Hungary prolongs residency permits amidst the rollout of a new immigration law.
KEY TAKEAWAYS
1. Residence permits expiring in January and February will receive an extension until April's end due to Hungary's new immigration law.
2. The law introduces 24 types of residence permits, including eight for employment.
3. Starting July 1, Hungary may grant ten-year residence permits to those investing a minimum of €250,000 in real estate.
- Third-country nationals with existing residence permits and permanent residence permits from Hungary will see their expiration dates extended until April 30, courtesy of the new immigration law.
- Hungary's new immigration law, in effect since the year's start, won't accept applications from third-country nationals for another two months.
- New applications from third-country nationals are delayed until April 30, except for permits representing the EU country's national interest.
- Old regulations govern requests filed before December 31, 2023, but decisions will come after March 1.
- Residence permits and permanent residence permits expiring between January 1 and February 29, 2024, will automatically extend until April 30, 2024.
- Hungary's revamped immigration law introduces separate categories for highly and low-skilled worker residence permits, totaling 24 types compared to the previous 18.
- A new investor residence permit, dubbed a golden visa, allows individuals investing €250,000 in real estate to obtain a ten-year residence permit, extendable for another decade starting July 1.
- Hungary initially launched its Golden Visa program on January 1, 2013, extending discussions until March 31, 2017, requiring wealthy non-EU citizens to invest a minimum of €250,000. There were plans to raise the minimum investment to €300,000.
- According to the Immigration Office (OIF), Hungary hosts about 430,000 foreigners with residence permits, encompassing work, study, EU registration cards, and Hungarian residence permits.