Located in Central Europe, Hungary has been a member of the European Union since 2004 and offers a residence permit through real estate investment. As of 2024, Hungary has introduced updates to this program, now implementing a permanent residency program called the “guest investor residency.”
How to Obtain the Guest Investor Residence Permit?
The “guest investor residency” program, which came into effect this year, grants investors meeting specific criteria the right to reside in Hungary for 10 years. At the end of this 10-year period, investors can apply for citizenship if certain conditions are met. To obtain a residence permit through this program, the minimum investment amount is set at € 250,000.
Investment Options for Residence Permit in Hungary:
- You can obtain a residence permit by investing at least € 250,000 in bonds from a real estate fund recognized by the Hungarian Central Bank.
- If you wish to acquire residency by purchasing a property, the property must be worth at least € 500,000.
- You must purchase a single property to qualify for the residence permit. Owning multiple properties with a combined value of € 500,000 or more does not grant residency.
- Properties purchased before the announcement of the residency program are not eligible for inclusion in the program.
- Alternatively, a donation of € 1,000,000 to funds that benefit public causes, such as education or science, is another way to obtain a residence permit.
Requirements for Obtaining a Residence Permit in Hungary:
In addition to meeting the minimum investment requirement, you must fulfill the following conditions to obtain a residence permit in Hungary:
- Being a citizen of a non-EU country
- Having a valid passport
- Completing the committed investment within 3 months
- Providing proof of financial independence, demonstrating that you can sustain your livelihood in Hungary
Which Family Members Are Eligible for Hungary’s Residence Permit?
Hungary allows individuals who obtain residency through investment to include family members in the program under certain conditions. Spouses and children under 18 can be included without any issues. Children over 18 can be included if they are unmarried and financially dependent on the residency applicant. Additionally, parents over 65 years old can also be included. In cases of financial dependency, children from previous marriages may also be included in the program.
Advantages of Obtaining a Residence Permit in Hungary:
Hungary, a full member of the European Union since 2004, provides residence permit holders with unrestricted travel rights across all EU countries. Another key advantage is the long-term nature of the visa. Hungary’s guest investor visa grants you a 10-year residence permit, with the possibility of applying for citizenship after this period. Furthermore, investors have the right to exit their investment after five years, offering financial flexibility.
Hungary’s guest investor visa stands out as one of the most advantageous “golden visa” programs offered by EU countries. You can qualify for this visa with an investment of just €250,000.
Another frequently asked advantage relates to citizenship. While the investment-based residence permit does not directly grant citizenship, it is the first step towards it. Individuals who have resided in Hungary for 10 years, spending at least 9 months each year in the country, and meeting other requirements, can apply for citizenship.
Other Details About Hungary’s Residence Permit Program:
A commonly asked question regarding the residence permit is its duration and when it can be renewed. The program can be summarized as 10+10 years. When the 10-year residence permit expires, the “golden visa” can be extended for another 10 years.
Moreover, Hungary’s residency offers flexible advantages to those who obtain it through real estate investment. Investors can sell their properties after five years if they wish. This does not affect the existing 10-year residence permit. However, if you wish to extend your residence permit for another 10 years, you must keep your investment. In short, exiting the investment after the fifth year does not affect your residency, but if you want to extend your golden visa, you must maintain your investment.
How to Apply for Hungary’s Residence Permit?
The first step to applying for a residence permit is obtaining the guest investor visa. After entering Hungary with this visa, you can apply for your residence permit. The application must be submitted within the 180-day period during which the visa is valid. The required documents include:
- A valid passport
- Documents proving financial sufficiency
- A criminal record certificate from your country of citizenship
Once all the documents are gathered, you can submit your application, and the result is usually determined within 4-8 weeks.
