The Hungarian Government has updated the requirements for the Hungary residence permit for guest investors, better known as a golden visa program. These new regulations, effective immediately, raise the threshold for the minimum required financial investment in Hungary. Here is what you need to know about the new requirements and what that will mean for potential investors.
New Requirements for Investment
According to the newest regulations, the minimum investment amounts for the residence permit of a guest investor have been increased as follows:
Investment Fund Shares: Applicants have to invest at least EUR 250,000 (USD 272,170) in shares of a real estate fund registered with the Hungarian National Bank. This is a manifold increase over previous requirements.
Financial Donations: The new threshold for this minimum donation has been increased to EUR 1 million. This donation shall be made to a university or higher education institution that shall be utilised in promoting scientific research or in the arts.
Residence Permit Benefits and Duration
The residence permit of the guest investor comes with a great number of benefits:
Duration: Up to 10 years, while business authorization is provided for as long as a one-time renewal option.
Travel: It allows for entry into the Schengen Area for stays of up to 90 days in any 180-day period.
Other Requirements
Validity of Visa: The maximum validity of the visa for guest investors is six months.
Buying Property Option: This investment option remains the purchase of residential property of at least EUR 500,000, but this option shall expire on January 1, 2025.
Historical Background
It is the replica of the initial golden visa programme that ran until 2017 and granted dependent residence permits with work authorization to certain family members of the principal applicant. The decision by the Hungarian government to revive this programme and update it intends to attract more foreign investment and stimulate the economy.
What This Means for You
In case one is thinking of obtaining the guest investor residence permit, these new requirements and deadlines are worth keeping in mind. The heightened financial thresholds reflect Hungary’s commitment to attracting only serious investors who are capable of contributing substantially to its economy.
