Hungary boasts a rich cultural heritage, a dynamic lifestyle, and a robust economy. Its inhabitants enjoy an outstanding quality of life. Its central position in Europe makes it an attractive site for investors aiming to penetrate the European markets.
Hungary serves as an appealing choice for individuals in pursuit of a remarkable living experience and lucrative investment prospects within Europe. Non-European Union investors and their families are now eligible to apply for a Hungarian Guest Investor Residence Permit, allowing them to establish long-term legal residency in Hungary and gain access to the Schengen Area.
What is a Hungary Investment Visa?
It is known as the Guest Investor Residence Permit. This permit can be renewed indefinitely throughout your lifetime. Furthermore, it is possible to transition to permanent residency after residing in Hungary on a full-time basis for five years. Hungary has reintroduced this golden visa and allows the individuals with the right to work and reside in Hungary for a duration of 10 years, with the possibility of one renewal. Additionally, it allows for entry into Schengen Area countries for a period of 90 days.
Eligible investors have three options to choose from: acquiring residential property, investing in domestic real estate funds, or making a donation to a higher education institution.
The minimum required investment is set at €250,000.
The residence permit associated with the Golden Visa is valid for a duration of 10 years and can be renewed once for an additional 10-year term.
Benefits of the Hungary Golden Visa Program in 2024
The following are some advantages of this program:
An expedited and efficient pathway to European residency.
Permanent residency status, subject to renewal every decade.
Can travel visa-free to nations within the EU Schengen area.
No minimum duration of stay is mandated.
Non-residents are exempt from tax liabilities.
The entitlement to reside in Hungary.
Estimated approval time frame: 4 to 8 weeks.
Requirements for the Hungary Golden Visa Program
The Guest Investor Visa is valid for a duration of up to six months, allowing individuals to enter Hungary to apply for a residence permit through investment.
The one who has the Guest Investor Visa can remain in Hungary for a maximum of 90 days. This visa permits multiple entries into the country.
You can be granted a Guest Investor Visa provided they meet the following criteria:
You must submit a written declaration expressing your intent to meet the investment requirements. The investor's entry and stay in Hungary should align with the country's national economic interests.
You must possess health insurance or sufficient funds to cover potential medical expenses.
You must demonstrate the availability of funds for travel and living expenses throughout your entire stay in Hungary.
You must verify that the investment capital originates from a legitimate source of income and is adequate for the intended investment.
You must not be subject to deportation, and their entry and stay in Hungary must not pose a threat to the nation’s policies, social security, national security, or public health.
Make sure not be a citizen of the EU or EEA.
The investment must be completed within 93 calendar days following the initial entry into Hungary with the Guest Investor Visa.
Hungary Investment Option
Accession of Real Estate Fund Units - €250,000+
The acquisition of fund units will be permitted starting July 1st, 2024. The fund must be listed among the qualified market operators recognized by the Constitution Protection Office. A minimum of 40% of the asset value is mandatory to be invested in residential real estate located in Hungary.
The share certificate must possess a maturity period of five years and represent a unit value of €250,000 or greater.
Acquisition of Property - €500,000+
Investors are permitted to acquire residential real estate. To proceed with a property purchase, it is necessary to obtain authorization from the Land Registry, which can only be facilitated through the assistance of a lawyer present during the transaction.
The opportunity to purchase real estate will commence on January 1st, 2025. Properties acquired prior to this date will not be eligible for the Golden Visa.
Contribution to a Higher Education Institution - €1,000,000+
The institution must be supported by a public interest trust foundation engaged in public service activities. The contribution will be allocated to enhance education, scientific research, and artistic or creative endeavors.
Required documents for the Hungary Investment Visa
To obtain a Hungary Guest Investor Visa, you are required to submit the following documentation:
A valid passport
Two recent photographs
Proof of health insurance coverage.
A written declaration expressing the intent to meet the investment requirements.
Documentation verifying the legitimacy of the income.
A bank statement reflecting the current cash balance
Curriculum vitae for each family member aged 18 and over.
A completed residence permit application form when seeking residency.
Application Process
The process to get the Hungary Investment Visa program follows these steps:
★ Contract
Execute the service agreement and remit the processing fee to an escrow account.
★ Preparation Period
Gather and organize the necessary supporting documents.
★ Application for Guest Investor Visa
Submit your application at the nearest Hungarian embassy.
★ Visa Processing Period
The Immigration Office reviews your visa application and conducts due diligence.
★ Approval
Receive your guest investor visa, which allows you six months to stay in Hungary.
★ Application for 10-Year Residence Permit
Obtain your 10-year residence permit.
★ Investment
Complete the required investment.
★ Citizenship
After residing in Hungary for eight years, you may apply for citizenship.
★ Renewal
You can extend your residence permit for an additional ten years.
Conclusion
Hungary offers a robust golden visa alternative when compared to other options available. Budapest is increasingly recognized as a preferred destination in Europe, suggesting a potential upward trend in both the property market and international investments.
The expenses associated with this program are either lower or on par with those of competing golden visa programs in Europe. Furthermore, the process of obtaining residency is notably straightforward. Go-Global Immigration Services (GGIMS) can assist you in obtaining it with the right guidance and knowledge.
