Hungary’s Golden Visa will be relaunched in 2024 – Everything you need to know

Hungary's Golden Visa program, which will be relaunched in January 2024, represents a unique opportunity for global investors who do not have citizenship in any of the EU countries. As Hungary experiences a wave of investors from the East, attracted by companies such as CATL and Eve-Power that are building factories near German car manufacturers, this blog post explains the benefits of the program, the eligibility criteria and the roadmap for a successful application. The program requires a minimum investment of €250,000.

Applicants must demonstrate the availability of investment funds and prove the legal origin of these funds. Including family members in the application process does not result in an increase in the base investment amount. Discover the key aspects of this revitalized initiative and get started on the path to a Hungarian residence permit.

In a strategic move to attract global investors, Hungary revitalized its Golden Visa program in January 2024. This rejuvenation brings updated opportunities and streamlined procedures, creating an opportune moment for those who want to settle in Hungary or simply have their European base there. The visa runs for 10 years and can then be extended again for up to 10 years.

Hungarian Golden Visa: Investment Opportunities

Option 1:
Mutual fund shares

Investment: from €250,000

Potential applicants can get involved in the Hungarian real estate market by purchasing shares in local investment funds. These funds are specifically intended for real estate, and the resulting investment certificates must be officially registered with the Magyar Nemzeti Bank (Hungarian National Bank). It is important to know that the amount invested five years at the earliest after the purchase date be repaid can.

Option 2:
Charitable donation

Contribution: from €1,000,000

Applicants also have the opportunity to make a meaningful contribution of €1,000,000 to a higher education institution affiliated to the Foundation for the Management of Assets in the Public Interest. This charitable donation is intended to support important areas such as education, scientific research or artistic creation.

9 advantages of the Hungarian Golden visa

1. Permanent residence in Hungary

Golden Visa holders can stay in Hungary for the entire period of validity of their visa and enjoy unrestricted freedom of entry, even during border closures for other foreigners.

2. Visa-free travel throughout Europe

Holders have visa-free access to over 35 European countries, including EU and Schengen countries, and can stay for up to 90 days within a period of 180 days.

3. Long validity period

The Golden Visa for Hungary offers an extended validity period of up to 10 years, exceeding the validity period in other EU countries, which is usually between 2 and 5 years. This can be extended for another 10 years if the property is still active.

4. The path to permanent residence and citizenship

After three years, permanent residency is possible, and after another eight years, citizenship is available, which offers worldwide travel opportunities.

5. Access to affordable healthcare

Hungarian healthcare meets EU standards and offers cost-effective services compared to other European countries, and residents are entitled to a European Health Insurance Card.

6. Attractive tax system

With a competitive income tax rate of 15% and corporate tax of 9%, Hungary offers a tax-friendly environment compared to other European countries.

7. Opportunity to work in Hungary

Golden Visa holders can start a business, become self-employed or take up employment under an employment contract.

8. No mandatory residency requirement

Investors are not required to reside in Hungary, which gives them the opportunity to enter and exit at will.

How to
obtained a Hungarian Golden Visa:

Applying for the Golden Visa for Hungary involves a comprehensive application process designed to ensure a smooth transition for investors applying for a residence permit. Here you will find step-by-step instructions:

A. Initial consultation and research (months 1-2)

• Explore investment options: mutual fund shares or charitable donations. Understand the specific requirements and benefits associated with each of these products.
• Consultation with legal advisors: Consult legal experts specializing in Golden Visa processes to gain insights into the most suitable investment route based on your preferences and budget.

B. Choosing the right investment (Month 3-4)

• Evaluate available options within the chosen category, whether in the form of a government-approved investment fund or donations to specific charitable causes.
• Due Diligence: Conduct thorough due diligence on potential investments, considering factors such as location, return on investment and legal implications.

C Financial documentation and proof of financing (months 5-8)

1. Gather the required documents: Gather all the necessary financial documents, including proof of funds, to demonstrate the availability of the minimum investment amount.
2. Ensuring compliance: Ensure that financial documents meet the criteria set by the Hungarian authorities to ensure a smooth application process.

D. Application submission and processing (Months 9-12)

1. Apply for a Golden Visa: Complete the application forms and submit them to the relevant Hungarian authorities along with the required documents.
2. Understand processing times: Understand the estimated processing times for the Golden Visa application. Patience is required in this phase as the authorities check and evaluate the information presented.

E. Monitoring and follow-up (ongoing)

1. Check the application status regularly: Find out about the status of your application by regularly checking the status with the relevant authorities.
2. Responding to Additional Requests: Be prepared to promptly respond to additional requests for information or documentation to expedite processing.

F. Issuance of the residence permit and beyond

1. Approval and issuance of residence permit: After approval, you will receive your golden residence permit, which entitles you to stay in Hungary.
2. Consider permanent residence and citizenship: When staying in Hungary, there is the possibility of obtaining permanent residence after three years and acquiring citizenship after another eight years.

Frequently asked questions (FAQ) about the “Golden Visa” for Hungary

These frequently asked questions provide important insights into the Hungary Golden Visa program and provide clarity on important aspects to potential investors.