The available Golden Visa options are constantly changing, and 2024 has brought us an exciting new opportunity from Hungary. Their previous golden visa scheme was launched in 2013 but was closed just 4 years later.
The legislation for the new Hungary Golden Visa, dubbed the ‘Guest Investor Program’ (GIP), passed through the Hungarian parliament on January 1st, 2024, and will be accepting applications beginning in July of this year. Additionally, the government's only taking 2,000 applications a year for this program, so if you're thinking about applying, you might want to start sooner rather than later.
Hungary has been going from strength to strength as a boom in tourism has exposed the world to its beautiful cities, ancient wine regions, and hearty cuisine. In 2023, the Hungarian Parliament building in Budapest was ranked the top tourist attraction in the world!
So, what do you have to do to get your Hungarian residence visa? Read this guide to find out.
What is the Hungary Golden Visa?
The new Hungarian Golden Visa isn’t a citizenship-by-investment scheme but rather an opportunity to attain residency for 10 years at a time by choosing one of three investment options.
The path to Hungarian citizenship is a little bit more complicated and requires knowledge of the Hungarian language but, this new Guest Investor Program (GIP) is ideal for anyone looking for long-term residency status within the EU.
Once your initial 10 years of residency elapse, you can apply to extend it for another 10 years making it one of the most generous European Golden Visa options, time-wise.
Why Hungary? 5 Benefits of Hungarian Residence Visa
1. European Union Membership
One of the most attractive benefits of attaining a Hungary residence visa is its membership in the European Union (EU). Residents of the EU enjoy borderless travel throughout the Schengen Area.
If you live in Hungary for a period of 5 years, you can apply for a long-term resident status which gives you similar rights as EU citizens, including access to education, healthcare, and some other social benefits.
2. Low Cost of Living
Hungary has a particularly low cost of living, especially if you work for an international company, or have outside income streams. The Hungarian Forint (HUF) is not as strong as the Euro and will remain the Hungarian currency until at least 2030.
The cost of living is nearly 33% cheaper than in Ireland, which was one of the original adoptees of the Euro. When side by side with its more comparable Eastern European neighbors, Hungary remains 60% cheaper than the rest. The average monthly rent in Budapest in 2022 was just shy of €420.
3. Rich History and Culture
Hungary is brimming with history and culture and is home to 8 UNESCO World Heritage Sites. These include the banks of the Danube in Budapest, which are home to Buda Castle, the famous Chain Bridge, and the stunning Parliament building.
Hungary has been a major player in the story of European History as we know it. From the Roman Empire and Attila the Hun, to the Austro-Hungarian Empire, the Soviet Union, and beyond. All of these distinct periods of history are reflected in the unique architecture and culture of Hungary.
Winemaking in Hungary can also be traced back to Roman times and the famous Tojak wine region is a protected cultural site due to its distinct viticulture and long-held traditions.
4. Lengthy Residency Permits
The new Hungary Golden Visa offers an impressive 10-year residency visa with the possibility of renewal. This is a much more generous allowance than comparable European Golden Visas/citizenship by investment schemes such as the Portuguese Golden Visa or the Greek Golden Visa which both grant you just 5 years initially.
You are also not obligated to reside in Hungary for any length of time.
5. Low Investment Threshold
In addition to the length of the visa, the minimum investment option also makes this an attractive choice. You can obtain a Hungary Golden Visa with a real estate investment of just €250,000. These factors, combined with the short application turnaround time make Hungary an enticing choice.
What Are the Investment Options?
The new Hungary Golden Visa comes with three tiers of possible investments:
- A €250,000 share in a real estate investment fund recognized by the Central Bank of Hungary.
- A real estate purchase worth a minimum of €500,000.
- A €1 million donation to a public interest fund that supports education, science, the arts, etc. This is non-refundable.
Hungary Golden Visa Application Process
The first thing you need to do is gather all the necessary documents and complete application forms for yourself and any dependents.
Next, you will submit the aforementioned documents to the Guest Investor Program which will grant you an initial two-year visa (allowing you to spend 90 out of 180 days in the country).
The application process should be completed within two months.
After you initially enter Hungary, you have 93 days to complete your investment thereby finalizing your participation in the program. Once your investment is received, you can apply for a 10-year residency visa.
Documents
The documents required for Golden Visas usually include a variety of the following:
- Valid passports for all those included in the application
- Travel visas (if required initially)
- Proof of funds, bank statements, and other supporting documents
- Business or investment plans
- Criminal record checks
- Health insurance documentation.
Permanent Residency and Citizenship Options
Whilst the Guest Investor Program entitles you to a Hungary residence visa of 10 years, you must maintain your investments for at least 5 years to keep them active. There isn’t, however, a requirement to live in the country or even visit for any period of time. Once the 10 years is over, you can apply for the same visa again.
If you do wish to live full-time in Hungary, you will become eligible for Permanent Residence in Hungary after three years. You can apply for Hungarian citizenship after 8 years of full-time residence but you must pass a citizenship test with both oral and written components and demonstrate knowledge of the Hungarian language.
There are other paths to citizenship if you have a Hungarian ancestor.
The Bottom Line
The Hungary Golden Visa presents an exciting opportunity for individuals exploring residency options worldwide and within Europe. As this program is still in its early stages, there are ongoing developments and updates that we will continue to provide to keep you well-informed.
To take advantage of the Hungary Golden Visa, simply fill out the registration form and express your interest in this incredible opportunity. Don't miss out on the chance to secure your long-term residency in Hungary.
At High Net Worth Immigration, we have more than 13 years of experience helping individuals and families with their residency journeys, providing personal, end-to-end support.
Book your Free Initial Consultation now to see how we can help you every step of the way.
FAQs About Hungary Residence Visa
According to all the information currently available, there are currently no nationalities restricted from participating in the Guest Investor Program.
You can include your spouse and dependent children under 18 in your application. Adult children can be included but it depends on their financial, work, study, and marital status.
Parents above the age of 65 can also be included and do not need to prove financial dependency.
Yes. One of the possible routes available for securing the 10-year residency permit involves buying a property, but it must have a minimum value of €500,000.
