Hungary is set to revive its “Golden Visa” program, offering a residency permit to those investing significantly in the country’s real estate market. The new “guest investor program,” proposed by Prime Minister Viktor Orbán’s government, allows individuals to apply for a renewable 10-year residency permit in Hungary if they invest at least EUR 250,000 in local property funds or EUR 500,000 in Hungarian real estate. Additionally, donations of at least EUR 1 million to designated public trusts overseeing universities will qualify for the residency permit.
This initiative comes six years after Hungary discontinued a similar program in 2017, which granted residency and unrestricted travel within the EU to individuals purchasing EUR 300,000 of government bonds. The previous program generated EUR 1.4 billion from 2013 to 2017, resulting in 3,649 approved temporary residence permits based on data from the EU Commission on investor residence programs.
During the period from 2013 to 2017, Hungarian authorities received a total of 6,621 residence requests from investors. Of these, 4,794 applicants were granted permanent residence permits, while 1,827 applications were either rejected or denied. The initial program drew attention due to a notable influx of migrants from China and Russia. Ultimately, concerns about alleged corruption and insufficient applicant vetting, potentially enabling the entry of spies into the EU, led to its closure.
As Hungary opens its doors once again to international investors, this renewed initiative is set to redefine the landscape of residency options in the European Union. This new regulation is expected to be implemented around September 2024. Stay informed about the latest developments by getting in touch with us. Beyond Global Partners is dedicated to providing you with comprehensive insights and guidance on navigating the changes in Hungary’s residency regulations. As your trusted partner in this journey, we are committed to ensuring that you make informed decisions and seize the opportunities presented by Hungary’s Golden Visa Program.
