Hungary Golden Visa Program — Residence Permit by Investment in 2024
In the beginning of 2024, Hungary reintroduced the Golden Visa programme for investors. This scheme is explicitly designed for nationals from countries outside the European Union and the European Economic Area. The initiative enables applicants to secure a ten-year residence permit by investing a minimum of 250,000 euro. This permit is renewable for an equivalent duration following the initial period.
Requirements for obtaining a Golden Visa in Hungary
Condition | Minimum investment amount, € | Description |
Buying a property | 500,000 | The most common method of obtaining a Golden Visa is the purchase of residential property. The transaction requires authorisation from the Land Committee, which can only be obtained with the help of a lawyer accompanying the purchase. |
Purchase of units in investment funds | 250,000 | Investments may only be made in funds that are licensed by the Central Bank of Hungary (Magyar Nemzeti Bank). |
Donation to a higher education institution | 1,000,000 | The educational institution must be part of the Public Interest Asset Management Fund. Contributions to the fund are intended to support education, research or the arts. |
According to the programme, only ready-made properties on the secondary market are eligible.
Residential property in Budapest for 500 thousand euros is usually an apartment of about 75 square metres with 2-3 bedrooms in the central district. The rental yield is 3%.
216,000 €
Total area 57 m² 1 bedroom
829,000 €
Total area 450 m² Land area: 922 m²
166,000 €
Total area 55 m² 1 bedroom
3,700,000 €
Total area 138 m² 2 bedrooms
1,300,000 €
Total area 277 m² 4 bedrooms
555,000 €
Total area 100 m² 2 bedrooms
505,000 €
Total area 121 m² 1 bedroom
514,000 €
Total area 92 m² 3 bedrooms
Investor Eligibility Criteria include:
- Being at least 18 years old.
- Non-EU citizenship.
- No criminal record.
- Valid medical insurance.
- No personal sanctions from the EU, USA, UK, or Canada.
Conditions for Family Members
The application must be accompanied by documents confirming the eligibility of the investor’s spouse and children. Children over 18 years of age, parents and grandparents will be able to obtain a residence permit under the family reunification procedure.
Required Documents:
- Valid passport copies for all individuals involved, with a minimum one-year validity.
- Official documents confirming familial relationships, such as marriage or birth certificates for children, if an application includes the investor’s family members.
- A CV in English for each family member included in the application.
- Documents confirming the investment conditions have been met.
A bank statement to demonstrate additional funds for living expenses in Hungary is not necessary.
Applications for Golden Visa will be accepted from 1 July 2024. The government plans to set a quota for the programme. It is important to invest and prepare documents before 1 July in order to get into the quota.
The application for a residence permit is processed within 21 days from submission at the immigration office in Budapest.
It can be issued with a Russian passport.
Investor Visitor Visa in Hungary
This visa, valid for two years, permits stays of up to 90 days within any 180-day period, and allows for multiple entries into and exits from Hungary.
Before applying for a Golden Visa, investors can first obtain a visitor visa to enter Hungary. However, this condition is optional, it is possible to apply for a residence permit at once in 2024.
Benefits of Hungary’s Golden Visa for Investors
Duration: the Hungarian residence permit is initially valid for ten years, with the possibility of a subsequent ten-year renewal. This longevity is a significant benefit compared to similar European schemes.
Possibility to withdraw from the investment after 5 years. If candidates plan to extend the residence permit and have withdrawn from the investment during this time, they must reinvest.
Freedom of Movement: as a member of the Schengen Zone, Hungary allows residence permit holders to travel visa-free to the other 26 countries within the zone, permitting stays of up to 90 days within any 180-day period, without the necessity of residing in Hungary.
Family Relocation Programme: the Golden Visa enables investors to include family members in their applications, affording them identical rights regarding residency, education, and healthcare.
Banking Facilities: Investors have the opportunity to open international bank accounts, save funds, and make international transfers.
Access to Education and Healthcare: holders of a residence permit are entitled to high-quality medical and educational services on par with Hungarian nationals.
Employment and Business Opportunities: the permit allows investors to operate and expand businesses in Hungary and to seek employment.
Pathway to Permanent Residency and Citizenship: after three years, investors may apply for a permanent residence permit and, following eight years, citizenship. This opens the door to becoming a full EU citizen with all accompanying rights. Requirements include residing in Hungary for over 45 days annually and demonstrating knowledge of the Hungarian language, culture, and law. Hungary also permits dual citizenship.
Tax Residency: an investor will be required to pay only taxes on the property and on rental income.
Nature: Hungary boasts widespread thermal springs, with nearly 80% of the country having access to them. Lake Balaton, renowned for its warm waters and scenic views, is among the most popular destinations.
Cost Implications of Acquiring a Hungary Permanent Residence by Investment
Securing a Hungarian residence permit through investment necessitates additional financial commitments beyond your initial capital outlay.
Legal and Consulting Fees: these include preliminary consultation, document preparation, application process support, acquisition of the residence permit card, and assistance in real estate transactions. For a family of up to six members, the fee for registering a residence permit typically amounts to 60,000 euro.
Taxes:
Transfer tax on secondary housing purchases | 4% |
Annual property tax on private residences (annual tax does not apply to apartments) | |
Tax on rental income | 16% |
Procedure for Obtaining a Hungarian Golden Visa:
To mitigate the risk of application rejection, ensure compliance with all investor requirements before submission. Key steps include:
- Making investments in funds, real estate, or donations to educational institutions.
- Compiling a document package that includes the application, translated documents, the applicant’s CV, and documents confirming the fulfilment of investment conditions.
- Submitting the residence permit application, which can be done remotely.
- Upon approval, the applicant must be fingerprinted at the immigration office. Residence permit cards are then available for obtaining either in person or through a legal expert.
We will send you a content digest not more than once a week
