In a groundbreaking initiative, the Hungarian government has unveiled an extensive 255-page legislative proposal, signaling a comprehensive overhaul of the country’s immigration regulations. This ambitious move introduces innovative residency permits and visa categories, notably the “Golden Visa” or “investment residency.” Geared towards attracting foreign investors from non-European Union (EU) countries, this initiative aligns with Hungary’s vision for economic growth.
Additionally, a unique facet introduced is the concept of “guest self-employment,” adding a dynamic dimension to Hungary’s immigration landscape. While the legislation is currently in the proposal stage, subject to potential changes, this article explores the key aspects outlined in the proposed legislation.
A standout feature of the legislative proposal is the introduction of the “investment residency” or “Golden Visa” category, offering a strategic pathway for foreign investors. This includes the creation of investment visas and residency permits for third-country nationals, aligning with Hungary’s national economic interests.
To qualify for residency, investors must meet specific conditions:
1. Possession of a valid investment visa.
2. Entry and stay based on national economic interests.
3. Compliance with other conditions, such as ownership of real estate fund units.
The paid option involves considering the acquisition of units of real estate investment funds, valued at a minimum of 250,000 euros, or direct ownership of at least 500,000 euros in registered Hungarian real estate. The initial validity of the investment residency permit is up to ten years, extendable for an additional ten years, with regular demonstrations of investment commitment fulfillment. Stringent restrictions on property disposition for five years underscore the government’s commitment to securing a long-term commitment from investors.
As individuals contemplate this transformative opportunity, expert guidance from Beyond Global Partners, a leading consultancy firm specializing in citizenship by investment and residency by investment programs, can illuminate the intricate process.
Diversifying residency options, the proposed legislation introduces “guest self-employment,” enabling third-country nationals to engage in entrepreneurial activities under specific conditions.
Two scenarios for guest self-employment include:
1. Independent economic activity for remuneration.
2. Acting as a leading officer of a business entity with a profit-oriented purpose.
Eligibility for residency based on the second scenario is restricted to individuals holding leadership roles and membership in the business entity. Beyond Global Partners, with its wealth of expertise, stands ready to guide potential investors through the intricacies of this option, ensuring a seamless and successful application process.
The initial validity of the guest self-employment residency permit is one year, extendable for up to two years exclusively for guest self-employment purposes. Beyond the three-year maximum duration, the residency permit cannot be renewed. For investors seeking continuity in their entrepreneurial endeavors, Beyond Global Partners offers strategic advice on meeting reporting obligations and navigating the renewal process.
Your Smart Path to Europe
Hungary’s proposed immigration legislation stands as a bold endeavor to attract foreign investment and talent. The introduction of the Golden Visa initiative and the guest self-employment category underscores the government’s commitment to fostering economic growth and innovation. As this legislative proposal progresses, stakeholders and potential investors are encouraged to stay informed with expert advice from Beyond Global Partners. With a focus on client needs, Beyond Global Partners ensures a smooth journey toward the vast opportunities that Hungary’s immigration initiatives offer.