Hungary to Launch New Golden Visa Program in January
Just as we thought Golden Visa pathways in Europe were slowly phasing out, Hungary thrills us by opening a new golden visa this week!
Passed by Hungarian Parliament of December 12, the new immigration law has favourable options for “guest investors.” (That’s you!)
Hungary Golden Visa News
New opportunities open with the Hungarian Golden Visa, officially coined the “Guest Investor Residence Permit.” Investors will be able to obtain Hungarian residency for 10 years with the option to renew for an additional 10 years through specified investment routes.
Golden visa investment options include:
- Real Estate Bonds: Invest 250,000 EUR in bonds issued by a real estate fund registered with the Hungarian National Bank.
- Property Purchase: Purchase Hungarian residential property at the minimum of 500,000 EUR.
- Donation: Donate 1 million EUR to a designated educational or cultural institution.
The golden visa will be open to guest investors and their families. The best part — there is NO minimum stay requirement. If investors or their family members wish to work in Hungary they can do so by registering for an additional permit under this permit type.
To be clear, Hungary’s golden visa is purely a residency by investment program and it doesn’t lead to Hungarian citizenship as with other EU golden visa programs like Portugal and Greece. If investors live in Hungary full-time for five years they can get permanent residency. From all perspectives the program is undeniably attractive and grants renewable EU residency.
The Hungary golden visa program entices guest investors with a multitude of advantages. Some key benefits include:
- Swift and efficient path to European residency
- Lifelong residency with renewal every ten years for long-term security
- Visa-free travel within the EU Schengen zone, eliminating visa hassles
- No minimum stay requirements, providing flexibility
- No tax obligations for non-residents, enhancing program appeal
- Freedom to reside in Hungary
- Applications typically approved within 4 to 8 weeks, offering efficiency and convenience
Hungary Golden Visa News: Program Set to open in the new year
The law is said to go into effect on January 1, 2024. And, with an anticipated transition period applications can be submitted by July 2024. Investments can most likely be made before July, so interested parties should consider investment options and begin getting things in order.
Contact us now to find out more details and discuss further.
Stay tuned for more news on Hungary’s Golden Visa
We’re just as excited about this emerging European immigration pathway as anyone. We’ll be on top of the news, writing more in-depth about Hungary and other immigration pathways, checking out the Hungarian real estate market and working with on the ground partners.