Residency Permit : Hungary Introduces Guest-Investor Program

Discover Hungary’s Golden Visa Program – Invest in real estate or donate for a 10-year residency permit. Learn about the benefits and concerns.

Hungary is starting a new program called the “Guest-Investor Program.”

It allows people to get a 10-year permit to live in Hungary if they invest in local property funds or Hungarian real estate.

To qualify, you need to invest at least €250,000 ($271,000) in property funds or €500,000 in Hungarian real estate.

This program is a way for Hungary to attract investors and let them stay in the European Union for a long time.

They had a similar program before, but they closed it six years ago because there were worries about corruption and security issues.

The old program gave residency and the ability to travel freely in the EU to people who bought €300,000 worth of government bonds.

Many people from China and Russia moved to Hungary because of it.

Hungary’s new Guest-Investor Program, also known as the Golden Visa Program, is aimed at addressing concerns by making the vetting process stricter and limiting the number of visas granted each year.

The government also hopes to attract investment to Hungary’s growing economy, especially in the battery manufacturing sector, which needs around 500,000 new workers to meet the increasing demand.

Here are the program details:

Investment Requirements:

• You can put €250,000 into local property funds.
• Another choice is to invest €500,000 in real estate in Hungary.
• Alternatively, you can donate €1 million to specific educational or cultural institutions.

Residency Permit:

• Investors and their family members can obtain a residency permit that can be renewed every 10 years.
• There is no need to stay in Hungary for a minimum amount of time.

Benefits

• You can travel freely without a visa within the Schengen zone.
• You and your family can access education and healthcare services in Hungary.
• You have the right to work in Hungary.

However, the Golden Visa program has received criticism for causing housing problems and increasing property prices in other European countries. Portugal and Ireland have even stopped their similar programs because of these concerns.

In Hungary, political parties that oppose the government have criticized the program. They argue that it contradicts Prime Minister Viktor Orban’s anti-immigration position.

Orban defends the program by stating that it is part of his efforts to attract investment and boost the economy.

Despite the criticism, the government is optimistic about the program’s potential to attract investors and stimulate economic growth. It is expected to begin in early 2024.

visit here to Apply: https://immigration-portal.ec.europa.eu/hungary-highly-qualified-worker_en

for more info do follow / piggybank.ng

Register for regular updates