Hungary passes new golden visa law today
The new Hungarian immigration law that introduces a new golden visa program for investors is expected to be passed by Parliament today. There have been some modifications to the original bill since it first came out but these only affect filing deadlines and do not change the extremely favorable conditions of the “guest investor” program.
The Hungarian golden visa program
Part of the new immigration law will be about a new golden visa program that will let investors and their family members receive Hungarian residency for ten years (renewable for an additional 10 years). The program will be active from 2024, with the following options:
- EUR 250,000: purchase of bonds issued by a real estate fund registered by the Hungarian National Bank (MNB), or
- EUR 500,000: purchase of Hungarian residential real estate, or
- EUR 1 million: donation to a designated educational or cultural institution
The guest investor visa will be valid for 10 years (renewable for an additional 10 years) and enable the investor to bring their family members along as well. There is no minimum stay requirement on this permit type, and both the main applicant and their family members will be able to work in Hungary without an additional permit. As such, the guest investor permit will grant foreigners the best residency option in Hungary with maximum benefits.
The law will come into effect January 1st, 2024 but there will be a transitional period for the Hungarian immigration authority, so it appears that applications for the golden visa can be submitted from July 1st, 2024. However, it is likely that the investment can and should be made sooner than this, so that applicants can avoid crowds and get their applications in as soon as possible. Therefore, we strongly recommend that you contact us now to get started.
Changes to Hungarian residency types
The new immigration law will also change how third-country nationals other than investors can apply for Hungarian residency. You can read a summary here. In the coming days we will publish summaries of changes for each residency type (including business immigration, work permit and family unification), so please follow this blog for details.
The latest news within your reach
Helpers has almost 20 years of experience in supporting people living, working, and doing business in Hungary. We will do our best to help you make sense of the new law, and prepare for the upcoming changes as soon as possible. Unlike many providers on the market, Helpers is based in Budapest with a staff of 25+ working in 10+ languages, and all the information we publish comes first-hand from government and other expert sources. We encourage you to follow us for details and contact us for any additional information.
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