On November 15, 2023, the Hungarian government presented a draft law that includes a section on issuing an investment residence permit to non-EU citizens. It is obvious that Viktor Orban’s cabinet has decided through its own efforts to attract additional funds into the country, which the local economy so desperately needs after budget shortfall this year. New Hungarian Residency by Investment program aka the Guest Investor Program (GIP) will be implemented not sooner then 1st of September 2024. As it is pointed in the Section 278 of the draft bill. So, mind that Hungarian Parliament must discuss legislation then vote and document will go to the President’s office for promulgation. And only after that become official.
The bill consists of many options, different residence permits and visas and one of them will be a Guest Investor Visa and permit for investors useful for the economic interest of Hungary.
Nevertheless, we already know the basic requirements for the wealthy applicants. Here they are:
€250,000
____
in a real estate fund listed by National bank of Hungary
or €500,000
____
in residential property
or €1M
____
in local education system (to so-called public trusts, which the government set up to oversee universities)
The GIP will award successful applicants with a “guest investor visa” valid for two years. During his period, they can obtain a ten-year residency permit. New Hungarian Residency, ten-year residence permit, is not a permanent residency and that may prove much better in taxation sense. Validity for 10 years and can be prolonged if the investment was proved to be properly done. Plus, there are other conditions yet to discover. APEX lawyers in Hungary are monitoring the situation, and we will definitely tell you more about the program as it develops.
Hungary shut down a similar program in 2017 for a number of different reasons, including a scandal involving a Syrian under US sanctions who received a residence permit. That one granted residency and unfettered travel in the EU to buyers of €300,000 of government bonds.
What can you apply for now if you are interested in Hungary, that is, a residence permit in the EU?
Buying or renting an apartment in Budapest can become the basis for applying for a Hungarian residence permit of the Other Purposes type for the whole family. There are certain requirements for stay, but registration can be started remotely.
Luxurious apartment apartment in a newly renovated building,one of the most beautiful in the fifth district of Budapest, €497,426.
Other Resident Permit options in Europe for investors
Such as in Greece. Greek permanent residence can be obtained for three generations of a family at once, including children under 21 years of age. And after the expiration date, while maintaining ownership of the property, you can apply for an extension of your Greece Golden Visa. The minimum investment to obtain a Greece Golden Visa is €250,000.
