Details of Hungary’s new Golden Visa Program launched on July 1, 2024

On July 1, 2024, Hungary will officially launch a new Golden Visa Program, called the Visitor Investment Program (GIP). It is an opportunity for high-income individuals from countries outside the European Union (EU) and the European Economic Area (EEA) to obtain residency in Hungary through investment options.

Benefits of the Hungarian Golden Visa Program

• Freedom of Residence and Movement: Hungarian Golden Visa holders are free to live, work, and study in any European Union (EU) country.
• Visa Waiver: Increase flexibility in the European Union with visa-free entry into the Schengen Area for 90 days within 180 days.
• Property Ownership: Hungarian Golden Visa holders can buy and own real estate in Hungary without any restrictions.
• Right to education: Children of Hungarian Golden Visa holders can study at prestigious universities and educational institutions in Europe with preferential tuition fees.
• Right to healthcare: Hungarian Golden Visa holders have access to Europe’s high-quality healthcare system.

Investment Options

• Purchase real estate fund units with a minimum value of €250,000.
• Purchase of residential property worth €500,000.
• Contribute at least €1,000,000 to a higher education institution in Hungary.

Eligibility for the Hungarian Golden Visa Program

• Participants must be over 18 years old, have a clean criminal record and have a legal source of income.
• The program also extends residency rights to the investor’s spouse, children and parents.

Hungary Golden Visa Program Process

• Investors must find an immigration consulting firm to assist in completing the process and choosing the right form of investment.
• Apply for a visa, enter and complete the investment requirement in Hungary. After submitting the application and biometric identification, the investor will receive a residence card by mail or in person.

Economic Impact

The previous program from 2013 to 2017 brought more than €1.4 billion to the Hungarian economy with 4,794 residence cards issued. However, the program was stopped because it did not bring economic benefits as expected. This time, Hungary expects the program to boost the economy and attract international investment again.

Conclude

Hungary’s new Golden Visa program is not only an attractive investment opportunity, but also offers long-term residency benefits and free movement benefits within the EU for investors and their families. This program promises to be an attractive investment option for global investors. To succeed and quickly obtain the new Hungarian Golden Visa, investors should look to a reputable immigration consulting company for advice, complete legal procedures and choose the right investment plan.