Hungary recently initiated a Golden Visa program for investors seeking to relocate to a European country. Under this program, investors can obtain a residency permit valid for 10 years by contributing at least €250,000.
Immigrant Invest is an international consulting company boasting 18 years of experience in this field. Zlata Erlach, the head of Immigrant Invest’s Austrian office, provides a comprehensive overview of the Hungary Golden Visa program and elucidates the company’s role in assisting individuals in securing it.
Can I trust Immigrant Invest?
Immigrant Invest is a consulting company that helps high-net-worth people obtain second citizenship or residency by investment. The company has government licences to provide such services in the EU and the Caribbean countries. Our team consists of over 40 experienced professionals working in offices in 7 countries.
Since its establishment in 2006, Immigrant Invest has facilitated the acquisition of second citizenship or residency for over 5,000 families.
Owing to our services, these families can travel visa-free worldwide, safeguard their assets, enhance their quality of life and secure a brighter future for their children.
What is the Hungary Golden Visa?
Hungary Golden Visa is a residence permit for investors. In a nutshell, investors make financial contributions of at least €250,000 and get a permit to live in Hungary.
The program is set to launch in 2024, but it is not technically new. Previously, investors could only buy real estate in Hungary to become residents, but the new legislation with more options was approved in 2023.
Their spouse and children under 18 can obtain a visa with an investor. A Hungary Golden Visa is issued for 10 years; extending it for 10 more years is possible.
The Golden Visa does not require you to relocate to Hungary. It is designed for individuals seeking to broaden their rights and opportunities within Europe by obtaining resident status without imposing additional obligations.
How much does it cost to get a Golden Visa in Hungary?
The required investment starts at €250,000. There are three investment options:
- Purchase of units of real estate funds registered with the Hungarian National Bank worth €250,000.
- Purchase of real estate in Hungary that costs at least €500,000.
- Donation of €1 million to an educational institution.
Depending on the chosen options, additional expenses may vary. For example, an investor pays stamp duty and administrative and service fees when buying a property.
Let’s say you chose an apartment which costs €687,000 in a central district of Budapest called Ferencvaros. You will have to pay a stamp duty of 4% of the property cost, service fees of 5% of the property cost, and around €300 of administrative fees.
In this case, the total cost will be €749,130 regardless of the family composition.
Is Hungary worth moving to?
Acquiring a residence permit in Hungary grants access to many benefits, including European-standard healthcare, education, a robust banking system, and an overall high quality of life.
Moreover, investors who have resided in Hungary for 11 years may become eligible to apply for citizenship, further solidifying their ties to this European nation.
With a Hungary residence card, you can travel visa-free to 27 states of the Schengen Area and some other European countries and stay there for up to 90 days every 180 days. The card is a free pass to opening a business or getting employed in Europe.
In contrast to other EU member states, Hungary boasts a notably affordable cost of living. For instance, an individual residing in Budapest can expect to spend approximately €1,300 per month, encompassing rent — roughly 75% lower than that of Berlin.
Furthermore, Hungary stands out for its favourable tax environment, featuring one of the lowest income tax rates in the EU, set at 15%, alongside a modest stamp duty of 4%.
What are the requirements for investors?
Apart from financial provision, the requirements for the Hungary Golden Visa are quite simple. An investor should be a non-EU and non-EEA citizen over 18. It is also crucial to prove the legitimacy of an income source and have insurance that will cover possible medical expenses.
How do I get the Hungary Golden Visa?
The process comes down to several steps. First, Immigrant Invest conducts preliminary Due Diligence to detect and minimise the risk of refusal. Second, an applicant collects documents and applies for an Investor Guest Visa. With this visa, an investor enters Hungary to fulfil the investment condition.
Once the investment is made, it is time to apply for a residence permit. A few days later, an applicant visits the immigration office in Hungary to submit the biometrics and get a residence card. It is valid for 10 years, with the possibility of extending the permit for 10 more years.
We estimate that the whole process takes at least 6 months. The exact timeline will be revealed later, as the program has not launched yet.
How does Immigrant Invest help obtain the Hungary Golden Visa?
At Immigrant Invest, we offer comprehensive consulting services to guide our clients through every step of their journey towards a new life. Tailoring our approach to each individual’s objectives, we craft personalised plans and assist in selecting the most suitable investment options.
Throughout the Hungary Golden Visa application procedure, we streamline the document compilation process by furnishing a detailed list of requirements and managing translation, notarization, and secure document delivery. Leveraging our extensive network, we present a curated selection of verified properties, aiding clients in finding residences that align with their preferences.
Embark on your journey towards a new horizon with Immigrant Invest. Let us navigate the complexities of the Hungary Golden Visa process on your behalf, ensuring a smooth and hassle-free experience. Contact us today to discover how we can help you expand your opportunities and secure your future in Europe.
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