Hungary’s Golden Visa Programme: 20+ years residence, visa-free travel across the Schengen Area with family
Hungary launched its Golden Visa Programme last summer, offering a temporary residency permit and visa-free access to the Schengen Area for non-EU and non-EEA citizens. The minimum investment amount to participate in the program is EUR 250,000, the lowest in the European Union. What’s more, those obtaining a temporary residency permit can get a permanent residency permit in 3 years and even Hungarian citizenship in 8 years. Here are the details.
Hungary’s Golden Visa Programme: one of the best choices
Several European countries have programmes to attract foreign investors and put extra money into their budgets. The entry sum is EUR 500,000 in Spain or EUR 300,000 in Cyprus, but only EUR 250,000 in Hungary. Even a Hungarian temporary residency permit allows you to travel visa-free with your family across the European Union, study, get medical care, or do business in any member state.
How can you become eligible?
There are two options for those who have enough money to participate in the programme. One way is to invest a minimum of EUR 250,000 in real estate fund units. However, you should know that only funds qualified by the Constitution Protection Office are eligible, and 40% of the fund’s assets must be allocated to residential real estate in Hungary. According to hvg.hu, only two funds are currently eligible: the Gránit Asset Management (linked to PM Orbán’s son-in-law, István Tiborcz), and the Sprint Asset, also linked to that circle, according to the Hungarian press.
That is how the Hungarian government would like to boost the struggling home construction sector. Importantly, the maturity period must be at least 5 years.
Another option is to donate at least EUR 1 million to a Hungarian institution of higher education managed by a public interest trust fund.
What are the advantages?
The validity of the residency permit is 10 years, but you may extend that once for an additional 10 years. Furthermore, if you live at least 183 days in the country for the next three years, you are eligible to get a permanent residency permit granted for life. If you have lived at least 8 years here as a permanent resident, not being absent from the country for more than 45 days each year, you may get Hungarian citizenship. To obtain that, you have to pass a Hungarian language exam and an exam about the country’s history.
Temporary residency permit owners can travel visa-free in the Schengen Area and live in Hungary, one of the safest countries in Europe, with a low cost of living and affordable property prices (compared to Western Europe). They can open bank accounts and deposits in the European Union, work or conduct business in any of the member states and get access to the education and healthcare system. Finally, Hungary’s corporate (9%) and personal income (15%) taxes are among the lowest in the EU.
Multiple enterprises help investors navigate through the process; some of them do a preliminary check of the investors to reduce the risk of denial. However, such services increase the costs. For instance, the administrative fee ranges between EUR 60,000 and 90,000, depending on the enterprise and the number of family members.
How is it done?
First, you will get a guest investor visa that allows you to travel to Hungary, complete the investment, buy or rent a property (a registered address is required), and apply for a temporary residency permit. The guest investor visa will be valid for up to 6 months. After the submission of the application, you have 3 months to close the investment deal.
Authorities will process your application within 21-30 days, and another 7 days are required to prepare your residence permit card.
Read our guide on how to acquire Hungarian citizenship HERE.
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