefits, while contributing to Hungary’s economic growth.
Key Points:
- Residency can be obtained within four months.
- This is the most cost-effective program among EU options.
- Residency is available for the entire family.
Hungary is considered an EU tax haven with highly advantageous tax regulations. - The residency duration is five years with the possibility of extension.
What is Hungary's Golden Visa Program?
The new Hungary Guest Investor Visa program also known as Hungarian Golden Visa, is set to offer foreign investors a simple, proven path to obtain Hungarian Residency By Investment. This program provides numerous advantages, making it an appealing option for individuals seeking long-term residency in a European nation. Notably, it stands out as one of the fastest and most cost-effective golden visa programs currently accessible in Europe. What sets it apart is that it is the sole EU program that permits investors to finalize their real estate purchase following the approval and issuance of their residency visa application.
Key Features of Hungary's Golden Visa
- Investment Requirement: Applicants must make a minimum investment of €300,000 in government-approved securities or real estate.
- Residence Permit: The temporary residence permit is initially valid for 1 to 5 years and can be renewed upon meeting the program’s requirements.
- Family Inclusion: Applicants can include their spouse and dependent children in the application, allowing for family reunification.
- Pathway to Permanent Residency: After holding the temporary residence permit for at least 3 years, applicants can apply for permanent residency in Hungary.
- Access to the European Union: As a member of the European Union, Hungary’s Golden Visa program grants holders the ability to live, work, and travel freely within the EU.
Investment Requirements for Hungary's Golden Visa Application
Starting from 2024, there will be three new investment options for potential investors. Here are the available choices:
- €250,000: Investment in Real Estate Investment Fund
- €500,000: Acquisition of Real Estate
- €1 million: Non-refundable Donation to Public Trust
If you intend to apply for a Hungary Golden Visa in 2024, it is important to allocate a budget for various legal, application, and processing fees. The specific fees will depend on the number of family members included in the application and the chosen investment avenue.
Benefits of Hungary's Golden Visa
- Access to the European Union: The Golden Visa program grants holders the ability to live, work, and travel freely within the EU.
- Pathway to Citizenship: After holding the temporary residence permit for at least 3 years, applicants can apply for permanent residency and, eventually, Hungarian and EU citizenship.
- Favorable Tax Regime: Hungary offers a competitive tax environment, with relatively low income and corporate tax rates.
- Stable Political and Economic Environment: Hungary is recognized as a politically and economically stable country within the EU.
- Quality of Life: Hungary boasts a high standard of living, rich cultural heritage, and a diverse range of lifestyle and leisure opportunities.
Requirements for Hungary Golden Visa
The Guest Investor Visa allows individuals to stay in Hungary for a maximum of 2 years and grants them the right to apply for a residence permit through investment.
Under the Guest Investor Visa, individuals can stay in Hungary for up to 90 days out of a 180-day period. The visa also permits multiple entries to the country.
The following conditions must be met for an investor to be granted a Guest Investor Visa:
- Provide written confirmation of the intention to fulfill the investment requirement. The investor’s entrance and stay in Hungary should contribute to the national economic interests of the country.
- Possess health insurance or have sufficient funds to cover potential medical expenses.
- Have enough money for travel and living expenses throughout the entire stay in Hungary.
- Confirm that the investment capital is derived from a legitimate source of income and is adequate for the investment.
- Not be subject to deportation and ensure that their entrance and stay in Hungary do not pose a threat to the country’s national policy, social security, national security, or public healthcare.
- Not be a citizen of the European Union (EU) or the European Economic Area (EEA).
The investment should be made within 93 calendar days following the first entry into Hungary with the Guest Investor Visa. Once a residence permit is issued, the Guest Visa becomes invalid.
Required Documents for Hungary Golden Visa
To apply for a Hungary Guest Investor Visa and a residence permit through investment, the investor must submit the following documents:
- Passport with a validity period of at least 12 months.
- Two recent photos measuring 3×4 cm, taken no earlier than one month ago.
- Written confirmation of the intention to fulfill the investment requirement.
- Proof that demonstrating the legitimacy of the income.
- Health insurance.
- Bank statement indicating the cash balance.
- Completed residence permit form when applying for residency.
- Confirmation of investment when applying for residency.
- Curriculum vitae (CV) for each family member who is 18 years old or above.
- Marriage certificate (if applicable).
- Birth certificates for any relevant family members.
Please note that the list of required documents may be subject to change and will be clarified once the Golden Visa program is launched.
Frequently Asked Questions (FAQs)
Hungary’s investment immigration program offers a golden visa option to investors. It allows them to choose between purchasing bonds from the Hungarian National Bank, acquiring residential real estate, or making a donation to a designated institution. Successful applicants are granted ten years of residency.
The new Hungarian residency program is open to individuals of all nationalities. It is expected to attract applicants from countries such as Russia, Belarus, and Iran. The program is scheduled to launch in January 2024.
The Hungary Golden Visa program offers a 10-year residency permit, expedited processing, and is the most affordable property-based golden visa option in the EU. There is no minimum requirement for annual stays. The program has generous eligibility criteria for family members and allows for immediate family reunification. It also provides peace of mind as the capital commitment is made after residency approval and issuance of the ID card. Additionally, the program includes access to Hungarian education, healthcare, and visa-free travel within the Schengen Area.
No, residency is not granted automatically through the purchase of a house. However, non-EU nationals can apply for a residence permit, and property ownership can be a supporting factor in the application. The residency process involves meeting various criteria, including demonstrating financial stability and having health insurance coverage.
Yes, the Golden Visa program grants holders the right to live and work in Hungary.
Yes, Golden Visa holders must maintain a minimum residency period in Hungary to be eligible for renewal and permanent residency.
Yes, the Golden Visa program allows applicants to include their spouse and dependent children in the application.
For more details & questions, Kindly contact us and one of our Immigration Consultants & Immigration Lawyers will respond to you.
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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.
GET IN TOUCH WITH US
Simard & Associates helps clients apply for citizenship and residence under the applicable programs. To schedule an initial free consultation, get in touch with us.
