Hungary golden visa program is planned to be reopened in July 2024. It existed up to 2017 and then was closed by the government.
Since that time, there have been many interested persons, so the authorities have considered this and decided to launch this project again under new requirements and conditions.
If you are interested in expanding your business in the EU or relocating to a pleasant region with ample opportunities for everyone and a rich history, take your time to discover more about this program.
Overview of Hungary’s Golden Visa Program
The Hungary Residence Permit can be obtained for ten years by selecting one option from the following list:
- buying government bonds for 250,000 euros;
- local real estate purchase for 500,000 euros;
- donation to an institution of higher education of 1,000,000 euros.
In the case of buying local property or bonds, one cannot sell them during the next 5 years. Furthermore, to be eligible to renew this permit, one has to hold it for a decade and stay the owner before applying for a new one.
As for the donation to the local HEIs, it’s quite an interesting option. There will be no need to make further funding to renew the obtained residency in this case. Later, the authorities will publish the list of eligible institutions to select from.
Previously, the minimum threshold was 300,000 euros, and there was no such choice for investors. No wonder, this announcement has gained huge popularity and many businessmen wait for more details.
Step-by-Step Guide to the Application Process
The main eligibility criteria for the participants are quite easy to comply with. The person has to be full of age, have clear sources of income and the ability to perform the chosen transaction on time, have a good reputation and health, and have a clean criminal record.
After the initial consultation, the applicant should complete the following steps:
- Gather all the required documents, and translate them if necessary.
- Apply to the dedicated authorities.
- Book a visit to the consulate or embassy to provide biometrics and photos and pay fees.
- Waiting for a final decision.
If the applicant was approved, he or she has up to 90 days to make the selected investment and proceed with the obtaining of a permit.
This is a general approach to the procedure. More details can be found on imigrant-hungary.com.
Necessary Documentation for Applying
The list of main documents for participation is as follows:
- valid passport;
- bank statement with a current balance and data on the last half a year;
- CV;
- information about education;
- health insurance.
In the case of including relatives in the application, one should provide birth or marriage certificates and other relevant information about the dependents.
For now, only basic data about the program are published. Thus, more details will appear later.
Processing Time and Fees
One of the major advantages of this initiative is the short time needed for consideration. According to the local authorities, they will need from 4 to 8 weeks to check the provided documents and data and issue the decision.
On average, it takes from 3 to 6 months in other regions. Therefore, this option seems to be highly competitive and attractive.
As for the obligatory fees, data about them have not yet been published. Still, such programs usually pose moderate requirements and sums, taking into account the fact of a big investment made by a participant.
Benefits of the Hungarian Golden Visa
The high demand for residence permits in Hungary is based on the following profits associated with this program:
- three options for participation and a relatively low threshold;
- representatives of all non-EU nations can take part in it;
- there are no rules for the minimum stay on the territory of the state;
- simple renewal of the permit every 10 years;
- affordable tax regimen;
- no need to get additional permits for visiting other EU states;
- quick processing time that takes up to 2 months only;
- the possibility of creating one application for the whole family.
When one makes a real estate investment in Hungary, it is possible to live in the property or rent it. The choice is up to the applicant and does not influence further renewal of the permit. As there is also no need to spend some time in the country, one can feel free in this issue.
Those applicants who decide to come will definitely enjoy famous local places, sightseeing tours, delicious food, and a comfortable climate. In addition, it is easy to reach other EU states from here, which provides the perfect chance to expand the business.
Conclusion
If you are searching for a quick and legal way to obtain a strong second passport, such programs are the best choice for you. They pose no challenges and usually have minimal requirements compared to other approaches toward residency.
The upcoming Hungarian initiative will have one of the lowest thresholds in the EU and convenient conditions. Therefore, take your time to consider all the details and do not hesitate to become an investor in the safe and promising region full of awesome opportunities.