Hungary Golden Visa Program is Back! Steps to Secure Your Visa

Modern investors can take part in the Hungary Golden Visa program. They can move to Hungary with their whole family. Start a business. Purchase real estate. And receive a 10-year residence permit. This article provides a detailed explanation of the updated process for obtaining a residence permit in Europe.

Hungary Golden Visa Program Overview

The Hungary Golden Visa program comes into force in 2024. Its primary aspects are described in the law of November 14, 2023 “General Rules for the Entry and Stay of Third-Country Nationals”. Here are the main investment options:

1. Investment fund shares purchase (from €250,000). The Hungarian Real Estate Investment Fund issues investment certificates licensed by the Central Bank of Hungary.
2. Residential real estate purchase (from €500,000). The applicant agrees to a purchase and sale contract with a restriction that prohibits him from selling the property for 5 years.
3. Donations to public funds (from €1,000,000). In this case, investors support the country’s colleges and universities. The main purpose is to promote artistic creativity or scientific research.

Hungary already issued Golden Visas several years ago. Between 2013 and 2017, 5-year residency cards were given out for investing in government bonds or real estate under the previous program. The minimum threshold started at €250,000 and was later increased to €300,000.

While the Hungarian investment immigration program was in operation, the authorities received 6,621 applications from investors. 4,794 applicants were approved for Hungary residence permit by investment, and 1,827 were refused. Following media reports about potential corruption and a lack of thorough candidate vetting, the program was terminated. But now it is working again and guarantees a secure application process.

Detailed Application Process

First of all, the candidate is granted a Guest Investor Visa for a period of 2 years. Basic eligibility requirements according to the Guest Investor Program:

1. 18+ years of age.
2. Valid international passport.
3. No criminal record.
4. Medical insurance for each family member.
5. The confirmed amount covering all travel expenses.
6. No ban on entry and stay in Hungary.
7. No migration violations in the visa history.
8. No European Economic Area or EU citizenship.

Investment requirements must be met within 3 months of initial entry into Hungary on a Guest Visa. You should contact a local lawyer authorized to register the purchase and sale agreement, obtain a purchase permit, and the property owner’s passport from the Land Committee.

When buying real estate on the secondary market, the investor incurs transfer tax, while purchasing a new building entails paying VAT. You must also pay administrative fees. For example, for presenting an object for cadastral registration and obtaining permission to purchase real estate. Once you have fulfilled all investment requirements, you can submit your application to the competent Hungarian immigration authority or online.

Advantages of the Hungary Golden Visa

Looking for the Hungary Golden Visa benefits? Check out the list:

1. Attractive real estate market. Hungary offers a variety of real estate properties at affordable prices.
2. Opportunity to start a business. Through the Golden Visa program, you can open your own business in the country and gain access to favorable growth prospects.
3. Visa-free travel in Europe. Golden Visa holders can enjoy the privilege of visa-free travel to all Schengen countries.
4. Access to public medicine. Investors have the right to receive medical treatment at state healthcare facilities.
5. Low cost of living. According to Immigrant Invest, prices for housing, food, and services in Hungary are comparatively lower than in other European countries. So you can save on costs.
6. Favorable requirements for investors. The Hungary Golden Visa program is more appealing to a variety of potential investors due to its greater flexibility in comparison to other programs.

Therefore, Golden Visa provides many benefits, both in real estate/business and in everyday life. Such an investment program can be an excellent way for those looking for new opportunities and prospects in Europe.

Tips for a Successful Application

If you decide to apply for the Hungary Golden Visa through investment, you need to make an action plan and follow it strictly. This list contains some helpful tips to help you complete the task successfully:

1. Find a mediator or legal consultant. By getting help from an experienced specialist, you can prevent mistakes and expedite the document submission process.
2. Prepare all necessary documents in advance. Make sure you have all the necessary financial documents to prove the source of your funds.
3. Invest in the right properties. Check whether your investment meets the requirements of the visa program.
4. Follow changes in legislation. Laws are subject to change. So it is important to stay up to date with any changes and visa program requirements.
5. Prepare for the interview. You may be asked questions about your investment activities and financial status. Thus, be prepared to give comprehensive answers.

Start preparing right now and enjoy all the benefits of a Hungary Golden Visa!