Hungary is set to reintroduce its Golden Visa program on July 1, 2024, known as the Guest Investor Program (GIP). As other European countries phase out their Golden Visa schemes, Hungary is bucking the trend, offering a compelling opportunity for investors seeking residency in the European Union. This article delves into the history, application process, implications, and benefits of Hungary’s newly revived Golden Visa program.

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History of Hungary's Golden Visa Program

Hungary's original Golden Visa program was terminated in 2017 due to concerns about its impact and regulatory scrutiny. However, recognizing the economic benefits and growing demand for investment-based residency, Hungary has decided to reintroduce the program with new, more stringent guidelines to ensure transparency and security.

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New Hungarian Golden Visa Program in 2024

The new Hungarian Golden Visa, or Guest Investor Program, offers long-term residency permits with a ten-year validity period. Investors can renew the permit indefinitely, and it also provides a pathway to permanent residency after five years of full-time residence in Hungary.

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Investment Options

Investors have three avenues to qualify for the Golden Visa:

1. Real Estate Investment Fund: Minimum investment of €250,000.
2. Residential Property Purchase: Minimum investment of €500,000.
3. Educational Donation: Non-refundable donation of at least €1 million to a Hungarian higher education institution.

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Application Process for Hungary’s Golden Visa

Step 1: Gather Required Documents

• Application Form: Completed and signed.
• Passport: Valid for at least 14 months.
• Proof of Funds: Bank statements or financial documents proving the ability to meet the investment requirement.
• Criminal Record Check: Certified document showing a clean criminal history.
• Health Insurance: Proof of health or travel insurance coverage for the duration of stay.
• Additional Documents: Depending on the chosen investment route, such as property deeds or donation receipts.

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Step 2: Submit Application

Submit your application and supporting documents to the Hungarian immigration authorities. The application process is streamlined to ensure efficiency and transparency.

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Step 3: Wait for Approval

Approval from Hungarian authorities typically takes up to 90 days. Once approved, investors can proceed with their chosen investment within a specified timeframe.

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Benefits of Hungary Golden Visa Program in 2024

The reintroduced Hungarian Golden Visa offers numerous benefits:

1. Long-Term Residency: A ten-year residency permit that can be renewed indefinitely.
2. Pathway to Permanent Residency: Option to upgrade to permanent residency after five years of continuous residence.
3. Family Inclusion: The ability to include spouses, children under 18, and parents over 65 in the application.
4. Visa-Free Travel: Access to the Schengen Zone for visa-free travel.
5. No Minimum Stay Requirements: Flexibility to live outside Hungary without affecting residency status.
6. No Tax Obligations for Non-Residents: Investors who do not reside in Hungary full-time are not subject to Hungarian taxes.

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Implications and Considerations

Investing in Hungary’s Golden Visa program requires careful consideration of financial and personal goals. It’s essential to understand that the program does not directly grant citizenship but provides a clear path to permanent residency and potential citizenship after meeting specific criteria.

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Hungary Citizenship: What You Need to Know

While the Golden Visa program itself does not offer a direct route to citizenship, it lays the groundwork for eventual naturalization. After eight years of residency (temporary or permanent), applicants may apply for Hungarian citizenship, provided they pass a language proficiency test and meet other legal requirements.