Among all the existing programs in Europe, the “Golden Visa” of Hungary (Hungary Guest Investor Program) and Greek Golden Visa in the second half of 2024 are attracting the most attention from investors. Firstly, due to the fairly low threshold for entering the program – from €250,000. Secondly, because Portugal (Portugal Golden Visa) and Cyprus (Cyprus Permanent Residence Permit) have partially lost investor confidence due to long processing times over the past couple of years. And, of course, Hungary created intrigue in the investment residence permit market, which still remains an intrigue.
What kind of program will this be? Who will be accepted and under what conditions? There are still more questions than answers.
In November 2024, the first authorized fund, SPRINT, for entering Hungary Guest Investor Program was announced, which became the starting point for the actual start of the program. The international company Apex Capital Partners received information directly about the conditions for accepting investors, and offers an overview of two Golden Visas.
Greek Golden Visa for investments in real estate
Well-functioning processing: a decision on a candidate’s application is made within a period of 3 weeks (APEX had such cases) to 5 months. APEX will also quickly organize an appointment to take biometrics in Greece to receive resident cards after receiving approval. These results can be achieved partly because APEX knows in which municipalities (biometrics do not have to be taken at the place of residence) the queue is shorter due to lower demand.
The option to purchase real estate from €250,000 is still in the program, but there are few properties that meet the criteria. APEX has such options and successful cases on them. Note that in August of 2024 the transition period to the new rules for accepting applications for a residence permit in Greece for the purchase of real estate ended.
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Serviced apartments in Athens
Fully furnished studios with all necessary appliances for long or short stays. The reconstructed building will also include a cinema hall, a fitness area, workspaces, and a 24-hour reception will operate. High transport accessibility — Moshato metro station is 75 m from the building. The project is scheduled for completion in the 4th quarter of 2025. The average studio size is 23 m2. For example, you can buy two units on the ground floor with a total area of 51.18 m2 for a total cost of €275,000. In this case, the annual rental income will be €11,000 (4%).
The investor and his family members receive permanent residence for 5 years with the possibility of extension. Application can include such dependents as spouse, children under 21 years of age, parents of the investor and your spouse in your application.
Hungary Guest Investor Program via real estate or investment fund
Despite the increased interest from potential participants, the program had not even started at the beginning of December 2024. Although in November the first investment fund for the program was authorized – SPRINT (Hungary Real Estate and Development Fund). Purchase of shares in the amount of €250,000. But the founders of this investment fund at the beginning of December 2024 are just beginning work on the processing scheme.
The option to purchase real estate starts on January 1, 2025, and the purchase and sale transaction must be completed no earlier than this date. Amount from €500,000. The real estate market here is small and everything will mostly be in the old stock.
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Real estate in Budapest
For example, an apartment with a fresh modern renovation of 100 m2 in the 6th arrondissement (center) will cost from €506,000. A well-renovated townhouse of 200 m2 in the quiet 12th arrondissement will cost from €711,000.
There are no restrictions on accepting applications from investors from any countries. However, the SPRINT fund announced that it does not accept citizens of Russia, Belarus, Ukraine, the USA and Israel as clients if the candidate does not have an alternative citizenship. Moreover, ALL family members, including dependents, must have second passports.
The investor receives permanent residence via Hungary Guest Investor Program for 10 years, and only after that starts the processing of the dependent members of his family, whom he indicated in the application. Note that children (unmarried) aged from 18 to 26 years will receive permanent residence permit of Hungary only for 3 years and will be able to extend permanent residence permit for another three years only if at that time they are still unmarried and financially dependent on the investor.
What to choose – a Hungarian Golden Visa or a Greek Golden Visa?
| Greek Golden Visa | Hungary Guest Investor | |
|---|---|---|
| Investment from €250,000 | Real estate | An investment fund share |
| Duration of residence permit | 5 years with the possibility of prolongation every 5 years if the investment remains | 10 years with the possibility of prolongation once for another 10 years |
| Family composition | Investor, spouse, children under 21 years of age (unmarried), investor's parents and/or spouse | Investor, spouse, children under 26 years of age (unmarried), investor's parents and/or spouse |
| Processing time | Well-debugged. Decision on application from 3 weeks (min) up to 5 months | The first fund was authorized in November. Processing in development |
| Having a bank account in the country of residence permit | Not needed | Needed |
| Investment income | Income from rental property | No |
| Remote processing | A visit is required to take biometrics when applying for a residence permit | Required to visit the country after obtaining a D visa |
Summary. At the moment, it is possible to obtain a residence permit in Greece according to a well-functioning program by purchasing real estate for €250,000 in ownership with the opportunity to receive income from it in euros. According to the residence permit of Hungary, the “Golden Visa”, there are a lot of expectations and hopes, although according to the facts known today, it will be more difficult and more expensive than Greece. Is it worth waiting for its real start to take a risk? Decide for yourself.
