Hungary’s New Golden Visa Launches on July 1: Here’s All You Need to Know
From July 1, wealthy nationals from countries outside the European Union and European Economic Area will be eligible to acquire residency in Hungary following the reintroduction of the Golden Visa Program, known now as the Guest Investor Program (GIP).
The launching of this scheme -which was terminated in March 2017- comes after the approval from the Hungarian Government confirmed by the end of 2023, Schengen News reports.
These Are the Investment Options for the Hungarian Golden Visa
Foreign nationals can benefit from Hungary’s Golden Visa Program through three investment options:
- Purchasing a real estate fund unit for at least €250,000.
- Purchasing a residential property of €500,000.
- Making a donation of at least €1,000,000 to a higher educational institution in this country.
While Hungary’s Golden Visa Program gives internationals the opportunity to acquire residency through the real estate investment option, such a route has been discontinued from other countries’ Golden Visa Programs, such as those conducted in Spain and Portugal, due to the housing crisis.
In addition to being nationals from countries outside the EU and EEA, other requirements for benefiting from the Golden Visa Program of Hungary include being over 18, having a clean police record and having a legitimate source of income.
By acquiring residency through this GIP foreign nationals have visa-free travel access to all EU countries as well. In addition to the investor, these residence permits are also extended to the investor’s spouse, minor children and parents.
To obtain a Golden Visa, investors are required to find an agent to help them complete the process and choose one of the investment options.
Applicants are also required to apply for a Golden Visa to enter Hungary and travel to this country to meet all the investment requirements. Then, they should apply for residency, and submit biometrics, and if all the conditions are met, they will receive approval for their residence permit cards by mail or in person.
Over €1.4 Billion Brought to Hungary from Golden Visa
Hungary’s Golden Visa Program brought €1.4 billion from January 1, 2013, until March 31, 2017, based on the figures from a survey by the European Commission analyzing the EU’s Member States’ citizenship and residency programs.
The same source noted that from 2013 to 2017, a total of 4,794 residence permits were issued through the Golden Visa Program.
Arguing that the program didn’t bring any benefit to the Hungarian economy, the scheme was closed in 2017.
The framework for the Golden Visa Program was introduced by the government of Hungary in November 2023 within a draft bill.
Source: https://schengen.news/hungarys-new-golden-visa-launches-on-july-1-heres-all-you-need-to-know/
