How to Convert the Hungarian Golden Visa into Permanent Residency

Before its termination in 2017, Hungary’s Golden Visa program was one of Europe’s most popular residency-by-investment options. Today, investors who participated in the program can still convert their temporary residence permits into permanent residency cards, unlocking long-term settlement benefits.

Overview of Hungary’s Golden Visa

Hungary’s Golden Visa program offered foreign investors the chance to obtain residency by purchasing government bonds worth €300,000, along with an additional processing fee of €60,000. This residency permit allowed freedom of movement within the Schengen Area, making it an attractive option for global investors.

Benefits of Permanent Residency in Hungary

• Freedom of Movement: Permanent residency allows you and your family to travel, live, and work across the 27 countries in the Schengen Area without needing a visa.
• Family Rights: Spouses and dependent children enjoy the same benefits.
• No Investment Retention Requirement: Once you obtain permanent residency, you are no longer required to maintain the initial government bond investment.

Eligibility Criteria for Conversion

To convert temporary residency into permanent residency, you need to meet the following requirements:

1. Residency Duration: You must have resided in Hungary for a minimum of three years.
2. Clean Legal Record: Applicants must provide proof of no criminal history.
3. Proof of Address: You need to present evidence of your residence in Hungary, such as a rental contract or property ownership documents.

How to Apply

1. Prepare Your Documents:
   Your application must include your current residence permit, passport, proof of address, and a certificate of no criminal record.
2. Submit Your Application:
   Applications are processed by the Hungarian Immigration and Citizenship Office (OIN).
3. Processing Time:
   The process usually takes between three and six months. Upon approval, you will receive your permanent residency card.

Conclusion

Converting your Hungarian Golden Visa into permanent residency offers significant long-term benefits for you and your family. This opportunity allows you to secure your settlement rights in Hungary and the Schengen Area while enjoying the freedom to travel and invest.

For those who participated in the program, this is the perfect time to act and take advantage of the benefits that come with permanent residency!