Hungary boasts a rich history and vibrant culture. With Budapest, the EU’s ninth largest city, as its capital, and famed for its stunning architecture, thermal baths and spectacular scenery, the country is a mix of medieval towns and natural beauty. Strategically nestled in the heart of Europe, Hungary offers a compelling business landscape that blends tradition with innovation. Boasting a dynamic economy and a skilled workforce, Hungary serves as a prime destination for entrepreneurs and established businesses alike.

So let’s look at how you can take advantage of the country’s unparalleled access to key European markets, robust infrastructure and favourable business environment – by becoming a resident of Hungary through the Golden Visa program.

Brief overview of Hungary’s Golden Visa program

The Hungary Golden Visa, also known as the Hungarian Guest Investor Program, allows individuals to acquire a renewable ten-year residence permit by investing in Hungarian real estate or registered real estate funds, or donating to public interests. After three consecutive years of residence, individuals are eligible for permanent residency.

Those who wish to continue their journey and apply for Hungarian citizenship must fulfill residency requirements, spending the majority of their time in the country over an eight-year period. For citizenship, you also need to pass an exam by demonstrating knowledge of local history and culture.

It’s important to note that this 2024 program replaces the previous golden visa program, which was launched in 2013 and closed in 2017. The Hungarian parliament enacted the 2024 version of the Golden Visa at the start of this year.

It’s also important to flag the fact that the Hungarian Golden Visa is distinct from citizenship-by-investment programs seen in some countries. There is no direct correlation between this visa and Hungarian citizenship. As mentioned, applicants who ultimately want to gain Hungarian citizenship would need to spend the majority of their time in Hungary over an eight-year period.

Eligibility criteria

In terms of funds, prospective investors need to have sufficient for their desired route, starting at a minimum of EUR 250,000.

The total costs incurred will vary based on the number of family members included in the application and the chosen investment avenue. In addition, the applicant will need to be of good standing, supply criminal record checks and have health insurance in place. 

You have the option to include your spouse or children under 18 in your application for the Hungary Golden Visa. If your children are over 18, they can still be included if they demonstrate financial dependency, are pursuing education, and are unmarried. Additionally, you can include your parents in your application if they are 65 years and older, without the need to prove dependency. However, additional dependents will incur extra fees in your application process. 

The application process

The application process breaks down into four key steps:

1. Submission of application form, passport, evidence of funds, and additional paperwork.

2. Visa application processing by Hungarian authorities, which may take up to 90 days.

3. Investment in either real estate, real property bonds, or public interest projects.

4. Acquisition of a 10-year resident permit, renewable for another ten years.

Benefits of the Hungary Golden Visa program 

These are the key benefits of the Hungary Golden Visa program.

• A quick and effective option for European residency: The Hungary Golden Visa program offers a streamlined pathway for obtaining European residency, providing individuals with a prompt and efficient route to establish their residency status in Hungary.

• Life-long residency, renewed every ten years: Upon successful completion of the program requirements, participants are granted lifelong residency permits, which are renewable every ten years. This affords individuals long-term stability and security in their residency status, allowing them to reside in Hungary indefinitely.

• Visa-free travel within the countries in the EU Schengen zone: Holders of the Hungary Golden Visa enjoy the privilege of visa-free travel within the Schengen Area, comprising 26 European countries. This facilitates seamless travel for business, leisure, and personal purposes throughout the Schengen zone, enhancing mobility and convenience. In fact, Golden Visa holders also get visa-free access to 185 countries worldwide.

• No minimum stay requirements: Unlike some residency programs, the Hungary Golden Visa Program does not impose mandatory minimum stay requirements on participants. This flexibility allows individuals to maintain their residency status while accommodating travel or other commitments outside of Hungary. Minimum stay requirements only come into force if you wish to apply for citizenship.

• Non-residents have no tax obligations: Participants in the Hungary Golden Visa Program who are non-residents of Hungary are typically exempt from tax obligations in the country. This tax exemption can provide significant financial benefits for individuals and families, contributing to overall cost savings and financial security.

• Short approval timeline: The Hungary Golden Visa Program offers a relatively fast approval process, with applications usually processed within four to eight weeks from submission. This expedited timeline enables applicants to obtain their residency permits promptly, facilitating their transition to life in Hungary.

Investment Options

The options break down as follows:

• Invest EUR 250,000 in investment certificates (issued by a real estate fund that is registered with the National Bank)

• Invest EUR 500,000 directly in Hungarian residential real estate
• Donate EUR 1m to a ‘public task’ – an institution of higher learning to support educational, scientific or creative activities

Why Work with Knightsbridge Group

Embarking on the journey towards Hungarian residency through the Golden Visa program opens doors to economic stability, exceptional quality of life, and boundless global opportunities. Since the program is new, it’s essential to seek guidance from experts who can guide you through any new developments as the government announces them.

At Knightsbridge Group, we recognise these complexities and are ready to simplify the process for you. Our seasoned team of professionals is committed to crafting tailored solutions aligned with your unique objectives. With a wealth of experience in immigration services and a specialisation in acquiring residency through strategic investments, we are your trusted partner on the path to Hungarian residency.