It is a golden opportunity for investors willing to relocate to a European country with the launch of Hungary’s New Golden Visa policy. This new policy avails the investors with a residency permit that is valid for 10 years by investing a minimum of €250k. This new visa policy is also termed as Hungarian Guest Investor Program.
How does Hungary Golden Visa Policy facilitate the investors?
Hungary Golden Visa is a boon for the investors who tend to expand their business in the European country. It provides a residential permit against the investment of a minimum of €250k and also allows the applicant to reside in Hungary.
Before this revised policy, the investors were able to purchase real estate in Hungary to get a resident visa, but the amendments were made in 2023. In the updated policy, the investor can apply for a long-term residence permit having a validity of 10 years which can be renewed in the future. It is also feasible to upgrade the permit and become a permanent Hungarian resident by living in the country for a continuous period of 5 years.
This visa policy differs from the citizenship-through-investment program. It is a bit different from the visa policies of other European countries. It is highly recommended to analyze the goal prior to application for Hungary Golden Visa Policy. It is not necessary to move to Hungary for the investors as it is designed for the people willing to widen their rights and gain the opportunity to avail the status of a resident in Europe without any added responsibilities.
What is the requirement for investors to keep in mind while applying for a Hungary Golden Visa?
The investor must be of 18+ years of age and a non-EU and non-EEA citizen. Moreover, it is a necessity to verify the credibility of income sources and ensure a particular amount of insurance coverage to withstand medical expenses.
- The minimum investment should be €250,000 in the real estate investment fund that is officially registered with the Hungarian National Bank.
- Buying real estate of a minimum value of €500,000.
- The final alternative is to donate an amount of €1million to a public trust organization.
It is important for the investor to be mindful of the other expenses such as legal, application, and processing fees if they are willing to avail of a Hungary Golden Visa in 2024. The amount will definitely vary with the number of family members that have applied for the visa and also with the investment route chosen.
Is it worth relocating to Hungary?
It is very beneficial to have a residence permit in Hungary, such as advanced European healthcare, high-level education, and a change of living style. Further, the investors who have stayed in the country for more than 11 years may have an added advantage to becoming a Hungarian citizen developing the bond with European nations.
An individual having a Hungary residence permit is free to travel in 27 Schengen states and also other particular European countries without any Visa hassle for 90-180 days. Hungary has a very favorable tax climate with a nominal tax rate of 15%, the least in the entire of Europe, and a moderate stamp duty of 4%.