Hungary's New Golden Visa Program Launching on July 1: Everything You Need to Know

Hungary's New Golden Visa Program Launching on July 1: Everything You Need to Know

Key Highlights:

1. Hungary's revamped Golden Visa Program will commence on July 1, 2024.
2. The program offers three investment avenues for obtaining residency.
3. Unlike Spain and Portugal, Hungary’s Golden Visa includes a real estate investment option.

From July 1, affluent nationals from non-EU and non-EEA countries can secure residency in Hungary through the reintroduced Golden Visa Program, now termed the Guest Investor Program (GIP). This reintroduction follows its termination in March 2017 and was confirmed by the Hungarian Government's approval in late 2023.

Investment Options for Hungary's Golden Visa:

Foreign nationals can qualify for Hungary’s Golden Visa via three investment pathways:
1. Real Estate Fund Investment: Purchase a real estate fund unit worth at least €250,000.
2. Residential Property Purchase: Acquire a residential property for €500,000.
3. Educational Donation: Contribute a minimum of €1,000,000 to a higher educational institution in Hungary.

Hungary’s program notably includes the real estate investment route, which has been phased out in countries like Spain and Portugal due to housing market concerns. 

Eligibility Criteria:

Applicants must:
- Be over 18 years old.
- Have no criminal record.
- Prove a legitimate income source.

The GIP also offers visa-free travel across the EU and extends residency permits to the investor’s spouse, minor children, and parents.

Application Process:

1. Find an Agent: Investors must engage an agent to assist with the application and investment selection.
2. Apply for Golden Visa: Submit the application for entry into Hungary and comply with investment requirements.
3. Residency Application: Once in Hungary, apply for residency, submit biometrics, and await approval for residence permit cards.

Economic Impact:

From January 1, 2013, to March 31, 2017, Hungary’s previous Golden Visa Program generated over €1.4 billion and issued 4,794 residence permits, according to an EU Commission survey. The program was halted in 2017 due to perceived economic non-benefit, but its framework was revisited in November 2023, leading to this new iteration.

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