How to get Hungarian residency as a financially independent person?
Several European countries offer residency for financially independent individuals. While Hungary does not have such a program, the golden visa program set to launch in July 2024 is an excellent alternative, just like some other Hungarian residency options.
Understanding financial independence
Typically, you can apply for EU residency if you have a specific purpose, such as business, investment, work, studies, or family unification. Some countries also offer residency to financially independent persons—those who wish to live in a country without a specific purpose but have the funds to support themselves. This could be for retirement, as a digital nomad, or having a second home for the family.
Financial independence in Hungary
Hungary does not have a specific residency program for financially independent persons. There used to be a permit for „other” reasons, but it was discontinued in 2024. However, financially independent individuals can still obtain residency by selecting from the residence permit options available now.
Hungarian residency options relevant to you as a financially independent person
Depending on your plans and available funds, consider the following options:
1. Golden Visa Hungary
The Hungarian Golden Visa program, or guest investor program, is for those interested in investing in Hungary. In exchange for a single investment, you, your spouse, and your underage children can receive residency for 10+10 years with no minimum stay requirement. Starting in July 2024, the program offers three investment options:
- EUR 250,000: Purchase bonds issued by a real estate fund registered by the Hungarian National Bank (MNB).
- EUR 500,000: Purchase Hungarian residential real estate.
- EUR 1 million: Donate to a designated educational or cultural institution.
For more details, read about the golden visa program here.
2. Real Estate Residency
While you cannot obtain residency just by purchasing real estate, you can become a resident through real estate investment if you buy property to rent out and set up a property management company. This provides a basis for residency application for you and your family (spouse and underage children). Residency is granted for 1+2 years and can be extended as long as you spend most of your time in Hungary. The expected investment is around EUR 240,000, slightly less than the cheapest Golden Visa option.
Learn more about real estate residency here.
3. White Card for digital nomads
The Hungarian White Card is a residence permit for digital nomads who wish to live in Hungary while working for a non-Hungarian company (this company might even be their own company registered outside Hungary). Applicants must have a steady income of at least EUR 3,000 per month. This permit is available only for 1-2 years and cannot be extended to family members. It is an interesting option for those who want to experience Hungary before committing long-term.
Find out more about the White Card here.
Conclusion
Although Hungary does not offer a specific program for financially independent persons, there are still viable paths to residency through investment and other means. If you need assistance, feel free to contact us for a consultation with one of our experts. We are here to help answer your questions and guide you through the process.
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