Hungary Approves New Golden Visa Legislation
The Hungarian Parliament successfully passed a new immigration law today, marking the introduction of a groundbreaking golden visa program for investors. While some adjustments have been made to the initial bill, primarily impacting filing deadlines, the core aspects of the “guest investor” program remain exceptionally favorable.
Overview of the Hungarian Golden Visa Program
The newly enacted immigration law includes provisions for a revolutionary golden visa program, offering investors and their family members the opportunity to obtain Hungarian residency for an initial ten years, extendable for an additional ten years. Scheduled to take effect in 2024, the program presents the following investment options:
- EUR 250,000: Acquisition of bonds issued by a real estate fund registered with the Hungarian National Bank (MNB).
- EUR 500,000: Purchase of residential real estate in Hungary.
- EUR 1 million: Donation to a designated educational or cultural institution.
The guest investor visa boasts a 10-year validity, with the option for renewal for an additional 10 years. Notably, there is no minimum stay requirement for this permit, and both the primary applicant and their family members are entitled to work in Hungary without the need for an additional work permit. Consequently, the guest investor permit emerges as the most advantageous residency option in Hungary, offering unparalleled benefits to foreigners.
Effective January 1, 2024, the law provides for a transitional period for the Hungarian immigration authority. While applications for the golden visa are anticipated to be accepted from July 1, 2024, it is advisable for prospective applicants to consider making their investments sooner to avoid potential delays. Therefore, we strongly encourage you to reach out to us promptly to initiate the application process.
Revisions to Hungarian Residency Categories
In addition to the introduction of the golden visa program, the new immigration law brings about changes in how third-country nationals, beyond investors, can seek Hungarian residency. Further details on these alterations will be provided in upcoming summaries for each residency type, encompassing business immigration, work permits, and family unification. Stay tuned to this blog for comprehensive insights into the evolving landscape.
