What is the Hungarian Golden Visa Program?
The Golden Visa, formally known as the Guest Investor Residence Permit, is among the most advantageous long-term residency permits in the EU. It grants the holder the right to (i) reside in Hungary, (ii) engage in legally permitted, independent remunerative activities, and (iii) act as the managing director of a profit-oriented entity. From July 1, 2024, the new Hungarian Golden Visa program enables international investors to obtain Hungarian residency through investment and from January 1, 2025 the Hungarian Golden Visa program enables the same through real estate purchase.
What is needed for obtaining a Golden Visa in Hungary?
To obtain a Golden Visa in Hungary, investors need to buy bonds of a regulated real estate management fund for at least €250.000 or or buy a residential property for at least €500,000.
Can Immigration Solutions help with the process?
Yes, our main service is to provide help an assistance for those who seek help or assistance with the Hungarian Golden Visa.
Is the Golden Visa program government-approved?
Yes, the program is fully endorsed by the Hungarian Government and is codified in law.
How do I submit my application?
Applications for an EU long-term residence permit must be submitted in Hungary. Individuals who require a visa to enter the EEA must apply for a special Guest Investor Visa at the nearest Hungarian embassy or consulate to enter Hungary and file their application. Our firm offers comprehensive guidance and prepares the application for you throughout the process.
What's the difference between the Guest Investor Residence Permit and the Guest Investor Visa?
The Guest Investor Residence Permit is the official name of the residence permit typically known as the Golden Visa. The Guest Investor Visa, on the other hand, is a short-term permit allowing the holder to stay in Hungary for over 90 days within a 180-day period, facilitating multiple entries for the purpose of completing the necessary investments. This visa is mandatory for citizens of third countries not included in Annex II of Regulation (EU) 2018/1806, while those from listed countries can enter Hungary without a visa and submit their application directly.
Are family members entitled to reside in Hungary?
The Golden Visa Hungary Program allows family reunification for family members.
After obtaining the permit, such family members are entitled to work in Hungary without restriction.
May I apply for permanent residence or citizenship with this type of EU Golden Visa?
Yes, holders may obtain permanent residence and afterwards gain Hungarian citizenship if they meet the respective requirements. It is important to note though that in order to apply for permanent residence, you will be required to actually reside in the territory of Hungary for an uninterrupted period of 3-5 years while it is not a general requirement for holders of Golden Visa. It is also worth mentioning that in order to gain Hungarian citizenship, one needs to speak Hungarian (except for a few special cases).
Can I realize the investment by buying multiple smaller properties?
The Hungarian Golden Visa program offers residency in Hungary by investment opportunities. The wording of the Golden Visa legislation provides for the purchase of one property, so the necessary investment cannot be made by purchasing several properties of lesser value.
Can I realize the investment by buying non-residential properties?
Unfortunately, no. The Hungarian Golden Visa program offers residency in Hungary by investment opportunities that are specified in the legislation according to which only residential property can constitute an investment for this type of EU Golden Visa. Such property can a flat or a family home as well.
Do I have to be the only owner of the property?
No, a Golden Visa investment can be made by acquiring ownership ratio, but the property must be owned jointly by the applicant and one or more family members for 5 years. Also, the value of the ownership ratio must be at least EUR 500,000.
May I sell my property during the validity period?
At the time of acquisition of ownership of the residential property by the Golden Visa investor, a prohibition of alienation and encumbrance of the residential property shall be registered in the Land Register for a period of 5 years from the date of conclusion of the sales contract.
You may sell the property after 5 years, but it is required to own a proper investment (investment ticket or real estate) if you wish to renew this EU long term residence permit for another 10 years.
How long is the administration time?
First, the applicant needs to apply for a guest investor visa. Its administration takes 2-4 weeks. The administration time of Golden Visa Hungary Program (the actual so-called guest investor residence permit application process) applications is - in theory - 21 days excluding certain actions such as correction of deficiencies of the application. However, if the applicant decides to invest in property, the acquisition must be approved by the government office, a process that can take months. Since at the moment of publishing the FAQ, all this is a new thing, we cannot inform you of any practical knowledge in terms of the whole leght of the process.
How long is the validity period of the Goldan Visa?
The Golden Visa is valid for a period of 10 years.
Is Golden Visa renewable?
Golden Visa is renewable with the same terms, for another period of 10 years. If you keep your original investment throughout the entire period, you do not need to make another investment only in case you have sold it before applying for renewal.
Can I still get Golden Visa for 10 years if my passport expires in less than 10 years?
Yes, the period of validity of the Golden Visa may exceed the period of validity of the applicant’s travel document. This does not apply for family members, their passport’s validity period may limit the validity of this EU long term residence permit based on family reunification. Therefore, we recommend that family members check their passport’s validity period and renew it if necessary before submitting their application.
Are there other conditions for buying a property?
Yes, you also must apply for a permit from the local Government Office to acquire real property in Hungary. This procedure lasts 60 days and can be launched on a basis of a signed purchase contract. In the event of a rejection of acquiring the property, you may have to realize another investment to finish or restart the procedure.
How is the value of the property inspected by the authorities?
The Central Regional Directorate will appoint a forensic real estate expert in order to determine whether there is an obvious disproportionality between the actual market value of the property and the purchase price applied for. Cost of the real estate expert shall be paid by the applicant in advance.
Who can I buy investment bonds from?
Investment bonds must be issued by an investment fund that (i) has at least 40% of the net asset value investments in residential real estate in Hungary, and (ii) is listed in the register according to Defence and Security Procurement Act. If you choose this type of investment, we will make sure that you buy bonds from investment funds that qualify for the Golden Visa Hungary Program.
For how long should I keep my investment bonds?
Investment bonds shall be kept for at least 5 years. However, if you intend to renew your Golden Visa, you should either keep your bond for the whole time of validity period or you must realize another investment before applying for renewal.
What other criteria do I need to meet to qualify for the Golden Visa program?
Applicants must
- have a valid travel document,
- hold a permit for return or onward travel,
- have a Hungarian accommodation,
- not be subject to expulsion or a ban on entry and residence, or if their entry or residence does not endanger public policy, public security, national security or public health interests of Hungary,
- not be subject to an SIS alert.
How is the value of a non-euro investment calculated?
In the case of an investment in a currency other than EUR, the value of the investment in EUR shall be determined by applying the exchange rates published by the central bank of Hungary (Magyar Nemzeti Bank) on the day of the investment.
When shall I realize the investment?
If you are not entitled to enter Hungary without visa, you shall verify the realization of the investment to the immigration authorities in 3 months from entering the territory of Hungary for the first time with your Guest Investor Visa.
What are the benefits of obtaining a Hungary Investment Visa?
The Hungary Investment Visa provides the benefits of residency, access to the Schengen area, and potential future long term residence permit through your investment.
What is the process to obtain a Hungary residence permit by investment?
To obtain a Hungary residence permit by investment, you must first apply for a guest investor visa, and then, with that, you must apply for your guest investor residence permit within 3 months of your arrival to Hungary, since your visa is only valid for 3 months.
What are the accepted nationalities (citizenships) to obtain the Hungarian Investor Visa?
The Hungarian Investor Visa has no nationality (citizenship) restrictions, all nationalities are eligible to apply.