A new immigration bill is being debated in the Hungarian parliament about relaunching the Hungarian golden visa program on 1 September 2024.
The draft bill suggested by the government plans to introduce a new golden visa option for wealthy investors (named the guest investor residence permit), with the final version expected to see the light within the year.
Should the law pass as currently worded, it would introduce a new Hungarian residency by investment program anointed the Guest Investor Program (GIP).
GIP is an entirely new program, different from the very popular Hungarian residency by investment program, suspended in 2017.
The draft law does not include in-depth details about investment restrictions under the GIP. It is not clear whether it will operate on an open market system or if the government will limit investment options, particularly real estate investments, such as in other programs like the Caribbean and Turkish CIPs or like Portugal’s Golden Visa in the past.
What are the requirements for Hungary’s new golden visa?
Foreigners should invest between €250,000 and €1 million to be eligible.
Real estate investment (usually the most popular investment option in the world) requires investing at least €500,000 in a residential property – industrial and commercial property aren’t qualifiable investments.
Investors who prefer to pay less for the golden visa may qualify by investing €250,000 in real property bonds issued by a real estate fund registered with the National Bank.
Applicants may also select to donate €1 million to public interest projects to Hungarians, channelled through designated asset management foundations.
The investor should keep the bonds or the property for at least 5 years. The applicant will receive a temporary residence permit valid for 10 years and renewable for another 10 years with no minimum stay in Hungary.
What are the benefits of Hungarian residence through investment?
The guest investor residence permit is valid for up to 10 years, contrasting to Portugal, Greece, and Latvia. Family members who base their application on the same investment also receive residence for 10 years.
Guest investors remain eligible for residency renewal as long as they maintain their investment.
Hungary has affordable real estate prices, which means investors will get higher value for money when investing in Hungary than in other, more expensive locations like Greece, Spain and Cyprus.
What should you do now?
If you are interested in this opportunity, do not wait too long.
Please contact us for the details and check your eligibility.