Hungary Golden Visa Reintroduced
Hungary has reintroduced its Golden Visa Program, now called the Guest Investor Program (GIP). This program, effective from July 1, allows wealthy nationals from countries outside the European Union (EU) and European Economic Area (EEA) to acquire residency in Hungary. The Hungarian Government confirmed the program’s relaunch by the end of 2023. This program offers a pathway to residency for non-EU and non-EEA nationals through various investment options.
Investment Options for Hungary Golden Visa
Under the Guest Investor Program, foreign nationals can secure residency through three distinct investment options:
- Purchase a real estate fund unit for at least €250,000.
- Purchase residential property worth €500,000.
- Make a donation of at least €1,000,000 to a higher educational institution in Hungary.
This reintroduction is notable as other countries, like Spain and Portugal, have stopped offering residency through real estate investment due to housing crises. Hungary’s approach offers an attractive alternative for investors seeking residency in Europe.
Eligibility Criteria and Application Process
To be eligible for the Hungary Golden Visa, applicants must meet several criteria:
- Be non-EU and non-EEA nationals.
- Be over 18 years old.
- Have a clean police record.
- Possess a legitimate source of income.
The program also grants visa-free travel access to all EU countries. Moreover, it extends residence permits to the investor’s spouse, minor children, and parents.
Applicants must hire an agent to assist with the process. They need to select an investment option and apply for a Golden Visa to enter Hungary. After meeting the investment requirements, they must apply for residency and submit biometrics. If all conditions are met, the authorities will issue residency permit cards by mail or in person.
Hungary Golden Visa and New Immigration Law
Hungary’s new immigration law, effective from March 1, introduced significant changes. It expanded the number of residence permits from 18 to 24, with eight specifically for employment purposes. The flexible “residence permit for other purposes” category no longer exists.
One major update is the introduction of separate work permits for highly skilled and low-skilled guest workers. Additionally, a new permit for investors has been established. Despite these changes, the implementation has faced delays as the necessary executive decrees and detailed provisions are yet to be announced. Consequently, new applications from third-country nationals (TCNs) are suspended, except for those involving residence permits of national interest approved by the minister.
Transition Period for Hungary Golden Visa Applicants
Applications submitted before December 31, 2023, will still follow the old rules. However, authorities will not make decisions before March 1, 2024. Residence permits expiring between January 1, 2024, and February 29, 2024, will be automatically extended until April 30, 2024.
Specific Restrictions for Guest Workers
The guest worker residence permit has specific restrictions. Authorities grant these permits only to individuals employed by designated employers, from specified countries, and in certain occupations. These permits can be extended up to a maximum of three years. After this period, a new application is required. However, guest workers are not eligible for permanent residence or family reunification.
Conclusion
The reintroduction of the Hungary Golden Visa as the Guest Investor Program offers new opportunities for wealthy non-EU and non-EEA nationals. With three investment options available, applicants can secure residency and enjoy visa-free travel within the EU. Although new immigration laws introduce stricter conditions, the Hungary Golden Visa remains a viable option for those seeking European residency. The program’s relaunch marks a significant development in Hungary’s immigration policy, providing a fresh alternative for global investors.