Published: December 11 2023
Exciting news for potential investors! Budapest is launching a new Golden Visa program in January 2024. This program allows investors to obtain Hungarian residency for themselves and their family members through various investment options. In this article, we will provide you with the key details and encourage you to take action as soon as possible to maximize your chances.
Investment Options for Residency
Under the new Golden Visa program, investors have three options to obtain Hungarian residency:
- Investment of EUR 250,000 into bonds issued by an eligible real estate fund registered by the Hungarian National Bank (MNB).
- Purchase of Hungarian residential real estate worth EUR 500,000.
- Donation of EUR 1 million to a designated educational or cultural institution.
Benefits of the Golden Visa
Unlike previous regulations, the new version of the law removes the minimum stay requirement for the Golden Visa. Holders of the Hungarian investor residency based on this type of investment and their family members will also be able to work in Hungary without needing a work permit. This opens up new opportunities for investors looking to establish themselves in Hungary.
Application Process and Deadlines
The Hungarian Immigration Office will start processing "national interest" residency applications in January and February 2024. During this time, applications in other categories will not be processed. From March onwards, all types of residency applications can be submitted again, but waiting times for a positive decision may increase over time. It is important to note that the law regarding the Golden Visa program has not officially passed yet, so submission dates and deadlines may still change. To stay up to date and have your application ready for the earliest available submission date, we recommend contacting us as soon as possible.
Take Action Now
If you have been considering applying for the new Hungarian Golden Visa program, now is the time to act. By starting the application process early in 2024, you can take advantage of the earliest possible submission dates and potentially benefit from shortened waiting times. Don't miss out on this opportunity to obtain Hungarian residency for yourself and your family members.
Keep following our blog for updates on the Golden Visa program and other important information for investors.
Questions & Answers
What is the new golden visa program in Hungary? The new golden visa program in Hungary, also known as the "guest investor program," allows investors to apply for Hungarian residency for 10 years for themselves and their family members through certain investments.
When does the new golden visa program in Hungary come into effect? The new golden visa program in Hungary will come into effect starting from January 2024.
What are the conditions to obtain Hungarian residency through the golden visa program? The main conditions for obtaining Hungarian residency through the golden visa program are:
- EUR 250,000 investment into bonds issued by an eligible real estate fund registered by the Hungarian National Bank (MNB)
- EUR 500,000 purchase of Hungarian residential real estate
- EUR 1 million donation to a designated educational or cultural institution.
Is there a minimum stay requirement for the golden visa program in Hungary? No, the new version of the law states that the golden visa will be valid for 10 years without a minimum stay requirement.
Can holders of the Hungarian investor residency work in Hungary without a work permit? Yes, holders of the Hungarian investor residency based on the golden visa program and their family members will be able to work in Hungary without needing a work permit.
When can applications for the guest investor permit be submitted? According to the current information, applications for the guest investor permit can be submitted from July 1st, 2024. However, it is expected that the investments for the applications will be processed sooner than this date.
Will there be a suspension of residency applications during a specific period of time? Yes, the Hungarian Immigration Office will only process "national interest" residency applications during January and February 2024. Residency applications in all other categories will be suspended during this time. Starting from March, all types of residency applications can be submitted again.
Are the submission dates and deadlines for the golden visa program subject to change? Yes, since the law introducing the golden visa program has not officially passed yet, the submission dates and deadlines can still change. It is advisable to stay updated and contact the appropriate authorities for the latest information.
How can I prepare for the application for the golden visa program? To prepare for the application for the golden visa program, it is recommended to contact the relevant authorities or agencies as soon as possible. They can provide guidance and assist in compiling the necessary documents for the application.
