The Hungarian Golden Visa program, officially known as the Hungarian Residency Bond Program, has gained significant attention from global investors and individuals seeking European residency. As of 2024, the program continues to offer attractive benefits and opportunities for those willing to invest in Hungary. This blog will explore the details of the Hungarian Golden Visa, its benefits, application process, and why it remains a compelling option for residency seekers.
What is the Hungarian Golden Visa?
The Hungarian Golden Visa program was launched in 2013, designed to attract foreign investment by offering residency permits to investors and their families. The program has undergone several revisions and improvements to streamline the process and enhance its appeal. The New Golden visa 2024 has lot of revisions and improvements .
Benefits of the Hungarian Golden Visa
1. Residency in Hungary: Successful applicants receive a residency permit, allowing them to live, work, and study in Hungary.
2. Access to Schengen Zone: Residency in Hungary grants visa-free access to the Schengen Zone, encompassing 29 European countries and many non EU countries allowing visa free access to Schengen visa holders or Schengen residence permit holders .
3. Family Inclusion: The program extends to the applicant’s spouse and dependent children, ensuring the whole family can benefit. Parents of the applicant can also apply if they are financially dependent .
4. No Language Requirement: Unlike some other residency programs, the Hungarian Golden Visa does not require applicants to demonstrate proficiency in the Hungarian language.
5. Path to Citizenship: After eight years of continuous residency, investors may apply for Hungarian citizenship, provided they meet specific criteria.
Investment Requirements
To qualify for the Hungarian Golden Visa, applicants must make a significant financial commitment. The primary investment option involves purchasing government bonds. As of 2024, the required investment is:
Real estate bonds: EUR 250,000 Purchase bonds issued by a real estate fund registered by the Hungarian National Bank (MNB) (invested for 5 years, fully refundable investment)
Real estate: EUR 500,000 Purchase residential real estate in Hungary (must maintain for 5 years)
Donation: EUR 1,000,000 Donate to a designated educational or cultural institution (purpose of educational, scientific research or artistic creation activities,)
The residential property must have a minimum value of EUR 500,000 and be situated within Hungary. It should be registered in the Hungarian Land Registry under its parcel identification/topographical LOT number and be free of all liens, claims, and encumbrances. The residence document is valid for a maximum of 10 years and can be extended for an additional 10 years for the same purpose.
1. Real Estate Investment Fund
Provide a certificate from a real estate fund manager registered with the Hungarian National Bank or from the distributor of the investment fund share, confirming an investment fund share of EUR 250,000 issued in the name of the third-country national.
Qualifying Funds
To qualify, you must hold an investment fund share from a real estate fund for at least 5 years, with a net asset value comprising a minimum of 40% investments in Hungarian residential real estate. The real estate fund manager must have at least a simplified site security certificate or be listed in the register under Act XXX of 2016 on Defence and Security Procurement.
2. Real Estate Property
Submit a sale and purchase contract, countersigned by a lawyer, for a residential property valued at a minimum of EUR 500,000. The property must be located within Hungary, registered in the Hungarian Land Registry under its parcel identification/topographical LOT number, and free of all liens, claims, and encumbrances.
Processing Times
The National Directorate of Aliens Policing (NDAP) typically takes 3-6 months to process the investment application. If you apply within Hungary, decisions are made by the OIF Aliens and Migration Authority within 21 days. If applying from outside Hungary, applications must be submitted at a Hungarian consulate, with an expected processing time of 4-6 months.
How It Works
1. Sign the Investment Contract: Finalize and sign the investment contract.
2. Document Preparation: The team of Deseorg services pvt ltd prepares the initial application and quickly review the required documents.
3. Complete Investment Payment: Pay the full investment amount.
4. Apply for Residence Permit: Submit your application at the Hungarian embassy in your country, including the investment fund share certificate and other necessary documents (e.g., a rental lease in Budapest : our team would help you find the properties ).
5. Approval and D Visa Issuance: Within 3 months, your application will be approved, and you will receive a D visa to visit Hungary within 2 years to complete the formalities.
6. Visit Hungary: Travel to Budapest in person for fingerprinting and reporting to the Immigration Office to collect your residence permit card.
7. Receive Residence Card: After 3 months, you will receive a residence card valid for 5 years, which can be renewed for an additional 5 years.
8. Family Unification: Family members and children can apply for Hungarian residency at the Hungarian consulate under the "family unification" category using a copy of your residence permit card.
9. Naturalization: After 8 years of residence, you may apply for Hungarian citizenship, provided you meet the Hungarian language requirement.
Why Choose Hungary?
Hungary offers a unique blend of rich cultural heritage, modern amenities, and a strategic location in the heart of Europe. Here are a few reasons why Hungary is an attractive destination for residency:
Cost of Living: Hungary has a relatively low cost of living compared to other European countries, making it an affordable option for families and retirees.
Quality of Life: With excellent healthcare, education, and public services, Hungary provides a high quality of life.
Business Opportunities: As a member of the European Union, Hungary offers significant business and investment opportunities within the EU market.
Cultural Richness: Hungary boasts a vibrant cultural scene, historical landmarks, and a variety of recreational activities.
Key benefits of Hungary Golden visa 2024
1. 20-Year EU Residence Status: Receive a Guest Investor Card granting a 20-year residence status in the European Union.
2. Family Unification: Family members, including children, are eligible for permanent residency.
3. Fast-Track Process: Obtain a residence permit in Hungary within 4 weeks.
4. No Requirements: No language tests, medical exams, or education requirements needed.
5. Affordable Living: Benefit from a low cost of living in Central Europe.
6. Schengen Mobility: Enjoy visa-free movement within the Schengen area and reside in any Schengen country for up to 6 months.
7. Life in Hungary: Live, study, and work freely in Hungary.
8. Flexible Financing: Financing options are available for the entire investment.
9. Secure Investment: Invest risk-free in euros.
10. Global Eligibility: Open to nationals from any country.
The Hungary Guest Investor Program, officially launched on January 1, 2024, has evolved into a full-fledged golden visa program, now including opportunities to invest in the Hungarian property market. Applications for the program will be accepted starting July 1, 2024.
Is the Government Fee Refundable?
No, the government fee is a non-refundable payment once your application is approved.
What is the Exit Strategy After the 5-Year Period?
You will receive the €250,000 investment back after 5 years.
You will retain the permanent residency issued by Hungary.
There is no need to reinvest in the fund’s shares.
Your permanent resident status will remain unchanged.
What are the Eligibility Conditions to Apply Under the Scheme?
The main applicant must be over the age of 18.
No criminal record.
Spouse can be included.
Siblings and grandparents can be included if they are unable to support themselves.
No requirements for language proficiency, age, or work experience.
Can I Buy Real Estate in Budapest?
Yes, with a residence permit card, you are allowed to purchase housing or real estate in Hungary. Property prices are generally affordable, with a nice flat in a central area starting from €250,000. This means you could potentially buy two properties for €500,000. However, you can only make such purchases after your approval under the Golden Visa scheme.
This scheme is only open for third country nationals outside EU.
Conclusion
The Hungarian Golden Visa program continues to be a popular choice for those seeking European residency through investment. With its straightforward application process, family benefits, and access to the Schengen Zone, it remains a competitive option in 2024. Whether for business opportunities, quality of life, or a path to European citizenship, the Hungarian Golden Visa provides a viable and attractive solution.
For more detailed information and discussion , we advise you to book a 1:1 meeting with our experts at
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