If you’re looking for a way to obtain residency in Hungary, the Hungary Golden Visa may be the perfect fit. Known as the guest investor program, this visa is available for all non-EU and non-EEA citizens who want to invest in the Hungarian economy.
In this guide you will learn:
What is the Hungary Golden Visa?
The Hungary Golden Visa program, officially known as the Guest Investor Program (GIP), offers residency by investment to non-EU and non-EEA citizens.
The Hungary Golden Visa scheme was reintroduced in July 2024 to attract foreign investment into the Hungary economy. In exchange, foreign investors and their families benefit by having access to the European Union (EU) and Schengen Area.
This long-term residence permit is valid for ten years with the possibility of indefinite renewal. Additionally, after eight years of residence, foreign nationals may be eligible for Hungarian citizenship.
Hungary Golden Visa Benefits
There are a number of benefits that come along with the Hungary Golden Visa. Here are a few of the top ones:
1. Visa free travel
1. Visa free travelOne of the top benefits of obtaining the Hungary Golden Visa is that you have access to the Schengen Area for up to 90 days within any 180-day period, along with 180 visa free countries.
2. Flexibility
2. FlexibilityThe Hungary Golden Visa does not require any minimum stay, meaning you can travel freely to your home country or across the globe without worrying about maintaining your Hungary residency.
3. Lower cost of living
3. Lower cost of livingThe cost of living in Hungary is significantly less than other European countries and the US. This makes the country very appealing for those that want to work and study in Hungary.
4. Access to a top-notch healthcare system
4. Access to a top-notch healthcare systemHungary has a universal healthcare system funded by the National Health Insurance Fund (NEAK), which provides essential medical services to all residents. Hungarian residents can also access the European Health Insurance Card (EHIC). There are also a large variety of private health insurance options available at a much lower cost.
5. Low risk investment
5. Low risk investmentApplicants receive pre-approval before making the investment, minimizing the risk of investing with the potential of being denied.
6. Path to permanent residence and Hungarian citizenship
6. Path to permanent residence and Hungarian citizenshipThe Hungary Golden Visa may lead to Hungarian citizenship. This would allow applicants to receive the Hungarian passport.
7. Political and economic stability
7. Political and economic stabilityHungary’s strategic location in Central Europe and its stable economy make it an attractive destination for investment and residency
8. Open to all nationalities
8. Open to all nationalitiesThe Hungary Golden Visa does not impose nationality restrictions, allowing a wide range of applicants.
9. Family inclusion
9. Family inclusionThe Hungary Golden Visa allows for family members to gain residency. However, it does not inherently extend this status to future generations without further applications or naturalization processes. Each generation would need to navigate the Hungary residency or citizenship requirements independently.
Hungary Golden Visa Eligibility Criteria
There are strict eligibility criteria for foreign nationals to apply for the Hungary Golden Visa, including:
- Being at least 18 years old
- Must be from non-EU, non-EEA, or non-Swiss countries
- Having a clean criminal record is mandatory
- Must have a clean bill of health
- Provide proof of enough financial resources to sustain the main investors and their families while living in the country.
Who is included on the Hungary Golden Visa application?
The main applicant must meet the above criteria before including anyone else on the application. Once these criteria have been met, the following dependents can be included on the application:
- Spouse of the main applicant
- Children under the age of 18
- Parents that are dependent on the main investor or their spouse
Investment Options for the Hungary Golden Visa
Foreign nationals looking to apply for the residency by investment program in Hungary have various options available. Let’s take a closer look:
- Real Estate Investment Fund: Applicants must invest €250,000 in a state-approved real estate investment fund. These funds are specifically to invest in Hungarian real estate and offers a lower entry cost to direct real estate investments. The investor must maintain these funds for a minimum of five years to retain residency.
- Residential Real Estate: Applicants can invest €500,000 by purchasing residential property in Hungary. This option will be available in January 2025. However, the property must be held for a minimum of five years, meaning it cannot be sold during this period.
- Donation: Investors can donate €1 million as a non-refundable donation to a higher education institution in Hungary. As this is a direct donation, there is no minimum holding period.
November 2024 update
The wait is over! The Hungarian Government has officially licensed the first real estate investment fund for the Hungary Residency by Investment program. Ten months after the launch of the program, the first real estate investment fund has been approved, allowing investors to begin seriously looking at funding their Hungarian residency.
The SPRINT Hungary Real Estate Development and Investment Fund is the first to be approved, with four others awaiting licensing.
The standards for fund managers are immense, which is what led to the wait for an official program approval. Fund managers must qualify as a market operator through the preliminary national security screening, ensuring potential investors receive the very best investment opportunities in Hungary.
Application Process for the Hungary Golden Visa
Here is everything you need to know about the Hungarian Golden Visa application process:
- Step one: Choose the right investment option for your needs.
- Step two: Gather the required documents
- Step three: Submit your full application for the Hungarian Guest Investor Visa along with the required documents to the relevant Hungarian authorities. At this stage it might be easier to work with an immigration specialist to ensure you have everything necessary. All documents must be translated in Hungarian.
- Step four: Await the outcome of your application
- Step five: Obtain the Hungarian guest investor visa. This visa is issued for a period of up to two years. The applicant must travel to Hungary and submit documents for the visa within that time.
- Step six: Once you arrive in Hungary you can complete your chosen investment as long as it is within the first 93 days of entering Hungary in order to obtain the Hungary golden visa.
- Step seven: Once approved for the Hungary Golden Visa, you can then apply for the residency visa. Applicants must book an appointment at the National Directorate General of immigration, submitting their biometric information, and providing the original documents. After the appointment, the permit should be ready within 21 days.
- Step eight: Once approved you will receive your residency card which is valid for ten years and can be renewed as long as the investment is maintained.
- Step nine: You can apply for permanent residence after a total of three years.
- Step ten: After a period of eight years, you may be eligible for Hungarian citizenship.
Documents Required for the Hungary Golden Visa Application
Here are the required documents to apply for the Hungary Golden Visa:
- Valid passport: A current passport valid for at least 1 year.
- Completed application form: The official residence permit application form filled out completely.
- Two passport-size photos: Recent color photographs.
- Application fee: Payment of the required application fee upon approval (€7,000 per person).
- Proof of investment: Documentation showing the financial investment.
- Proof of funds: Documentation proving the legal source of the investment funds.
- Bank statements: The last 6 months of bank statements showing sufficient funds for the investment.
- Criminal record certificate: A clean criminal record certificate from the applicant’s home country.
- Health insurance: Proof of valid health insurance coverage in Hungary.
- Marriage certificate: If including a spouse, a marriage certificate may be required.
- Birth certificates: Birth certificates for any dependent children under 18.
- Proof of dependency: Documentation proving financial dependency for any adult children or parents included in the application.
Hungary Golden Visa Costs
Here are some of the costs involved with the Hungary Golden Visa:
- Real Estate Investment Fund: €250,000
- Donation: €1 million
- Residential Real Estate: €500,000
Additional costs of purchasing a property
When you purchase a property in Hungary you may be liable for the following:
- Stamp duty: This is a tax levied on the transfer of property ownership. The stamp duty is 4% of the property purchase price for properties valued under 1 billion HUF (approximately €2.6 million). There is an additional 2% for properties valued over that amount.
- Value Added Tax (VAT): This tax is typically included in the purchase price of new properties. VAT is 5% for new residential properties.
- Notary fees: These are fees paid to a notary public for authenticating the property transaction and preparing the necessary legal documents. Notary fees are generally between 0.5% to 1% of the property price.
- Administrative fees: These are general administrative costs incurred during the application and property purchase process. Administrative fees amount to approximately €280+.
- Translation fees: All documents need to be translated. The cost for translating necessary documents into Hungarian for the transaction generally comes out to between €50 to €300 depending on document volume.
Hungary Golden Visa Processing Time
Hungarian authorities may take up to 90 days to review and approve your Hungary Golden Visa application. You need to ensure you have a completed application form, proof of funds, and a valid passport.
Requirements for Hungary Permanent Residency
Applicants can apply for permanent residency in Hungary after holding a temporary residence permit through the Golden Visa program for three years. Permanent residency is typically valid for five years and can be renewed.
Requirements for Permanent Residency:
- Residency Duration: Applicants must have lived in Hungary legally for at least three years under a temporary permit, including time with the Golden Visa.
- Physical Presence: Applicants can spend no more than 270 days outside Hungary over the three years.
- Investment: The original investment qualifying for the Golden Visa must be maintained.
- Criminal Record: Applicants need to show a clean criminal record.
- Financial Stability: Proof of financial independence, such as bank statements or income verification, is required. A comfortable income estimate is at least 500,000 HUF (€1,350) per month for one person or 800,000 HUF (€2,160) for a family of four.
Hungary Citizenship by Naturalization
One of the biggest benefits of the Hungary Golden Visa is that it allows applicants to make a start on obtaining Hungarian citizenship by naturalization. This is offered to those who have continuously lived in Hungary for eight years, have sufficient funds to live in the country, have a clean criminal record, and are proficient in the Turkish language.
Naturalization offers a great opportunity for foreign nationals who may not have the option for other residency or citizenship options. For example, Hungarian citizenship by descent is available to those that have familial ties to Hungary through a parent, grandparent, or even great grandparent.
How Can Global Citizen Solutions Help You?
Global Citizen Solutions is a boutique migration consultancy firm with years of experience delivering bespoke residence and citizenship by investment solutions for international families. With offices worldwide and an experienced, hands-on team, we have helped hundreds of clients worldwide acquire citizenship, residence visas, or homes while diversifying their portfolios with robust investments.
We guide you from start to finish, taking you beyond your citizenship or residency by investment application.
Frequently Asked Questions About the Hungary Golden Visa
Does Hungary have a Golden Visa?
Yes, Hungary does have a golden visa. The program is also known as the guest investor residence permit, offering non-EU and non-EEA residents a chance to invest in the country in exchange for a residence permit.
How much to invest in Hungary to get citizenship?
The minimum investment to obtain the Hungary Golden Visa is €250,000 through a real estate acquisition investment fund. Other options include investing €500,000 into residential property or donating €1 million as a non-refundable to a higher education institution in Hungary.
How long does it take to get a golden visa in Hungary?
The Hungary residency permit takes about 21 days. You can then obtain permanent residency in three years, and possible citizenship after eight years of permanent residency.
What is the investor visa in Hungary 2024?
The Hungary investor visa is an investment program that allows non-EU and non-EEA residents to invest in the Turkish economy in exchange for a Hungarian residence permit. This can eventually lead to permanent residency and Hungarian citizenship.
Is there Hungary citizenship by investment in 2024?
As of 2024, there is no direct citizenship by investment program for Hungary. However, if you apply for the Hungary Golden Visa and maintain your residency and investment for eight years you may be eligible for citizenship.
Does Hungary permit dual citizenship?
Yes, Hungary permits dual citizenship. However, it is up to the applicant to ensure that their home country also permits dual citizenship.
What is the Hungary golden visa costs?
This can range from €250,000 to €1 million. Other costs include obtaining health insurance, document translation fees, and application fees which varies on a case-by-case basis.
Can a business invest in the Hungary golden visa program?
Investors can make the required Golden Visa investment through a foreign company, as the program doesn’t prohibit foreign entities as long as the minimum investment thresholds are met. Investors must document the legal source of funds, whether personal or corporate. Establishing a local Hungarian entity, like an LLC, may also help streamline the investment process and ensure compliance with local regulations.
What are the benefits of the Hungary golden visa program?
Some of the top benefits of the program include visa free travel to the Schengen zone and 180 other countries, the possibility of citizenship eligibility, a lower cost of living to the US and US, a pathway to permanent residence, and access to the Hungary healthcare system.
