The Hungarian immigration law that introduces a new golden visa program for investors was passed by the Parliament on 12th December.
Hungary’s government is set to revive its “golden visa” initiative with the introduction of a new program outlined in a draft bill aimed at regulating immigration from third countries. The proposed bill, presented, introduces the concept of a “guest-investor visa.” This visa category targets individuals associated with projects deemed “strategically important investments” by the government.
Obtaining the “guest-investor visa” becomes a prerequisite for applying for a residence permit, enabling the visa-holder to reside in Hungary for an initial period of 10 years, extendable for an additional 10 years as per the draft legislation.
As per the proposal, the designation of a “strategically important project” can be achieved by investors who either purchase a share in a Hungarian real estate fund amounting to 250,000 euros or acquire real estate valued at a minimum of 500,000 euros within Hungary. Moreover, the proposal outlines that investors contribute a donation of 1 million euros to public interest asset management foundations. But let’s take a closer look at all the possibilities.
Options for Investing in Hungary’s Golden Visa Program
The investment choices within Hungary’s Golden Visa program will be as follows:
- Investing €250,000 by buying bonds in Hungarian Real Estate Funds (bonds issued by a real estate fund authorized by the Hungarian National Bank)
- Investing €500,000 into Private Property (Hungarian Real Estate): Directly invest €500,000 into private Hungarian real estate, encompassing residential or commercial properties. This option provides investors with greater control and ownership over the specific properties they choose to invest in.
- Making a €1,000,000 Donation to a Public Trust: The most substantial investment option involves a €1,000,000 donation to a public trust designated by the Hungarian government. This choice does not entail direct property investments but rather contributes to public initiatives and projects in Hungary.
Opportunities of Hungarian Residency Permit Through the Golden Visa
- The initiative aims to offer applicants an outstanding 10-year residency permit, with the possibility of extending the temporary residence permit for an additional ten years.
- The Hungary Golden Visa Program Has NO Minimum Residency Requirement. Unlike various European Golden Visa programs that enforce minimum residency obligations, demanding applicants to spend a specific number of days annually in the country to uphold their Golden Visa status, Hungary’s program is distinguished by its lack of such restrictions. This feature makes the program very comfortable for its holders, giving applicants the freedom to handle their residency without being restricted to a specific place. It allows them to carry on with their business activities in other countries or their home country as well.
- As a member of the Schengen Area, Hungary’s golden visa program is poised to appeal to investors primarily interested in EU mobility, putting it in direct competition with well-established programs in countries such as Greece, Cyprus, and Spain
- Furthermore, you have the option to include your family members in the application, and they will also receive a 10-year residence permit.
While the draft legislation has not been adopted yet, the official launch of the Hungary Golden Visa is planned for 2024. As a result, prospective applicants can begin submitting their applications starting next year.
Comprehensive details on the application process and specific steps are anticipated to be disclosed at a later date. Consequently, information will be regularly updated as the program approaches its official launch.
The new Hungarian golden visa program will officially come into effect on January 1, 2024, but there will be a transitional period for the Hungarian immigration authority. As a result, it is anticipated that golden visa applications will be accepted starting July 1, 2024.
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