Starting from July 1, individuals from affluent backgrounds hailing from countries outside the European Union and European Economic Area will have the opportunity to obtain residency in Hungary through the relaunch of the Golden Visa Program, now dubbed the Guest Investor Program (GIP).
According to Schengen.News, the revival of this initiative, previously discontinued in March 2017, follows the Hungarian Government’s endorsement at the close of 2023.
Under the Hungarian Golden Visa Program, foreign nationals can pursue residency through three investment avenues:
1. Investing in a real estate fund unit valued at a minimum of €250,000.
2. Purchasing residential property worth €500,000.
3. Making a donation of no less than €1,000,000 to a higher educational institution within Hungary.
While Hungary’s Golden Visa Program provides a pathway to residency via real estate investment, similar options have been phased out in other countries’ Golden Visa Programs, such as those in Spain and Portugal, due to housing concerns.
Eligibility criteria for Hungary’s Golden Visa Program extend beyond nationality, requiring applicants to be over 18, possess a clean criminal record, and demonstrate a legitimate source of income.
By obtaining residency through the GIP, individuals gain visa-free access to all EU countries. Moreover, residency permits are extended to the investor’s spouse, minor children, and parents.
Prospective investors must engage an agent to navigate the application process and select an investment option. They are then required to apply for a Golden Visa, fulfill investment criteria upon arrival in Hungary, apply for residency, and undergo biometric procedures. Upon meeting all conditions, approval for residence permit cards is granted either by mail or in person.
From January 1, 2013, to March 31, 2017, Hungary’s Golden Visa Program attracted €1.4 billion in investments, as per data from the European Commission analyzing citizenship and residency programs across EU Member States. During this period, 4,794 residence permits were issued through the program.
Despite these figures, the program was discontinued in 2017, with critics contending it yielded no economic benefits for Hungary.
The framework for the Golden Visa Program was initially introduced by the Hungarian government in November 2023 through a draft bill.
