Hungary Golden Visa: A Comprehensive Guide
Hungary Golden Visa: An Overview
Starting July 1, 2024, Hungary has a new Golden Visa program called the Guest Investor Residence Permit, which offers a ten-year residency to investors from outside the EU. To apply for this visa, investors have two main economic options:
1. Fund Option: Invest at least €250,000 in a Hungarian real estate fund. This investment must be maintained for a minimum of five years, and over 40% of the fund’s capital must be invested in the Hungarian real estate market.
2. Donation Option: Donate €1 million to a Hungarian university specified by the government.
In addition to these investment requirements, applicants for the Hungarian Golden Visa must also meet certain basic conditions, including being at least 18 years old, having a legal source for their funds, and being in good health.
Benefits of the Hungarian Golden Visa:
Compared to similar programs worldwide, the Hungarian Golden Visa offers several key advantages:
1. Ten-Year Schengen Visa: The permit allows you to travel freely throughout the Schengen Area.
2. Approval Before Investment: The Hungarian Immigration Office first conducts a thorough background check on applicants, verifying their financial status and the legality of their funds. You are only required to make the investment after your application has been pre-approved.
3. Right to Work: As a visa holder, you have the right to work, start a business, and access the country’s education and healthcare systems on equal terms with Hungarian citizens.
4. Low Taxes: Hungary is known for having some of the lowest tax rates in Europe, including a flat 15% personal income tax, a 9% corporate tax, and a property stamp duty of up to 4%.
5. No Minimum Stay Requirement: If you don’t plan on applying for permanent residency or citizenship, you can maintain your visa without any minimum stay requirements in Hungary.
Application Process:
To apply for the Hungarian Golden Visa, you must first obtain a Guest Investor Visa, which is valid for six months. After receiving this visa, you’ll travel to Hungary to finalize your investment and then apply for the Golden Visa residence card.
Here’s a breakdown of the application process:
Step 1: Apply for the Investor Visa
You’ll first need to gather all the required documents, decide on your investment path, and schedule an in-person appointment at a Hungarian embassy or consulate to submit your application.
Required documents at this stage include:
Identification: Passports for all primary and dependent applicants, each valid for at least one year, plus two passport-sized photos per person. You’ll also need proof of relationship documents, such as birth or marriage certificates.
Application Form and Cover Letter: A completed application form and a handwritten letter expressing your intention to make the required investment in Hungary.
Proof of Funds: Detailed financial documents, including bank statements from your main accounts, to prove that your funds are from a legal source and are sufficient for the required investment.
Resumes: A personal resume is required for every applicant over the age of 18.
Health Insurance: Proof of a valid health insurance policy for the Schengen area for all applicants.
Any documents not originating from Hungary must be notarized. Documents in a language other than English or Hungarian must be translated into one of these two languages.
Step 2: Background Check
After receiving your application, the Hungarian Immigration Office will conduct a thorough background check on you and your family. This includes verifying your financial status, the legality of your assets, and your personal background. The investor visa will be issued once the check is complete.
Step 3: Complete your Investment
After you receive your Hungarian Investor Visa, you have up to three months (93 days) to travel to Hungary. During this time, you will need to open a local bank account, transfer your funds, and complete the investment. If you choose an option other than a real estate investment, you will also need to secure a residential address in Hungary to receive documents and register your personal information.
Step 4: Apply for the Residence Card
Once your investment is complete and you have all the necessary proof, you can apply for the residence card. You can submit this application either in person at a regional office of the National Directorate-General for Aliens Policing or online via the Enter Hungary platform. The review process for the residence card only takes a few days. After it’s approved, you will be scheduled for a biometrics appointment to submit your fingerprints.
Step 5: Receive the Residence Card
For the final step, all applicants must attend the appointment at the Hungarian Immigration Office with their passports and all original documents. They will take your fingerprints and photograph, officially completing the application process.
The Golden Visa residence card will then be mailed to your Hungarian address within 21 days of the appointment.
Dependents:
The Hungarian Golden Visa allows primary applicants to include their spouse, children under 18, financially dependent children over 18, and parents over 65 as co-applicants.
Minimum Stay Requirements:
There are no minimum stay requirements for the Hungarian Golden Visa. If you are not seeking permanent residency or citizenship, you can maintain your visa indefinitely without ever needing to live in Hungary.
Visa Validity:
The Hungarian Golden Visa is valid for ten years and can be renewed once.
If you’re interested in permanent residency, the rules are as follows:
For Hungarian Permanent Residency: You’ll need to have lived in Hungary legally for three years. During that time, your longest absence from the country can’t be more than four months, and your total time away can’t exceed nine months.
For EU Permanent Residency: You must have legally resided in Hungary for five years, with no single absence lasting more than six months.
For Hungarian Citizenship: After holding a Hungarian Permanent Residency card and living in Hungary for eight years, you can apply to become a citizen. To qualify, you must have a stable income, a clean criminal record, and pose no threat to national security. You also can’t have been absent for more than 45 days in any calendar year and must pass an exam on Hungarian language, culture, and history.