The Hungarian government has launched a new investment program – the Guest Investor Program, commonly known as the Golden Visa – officially in effect since the beginning of 2024. This program offers third-country (non-EU) citizens the opportunity to obtain a long-term residence permit in Hungary in exchange for specific types of investments in Hungary. The program is expected to be partially operational starting July 1, 2024.

So, what does this program entail?

The concept is straightforward: foreign individuals (non-European Union citizens) who invest in one of three designated projects specified by the Hungarian government can secure a residence permit in Hungary for 10 years.

Which specific investment projects are these exactly?

The Hungarian government has outlined three specific types of projects for Golden Visa eligibility. By investing in any one of these projects (the choice is left to the investor), individuals can qualify for long-term residency in Hungary. The three investment projects are as follows:

1. Purchasing Hungarian real estate fund shares valued at a minimum of 250,000 EUR.
2. Investing in residential real estate in Hungary valued at a minimum of 500,000 EUR (expected date of launch: 01.01.2025).
3. Donating 1,000,000 EUR to public interest asset management foundations in Hungary.

Any of these three projects make investors eligible for long-term residency in Hungary.

Detailed explanation of each project

Purchasing Hungarian real estate fund shares must be conducted in Hungary through specific funds approved by the Hungarian government. The list of these funds will be published, along with other details of this specific project, at a later date (anticipated in mid-June). We will update this information as soon as it becomes available.

Purchasing residential real estate in Hungary is more straightforward. Investors need to adhere to the following criteria for this project:

– The property must be residential.

– Its value should be at least 500,000 EUR.

– This amount must represent the price of one property (i.e., it cannot be the collective value of several properties).

– Investors must retain ownership of the property for at least 5 years (reselling restrictions will apply).

What can investors do with the property?

The property can serve as their home or be used for business purposes. For instance, it can be rented out (short or long-term) for additional income. Real estate can be purchased in any city in Hungary, and it can be an old or new building, apartment, or family house.

Donation of 1,000,000 EUR to Hungarian public interest organizations.

Unfortunately, this particular one currently lacks detailed information, with further details expected to be published in June. We will update this information as soon as it becomes available.

Details of the long-term residence permit

As mentioned earlier, this residence permit will be valid for 10 years and can be extended thereafter for another 10 years. Here are some specific features of this residence permit card:

– The same residence permit can be requested for all family members, including adult children, accompanying the main investor.

– It permits the holder to move freely within the EU and Schengen Zone.

– There is no minimum stay requirement in Hungary.

– It allows the holder to work or run a business in Hungary.

When and where should you begin the process if you wish to become a guest investor?

It all begins with applying for a special type of visa called the guest-investor visa. Once you express your desire to invest in Hungary under this program, the Hungarian consulate in your country will provide you with the guest-investor visa. (Please note that a ‘national security check’ will be conducted before issuing the visa, thus it will take longer than usual to issue the visa). The visa will be valid for 90 days.

Once you have obtained the visa, you should come to Hungary, find suitable real estate, and make the purchase (if you have chosen this particular investment type) within the 90-day validity period. Once you have the real estate purchase contract, you can then apply for the residence permit in Hungary. Subsequently, you will receive the residence permit, valid for 10 years. As mentioned earlier, you can simultaneously request the same residence permits for your family members if desired.

Hungarian governmental authorities will begin accepting applications on July 1, 2024. However, it is advisable to be prepared and apply as soon as applications open. 

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