Hungary now offers a new opportunity for investors, the Hungarian Golden Visa.
The Hungarian State allows people from third countries to settle in Hungary by investing in real estate. A person who holds such a residence permit is entitled to pursue activities in the territory of the country as a self-employed person for remuneration or as a manager of a company, cooperative or other legal person established for gainful purposes, in accordance with the law. The guest investor residence permit and the related residence permit issued for the purpose of family cohabitation entitle the holder to work for or under the direction of another person based on his/her employment relationship for consideration, and the third-country national is entitled to work in Hungary without restriction.
The validity of the guest investor permit is 10 years, renewable for up to 10 years for the same purpose only.
The conditions for obtaining a license are set out in Articles 16 and 17 of Act CX of 2023, which are the most important for investment:
- having a valid travel document;
- acquisition of investment units of at least EUR 250.000 issued by a real estate fund registered by the Hungarian National Bank;
- the acquisition of ownership of a residential property with a value of at least EUR 500.000, situated in the geographical territory of Hungary and registered in the Land Register under its parcel number, free of legal title, encumbrances and claims;
- making a financial donation of at least EUR 1.000.000 to a higher education institution maintained by a public trust with a public-service mission, for the purpose of supporting creative activities in the fields of education, scientific research, or the arts.
When applying for the issue of a residence permit for foreign investors, the third-country national must notify the aliens’ registration authority within three months of entering the territory of Hungary that he has fulfilled his payment obligation. A third-country national who chooses to invest in a real estate fund must have held an investment certificate issued by a real estate fund complying with the legislation for at least five years. For a period of 5 years from the date of conclusion of the sales contract, a prohibition on alienation and encumbrance shall be registered in the Land Register and the property shall be owned exclusively for a period of 5 years by the third-country national or by the third-country national and one or more family members of the third-country national who submitted the application for a residence permit.
This is a great opportunity for individuals and families with capital to live in Hungary. The country offers excellent property investment opportunities, which can result in high passive income for owners. It is highly recommended that you use a law firm for this procedure, to ensure that the process of obtaining a residence permit (golden visa) for the investment is smooth and can be completed in a short time.
Our office is at your disposal to assist you in obtaining this permanent residence permit, as well as finding the perfect real estate and concluding the sale and purchase contract for the property.
