Are you considering investing in property abroad? Hungary, with its rich history, vibrant culture, and growing economy, offers a promising opportunity for foreign investors. At Beyond Global Partners, we understand the complexities of international real estate transactions, especially in Hungary. Led by our expert, Ms. Nora Gomori, our Budapest office is dedicated to providing valuable insights and guidance to individuals interested in purchasing property and securing residency in Hungary.
Foreign citizens often wonder about the regulations surrounding property ownership in Hungary. Generally, non-Hungarian citizens have the freedom to buy property, with exceptions such as agricultural land. However, the requirements vary based on nationality and circumstances.
For citizens of European Union Member States, European Economic Area (EEA) Member States, Switzerland, and dual citizens (if one citizenship is Hungarian or EU), no special permit is required to purchase real estate in Hungary. Similarly, inheritance cases do not necessitate government permission.
On the other hand, nationals of third countries not covered by these exceptions must obtain a permit from a government office to acquire real estate. Regardless of residency status in Hungary, foreign natural persons who are not citizens of the aforementioned countries need a government permit for property acquisition.
The application process incurs a fee of HUF 50,000 per property. However, certain individuals, such as those with the right of free movement and residence or those with settled status initiating Hungarian citizenship acquisition, qualify for a reduced fee of HUF 10,000 for residential property.
Navigating the application process can be daunting, but our experienced team at Beyond Global Partners is here to assist you every step of the way. The procedure typically takes between 45 and 90 days, so it is crucial to consider this timeframe when planning your property purchase.
When applying for a permit, ensure you have all the necessary documents ready, including the preliminary purchase agreement, a certified title deed, power of attorney if applicable, and a clean criminal record certificate. Minors may require a translated birth certificate, and all applicants must provide a valid travel document or means of identification.
It’s important to note that even UK citizens post-Brexit are not exempt from the requirement to obtain a license for property acquisitions in Hungary.
Looking ahead, changes in regulations are expected with Act XC of 2023 on the General Rules for the Entry and Residence of Third-Country Nationals. This includes provisions for a residence permit for third-country nationals purchasing real estate up to EUR 500,000. These individuals will need to prove the property purchase via an electronic aliens’ registration platform within three months of entering Hungary if applying for a residence permit.
In light of these developments, we invite all interested individuals to visit our Budapest office and explore the opportunities available for property investment and acquisition. Whether you’re a seasoned investor or a first-time buyer, our team is ready to assist you in achieving your investment goals and navigating the intricacies of real estate transactions in Hungary.
Contact us today to schedule a visit or inquire further about our services. At Beyond Global Partners, we’re committed to helping you make informed decisions and turn your property ownership and residency dreams in Hungary into reality.
