Hungary’s New Golden Visa Launches on July 1: Here’s All You Need to Know

Starting July 1, wealthy nationals from countries outside the European Union (EU) and European Economic Area (EEA) will be eligible to acquire residency in Hungary through the reintroduction of the Golden Visa Program, now known as the Guest Investor Program (GIP).

This scheme, which had been terminated in March 2017, is being relaunched following the Hungarian Government's approval at the end of 2023.

These Are the Investment Options for the Hungarian Golden Visa

Foreign nationals can benefit from Hungary’s Golden Visa Program through three investment options:

• Purchasing a real estate fund unit for at least €250,000.

• Purchasing a residential property for €500,000.

• Making a donation of at least €1,000,000 to a higher educational institution in Hungary.

While Hungary’s Golden Visa Program allows internationals to acquire residency through the real estate investment option, such a route has been discontinued from other countries’ Golden Visa Programs, such as those in Spain and Portugal, due to the housing crisis.

In addition to being nationals from countries outside the EU and EEA, other requirements for benefiting from Hungary’s Golden Visa Program include being over 18, having a clean police record, and having a legitimate source of income.

By acquiring residency through this GIP, foreign nationals gain visa-free travel access to all EU countries. The residence permits are also extended to the investor’s spouse, minor children, and parents.

To obtain a Golden Visa, investors must find an agent to help them complete the process and choose one of the investment options. Applicants are required to apply for a Golden Visa to enter Hungary and travel to the country to meet all the investment requirements. They must then apply for residency, submit biometrics, and if all conditions are met, they will receive approval for their residence permit cards by mail or in person.

Over €1.4 Billion Brought to Hungary From Golden Visa

Hungary’s Golden Visa Program brought in €1.4 billion from January 1, 2013, until March 31, 2017, based on figures from a survey by the European Commission analyzing the EU’s Member States’ citizenship and residency programs. The same source noted that from 2013 to 2017, a total of 4,794 residence permits were issued through the Golden Visa Program.

Arguing that the program didn’t bring any benefit to the Hungarian economy, the scheme was closed in 2017. The framework for the Golden Visa Program was reintroduced by the Hungarian government in November 2023 within a draft bill.

By fLEXI tEAM