Hungary has reintroduced its Golden Visa Program, now called the Guest Investor Program (GIP), effective from July 1. This program, which was discontinued in March 2017, allows wealthy nationals from countries outside the European Union (EU) and European Economic Area (EEA) to acquire residency in Hungary.
The Hungarian Government confirmed the program’s relaunch by the end of 2023.
Investment Options for Hungary’s Golden Visa
Under the GIP, foreign nationals can secure residency through three investment options:
- Purchase a real estate fund unit for at least €250,000.
- Purchase residential property worth €500,000.
- Make a donation of at least €1,000,000 to a higher educational institution in Hungary.
This reintroduction stands out as other countries, like Spain and Portugal, have stopped offering residency through real estate investment due to housing crises.
Eligibility and Process
To be eligible for the Golden Visa, applicants must:
- Be non-EU and non-EEA nationals
- Be over 18
- Have a clean police record
- Possess a legitimate source of income
The program grants visa-free travel access to all EU countries and extends residence permits to the investor’s spouse, minor children, and parents.
Applicants must:
- Hire an agent to assist with the process.
- Select an investment option.
- Apply for a Golden Visa to enter Hungary.
- Meet the investment requirements.
- Apply for residency and submit biometrics.
If all conditions are met, residency permit cards will be issued by mail or in person.
Updates to Hungary’s Immigration Law
Hungary’s new immigration law, effective March 1, introduced significant changes, expanding the number of residence permits from 18 to 24, with eight specifically for employment purposes. The flexible “residence permit for other purposes” category has been abolished.
Key updates include:
- Separate work permits for highly skilled and low-skilled guest workers
- A new permit for investors
The new law imposed stricter conditions on third-country nationals (TCNs). However, its implementation has been delayed as the necessary executive decrees and detailed provisions are yet to be announced. Consequently, new applications from TCNs are suspended, except for those involving residence permits of national interest approved by the minister.
Applications submitted before December 31, 2023, will follow the old rules, but decisions will not be made before March 1, 2024. Residence permits expiring between January 1, 2024, and February 29, 2024, will be automatically extended until April 30, 2024.
The guest worker residence permit has specific restrictions, being granted only to individuals employed by designated employers, from specified countries, and in certain occupations. These permits can be extended up to a maximum of three years, after which a new application is required. Guest workers are not eligible for permanent residence or family reunification.
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