Hungary introduces Golden Visa program for international real estate investors

Hungary Introduces Golden Visa Program for International Real Estate Investors

Hungary, a country tucked away in the heart of Europe, beckons with a special blend of modern possibility and historical elegance. The nation provides various appealing avenues, each designed to suit a variety of contributions and aspirations, for individuals looking to make Hungary their permanent home.

The Hungary Golden Visa Program

The Hungary Golden Visa Program offers investors an opportunity to obtain a residence permit in the EU nation. A foreigner may stay in Hungary only for a purpose, legal title, period, and if the conditions are met, accepted by the Hungarian state.

A citizen of a third country may stay permanently in Hungary or undertake work with the permission of the Hungarian state, only if the third country citizen’s stay in Hungary serves the interests of Hungarian society and his employment in Hungary does not put any Hungarian citizen in an unfavorable situation.

Therefore, the Hungary Parliament has established procedural rules and sanctions system for the entry and stay of third-country nationals in Hungary.

Program Details and Benefits

EY Global reports that effective 1 July 2024, foreign nationals who make qualifying investments in Hungarian real estate can apply for Golden Visas. Golden Visas allow individuals who invest at least EUR 250,000 in real estate or donate EUR 1 million to a higher education institution to reside and work in Hungary for up to 10 years, with the possibility of extending their stay for an additional 10 years.

Golden Visa holders may enter and exit the Schengen Area without limits and remain in the Member States comprising the Area for up to 90 days in any 180-day period. Golden Visa holders may also sponsor their dependents to join them in Hungary for the duration of their visa.

For Business or Investment Purposes

Hungary’s Guest Investor Visa stands as a testament to the country’s commitment to fostering economic growth through foreign investment. This visa not only allows for extended stays and multiple entries but also paves the way for applying for a guest investor residence permit.

Eligibility criteria include substantial investments that align with Hungary’s national economic interests:

• Acquisition of investment certificates worth at least EUR 250,000 from a registered real estate fund.
• Purchase of residential real estate valued at a minimum of EUR 500,000 within Hungary.
• Donation of EUR 1,000,000 or more to a public interest trust foundation supporting educational and cultural initiatives.

For Work Purposes

Professionals with specialized skills or expertise crucial to Hungary’s development can opt for the EU Blue Card or Hungarian Card. These permits are designed to attract highly qualified individuals, offering streamlined pathways to permanent residency while contributing to the country’s workforce in fields of strategic importance.

For Study Purposes

Students aspiring to pursue higher education in Hungary can explore residency options through their study visas. This pathway not only supports academic pursuits but also provides a foundation for potential long-term residency based on educational achievements and future career prospects within Hungary.

Hungary’s Golden Visa program represents a significant opportunity for foreign investors, business professionals, and students to integrate into Hungarian society. With its blend of economic incentives and pathways to permanent residency, the program is poised to attract a diverse array of talented individuals from around the world. By encouraging investment in real estate, education, and cultural initiatives, Hungary aims to bolster its economy while enriching its cultural and social fabric.

For those considering Hungary as their new home, the Golden Visa program offers not just residency but a chance to be part of a vibrant and evolving European nation. Whether your interests lie in business, professional development, or academic pursuits, Hungary’s comprehensive residency programs provide a welcoming and supportive environment.

Conclusion

In conclusion, Hungary’s introduction of the Golden Visa program is a strategic move to attract international talent and investment. By providing clear and attractive pathways to residency, Hungary opens its doors to a future enriched by diverse contributions from global citizens. This initiative not only strengthens Hungary’s economic landscape but also fosters cultural and social growth, making it a destination of choice for many.

Whether you are a seasoned investor, a skilled professional, or a student with big aspirations, Hungary offers opportunities that extend beyond mere residency. It offers a chance to become part of a dynamic and welcoming community, poised for growth and innovation.