Hungary Golden Visa Program (Guest Investor Residency Permit)

Overview of Hungary's New Golden Visa program – Guest Investor Residency Permit 2024

Hungarian Parliament finalized the much-anticipated immigration regulations, introducing the innovative Golden Visa, officially termed the Guest Investor Residency Permit.

Hungary's accession to the European Union in 2004 has made it a sought-after destination for those looking to reside within the EU. The new Hungary Golden Visa, also known as the Hungarian Guest Investor Program (GIP) offers an exciting opportunity for potential applicants.

This program offers an exceptional pathway to EU residency, featuring comprehensive investment options, family reunification benefits, and long-term residency rights for global investors.

At Ketenci&Ketenci, we have a significant experience on citizenship and residency by investment programs. We have advised hundred of clients and their families to obtain residency and citizenships in several EU jurisdictions including Hungary, Portugal, Malta, Ireland and Greece.

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Eligibility and Investments:

To qualify for the Guest Investor Residency Permit, investments should align with Hungary's economic interests. Investors can proceed with one of the investment options below:

• Fund Investment: Investing a minimum of EUR 250,000 in real estate investment fund shares, registered by the National Bank of Hungary.
• Property Investment: Purchasing Hungarian residential real estate valued at EUR 500,000 or more.
• Donation: Donating a minimum of EUR 1,000,000 to a public trust-managed higher education institution for educational, scientific, or artistic development.

Family Inclusion in the Hungary Golden Visa Program

The program allows the inclusion of spouses and children under 18. Children over 18, if financially dependent and unmarried, and parents aged 65 or older, can also be included without the need to prove dependency. Children even to those from previous marriages can be included.

Program Details

Duration

This unique residency permit, valid for 10 years with renewal options, emerges as Europe's most attractive residency scheme. While the law is already enacted, and has now become effective of 01st January 2024, application submissions are set to be open on 01st July 2024.

Prospective applicants are encouraged to begin preparations in advance. It is possible to exit from the investment after completion of 5 years, golden visa can be renewed for another 10 year period, therefore making it effectively a 20 year valid residency permit which actually puts Hungarian golden visa a head of other available EU Golden visa options.

Application Process

The Initial Phase: Investors begin by securing the Guest Investor Visa, a vital document that facilitates entry into Hungary and the submission of the residency application within 180 days of the visa's issuance.

Required Documents

• Passports,
• Proof of Funds
• Police Clearence

Benefits of the Hungary Golden Visa Program

• A streamlined pathway to European residency.
• Renewable life-long residency every ten years, effectively minimum for 20 years.
• Visa-free access within the EU Schengen zone.
• No minimum residency requirements and no tax obligations for non-residents.
• The right to live in Hungary.
• An estimated approval timeline of 4 to 8 weeks.
• Residency Permit Opportunities in Hungary for Non-EEA Nationals
• Quickest EU Golden Visa route, as whole process could be completed within 90 days.

Permanent Residency Status

It is possible to apply for Permanent residency for Hungarian golden visa applicants after a 3 year- uninterrupted physical presence requirement in Hungary.

Pathways to Hungarian Citizenship

Hungarian citizenship can be obtained through descent, naturalization, or simplified naturalization for Hungarians of Hungarian origin. Dual citizenship is permitted, allowing individuals to retain their previous nationality.

With the introduction of the Hungarian Golden Visa program in 2024, Hungary is offering diverse pathways for those seeking residency. Whether through investment, employment, or family reunification, each route comes with its unique set of requirements and benefits.

Hungarian golden visa holders can also apply for Hungarian citizenship provided that they would spend the majority of each year in Hungary, minimum 9 months per each year, for a 10 year period with Hungarian language knowledge.

Frequently Asked Questions

What is the Hungarian investment immigration program?

The Hungarian investment immigration program offers a golden visa option for investors. It allows them to purchase bonds from the Hungarian National Bank, purchase residential real estate, or donate to a designated institution, granting ten years of residency.

What are the advantages for the Hungary Golden Visa?

Hungary Golden Visa offers a 10-year residency permit, fast processing, and the EU’s cheapest property-based Golden Visa option. It requires no minimum annual stays. It offers generous family eligibility criteria and immediate family reunification. It aso provides peace of mind with capital commitment after residency approval and ID card issuance. The program includes access to Hungarian education, healthcare, and visa-free travel across the Schengen Area.

Can I get residency in Hungary if I buy a property?

Yes. It is possible to apply for the new Guest Investor Residency Permit in Hungary, therefore the new Hungarian golden visa program by making a minimum €500.000 residential property investment in Budapest.

Are there any restricted nationalities that cannot apply to Hungarian program?

The Hungarian residency program is currently set to open to all nationalities including Russians, Belarusians, and Iranians.

How much investment is required for the new Golden Visa for Hungary?

Hungary has ended its previous Golden Visa program in March 2017. This program previously allowed residency through government bond investment of €300k. However, non-EU nationals seeking Hungarian residency can now consider the new golden visa with new options starting of €250k real estate fund investment. Each path has its specific requirements and additional costs.

Which are the European Economic Area (EEA) countries?

The European Economic Area (EEA) comprises EU countries Iceland, Liechtenstein, and Norway, allowing them to be part of the EU’s single market. Not an EU member, Switzerland is part of the single market, granting Swiss nationals the same rights.

The EEA countries are: Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain and Sweden.