Hungary is set to relaunch its Golden Visa Program under the new name of Guest Investor Program (GIP) starting on July 1, 2024. This program, which was previously discontinued in March 2017, will allow non-EU/EEA nationals to obtain residency through significant financial investments, offer visa-free travel across the EU, and extend permits to family members.
Investment Options
Under the GIP, applicants have three investment options:
- Purchase a real estate fund unit for at least EUR 250,000.
- Purchase residential property worth EUR 500,000.
- Donate at least EUR 1 million to a higher educational institution in Hungary.
This reintroduction is noteworthy as other countries like Spain have discontinued similar residency programs due to housing crises.
Eligibility and Process
To qualify for the GIP, applicants must be non-EU and non-EEA nationals over 18 years old, have a clean police record, and possess a legitimate source of income. The process involves:
- Hiring an agent.
- Selecting an investment option.
- Applying for a Guest Investor Visa to enter Hungary.
- Meeting the investment requirements.
After completing these steps, applicants must apply for residency and submit biometrics. Successful applicants will receive residency permit cards by mail or in person.
Hungary’s Golden Visa to GIP: Key Legislative Changes
Recent amendments to the legislation, effective from May 11, 2024, have introduced several critical changes to the program:
- Guest Investor Visa Amendments: The entry timeframe for visa holders has been reduced from two years to six months, requiring quicker commitment from investors.
- Real Estate Investment Amendments: Residential properties can only be acquired starting January 1, 2025. Until then, investors can only participate through real estate fund units or donations.
- Fund Investment Amendments: Only real estate fund managers who pass a national security screening and register with the Constitution Protection Office can participate. This ensures that reputable entities manage investments.
Navigating Hungary’s Golden Visa Investment Paths
Apex Capital Partners is well-positioned to help investors navigate the complexities of Hungary’s Guest Investor Program. With over three decades of experience, our investment migration experts ensure investors receive tailored advice and support, maximizing their benefits while minimizing risks.
By partnering with Apex Capital Partners, investors can confidently explore Hungary’s Golden Visa (GIP), ensuring compliance with the latest legislative changes and leveraging expert insights to make informed investment decisions. This program not only offers a pathway to residence in Hungary but also presents a strategic opportunity to diversify and protect assets in a stable European market.
