Hungary has announced a new program, the Hungary Golden Visa, offering residency permits through investment to non-EU and non-EEA citizens. Set to start in 2024, this program is an attractive option for investors seeking residency in Europe. Here we explore the conditions, steps, and benefits of this new initiative.
Conditions for Obtaining the Hungary Golden Visa
To be eligible for the Hungary Golden Visa, investors have three investment options:
- Invest a minimum of €250,000 in local property funds approved by the Hungarian National Bank.
- Purchase real estate valued at €500,000, committing to maintain ownership for at least five years.
- Make a charitable donation of at least €1 million to public trusts supporting Hungarian universities and colleges.
These investments open the door to residency in Hungary, providing a gateway to the European lifestyle and market.
Initial Steps for Foreign Investors
Foreign investors must first secure a two-year Guest Investor visa. This visa allows multiple entries into Hungary and a stay of up to 90 days within 180 days. Investors must fulfill their chosen investment within three months of their initial entry into Hungary. This process ensures a smooth transition for investors to establish themselves in Hungary.
Validity and Family Inclusion
The residency permit granted under the Hungary Golden Visa is initially valid for ten years, with the possibility of extension for another ten years. Importantly, investors can bring their family members, including spouses and children, to live with them in Hungary, making it a family-inclusive program.
Hungary’s Previous Golden Visa Program
Hungary is no stranger to Golden Visa programs. Between 2013 and 2017, the country offered permanent residency through government bond investments of at least €300,000. The new Hungary Golden Visa program builds on this experience, offering more diverse investment options.
Key Benefits of the Hungarian Residency Permit by Investment
The Hungary Golden Visa offers several benefits:
- Visa-free travel within the Schengen Area, providing unrestricted access to Hungary and other European countries.
- Opportunities for work and business in Hungary, the EU, and the Schengen Area.
- Children of residents can study at European universities without needing student visas.
- After three years, investors can obtain permanent residence, and after eight years, apply for Hungarian citizenship.
The Hungary Golden Visa program offers a unique opportunity for non-EU/EEA investors to gain residency in Hungary through investment. It’s an attractive pathway for those looking to access the European lifestyle, business opportunities, and education system.
