In November 2023, the Hungarian government published a law on the entry and residence of third-country nationals. The law introduces various new residence permits and visa categories, with a new category of investment residence law being highlighted. The government has created a permit specifically for visiting investors, effectively providing a paid residency option for non-EU investors.
The law sets out in detail the conditions and obligations for visiting investors. Visas and residence permits have been created by the Hungarian government for guest investors, which can be granted to third country nationals whose entry and residence in Hungary is of national economic interest.
The following 3 conditions must be fulfilled in order to obtain a Golden Visa (visiting investors residence permit):
- The investor must be in possession of a valid Visiting Investor Visa.
- The investor must satisfy one of the 3 national economic interests defined in the law.
- The investor must meet the other conditions set out in the law, including holding a unit certificate issued by the real estate fund.
One of the listed national economic interests must be fulfilled by the investor in order to obtain the Golden Visa:
- Acquisition of investment units of at least EUR 250 000 issued by a real estate fund registered by the Magyar Nemzeti Bank.
- Acquisition of ownership of a residential property of a value of at least EUR 500 000, situated in the geographical territory of Hungary and registered in the land register under its parcel number, free of any legal title, charges or claims.
- Making a financial donation of at least EUR 1 000 000 to a higher education institution maintained by a public trust with a public-service mission, for the purpose of supporting educational or scientific research or artistic creation.
The period of validity of the Golden Visa is up to ten years, and may be extended for a further ten years before expiry for the same purpose. During this period, the investor is required to provide regular proof that he has fulfilled his investment commitment.
The application process will be valid from 1 July 2024, after which it will be possible to apply for a Visitor Investor Visa and start the Golden Visa application process.
How can this benefit the citizens of embargoed countries?
Citizens of countries subject to international sanctions or embargoes may face additional checks or restrictions when applying for a Schengen Visa. However, if the third-country national is in possession of a Schengen Visa (e.g. a short-stay visa), he or she may normally stay in the Schengen area for a maximum of 90 days within a period of 180 days.
However, with a Golden Visa (visiting investors residence permit), this fact changes. As long as the Golden Visa is valid (10 years, which can be extended for another 10 years), the citizen of an embargoed country can stay and move freely within the territory of Hungary and the Schengen countries.
Company Express team will assist its clients with all the legal and administrative tasks involved in obtaining a Golden Visa. For more information, please contact us.