Published: December 13 2023
Hungary has recently passed a new immigration law that introduces a golden visa program for investors. This program allows investors and their families to obtain Hungarian residency for ten years, with the possibility of renewal for an additional ten years. In this article, we will provide an overview of the key details and options available under the new golden visa program.
Options for obtaining Hungarian residency
Under the new golden visa program, investors have the following options for obtaining Hungarian residency:
- Purchase bonds issued by a real estate fund registered by the Hungarian National Bank (MNB) for EUR 250,000
- Purchase Hungarian residential real estate for EUR 500,000
- Make a donation of EUR 1 million to a designated educational or cultural institution
Benefits of the golden visa program
The golden visa program offers several advantages for investors and their families. The permit is valid for ten years, renewable for an additional ten years, and there is no minimum stay requirement. Both the main applicant and their family members are allowed to work in Hungary without an additional permit. This makes the golden visa program the most favorable residency option in Hungary, providing maximum benefits for foreign investors.
Application process and timeline
The new immigration law will come into effect on January 1st, 2024, with a transitional period for the Hungarian immigration authority. It is expected that applications for the golden visa can be submitted from July 1st, 2024. However, it is recommended for investors to make their investments earlier to avoid crowds and ensure timely application submission. Interested individuals are encouraged to contact relevant authorities and legal professionals to begin their application process.
Other changes under the new immigration law
In addition to the golden visa program, the new immigration law will also introduce changes to the application process for other residency types for third-country nationals. Further details on these changes will be provided in future publications by relevant authorities.
Investors and individuals interested in relocating to Hungary are advised to seek the assistance of reputable professionals with knowledge and expertise in Hungarian immigration law and procedures. Stay updated by following official sources for the latest information and updates.
Conclusion
Hungary's new golden visa program offers a promising opportunity for investors to obtain long-term residency in the country. With favorable conditions and benefits, this program is expected to attract interest from international investors looking to establish a presence in Hungary. Individuals considering this option are advised to seek professional guidance and stay informed about the application process and requirements.
Questions & Answers
What is the new golden visa program introduced in Hungary? The new golden visa program in Hungary allows investors and their family members to receive Hungarian residency for ten years, renewable for an additional 10 years.
What are the options for obtaining the golden visa in Hungary? To obtain the golden visa in Hungary, investors have the following options:
- Purchase bonds issued by a real estate fund registered by the Hungarian National Bank (MNB) for EUR 250,000.
- Purchase Hungarian residential real estate for EUR 500,000.
- Make a donation of EUR 1 million to a designated educational or cultural institution.
How long does the golden visa in Hungary last? The golden visa in Hungary is valid for 10 years, renewable for an additional 10 years.
Can family members of the investor also obtain the golden visa in Hungary? Yes, family members of the investor can also obtain the golden visa in Hungary.
Is there a minimum stay requirement for the golden visa in Hungary? No, there is no minimum stay requirement for the golden visa in Hungary.
Can the investor and their family members work in Hungary with the golden visa? Yes, both the investor and their family members will be able to work in Hungary without an additional permit.
When will the new golden visa program in Hungary be active? The new golden visa program will be active from 2024.
When can applications for the golden visa in Hungary be submitted? It is likely that applications for the golden visa can be submitted from July 1st, 2024. However, it is recommended to make the investment sooner to avoid crowds and submit the application as soon as possible.
What other changes will the new immigration law in Hungary bring besides the golden visa program? The new immigration law in Hungary will also change how third-country nationals other than investors can apply for Hungarian residency. More details can be found in the summary provided in the source article.
Where can I get more information and assistance regarding the new golden visa program in Hungary? Helpers, a company based in Budapest with experience in supporting people living, working, and doing business in Hungary, can provide assistance and information regarding the new golden visa program.
