Hungary Golden Visa: how to join the programme
In July 2024, Hungary’s updated Golden Visa programme will come into force. The government positions the programme as an opportunity for an invited investor to obtain a residence permit in the country.
The process consists of two steps. The first is the submission of a visa application. Then, the investor can apply for a residence permit. The visa allows the investor to stay in the country for more than 90 consecutive days. In addition, it will enable unlimited visits to Hungary within 180 days. At the same time, the control authorities cancel the visa after the investor obtains a residence permit.
Foreign citizens can choose one of the following options to participate in the programme:
1. Purchase investment certificates of the real estate fund in the amount of EUR 250,000 or more.
2. Acquisition of property in the country, the value of which is from 500 thousand euros.
3. A one-off cash donation to the university managing the public fund. The amount must be at least 1 million euros.
If the certificate is purchased, the investor must hold it for at least 5 years from the date of purchase. The National Bank issues the authorisation for the fund to operate. A person holding a financial licence may manage the fund. In addition, 40% or more of the fund’s assets must be invested in residential property in Hungary.
As for acquiring a property in the country, the investor cannot sell it for 5 years. At the same time, he can own a flat or house together with his family members. A foreigner may also rent out the property. Income tax, in this case, is 15%.
Procedure for obtaining a visa and residence permit
When applying for a visa, the applicant must choose one of the investment options. At this stage, having the total investment amount is unnecessary; it is just a commitment. The applicant then has three months from the date of the visa application to complete the investment process. To participate in the Hungarian Golden Visa, the applicant must confirm the legal origin of the funds. The local authorities request the investor’s home country to verify the absence of a criminal record.
Only visa holders can apply for a residence permit. The document is issued for 10 years with the possibility of renewal for a similar period. The residence permit also extends to the applicant’s family members, spouse and children up to the age of majority.
Benefits of the residence permit:
– residence in Hungary;
– the possibility of opening your own business;
– employment in local companies;
– the possibility of holding managerial positions.
The applicant must apply for a residence permit no later than 93 days from the date of arrival in Hungary. They must make one of the investments within the specified period.