How to Convert the Hungarian Golden Visa into Permanent Residency

Before its official termination in 2017, Hungary’s Golden Visa program was one of the most attractive options for international investors seeking access to the Schengen Area. Now, those who participated in the program can convert their temporary residence permits into permanent residency cards, unlocking long-term settlement benefits.

Hungary Golden Visa: An Overview

The Hungarian Golden Visa program allowed foreign investors and their families to obtain residence permits by purchasing government bonds worth €300,000, along with a processing fee of €60,000. This permit granted freedom of movement within the Schengen Area, making Hungary a desirable destination.

Although the program has ended, investors can still take advantage of the opportunity to convert their residence permits into permanent residency, securing enhanced settlement rights in Hungary and Europe.

Benefits of Permanent Residency in Hungary

• Freedom of movement within Schengen: Permanent residency allows you and your family to live, work, and travel freely across 27 Schengen countries without needing a visa.
• Extended family benefits: Spouses and dependent children enjoy the same privileges.
• No requirement to maintain the initial investment: Once permanent residency is granted, you are no longer required to hold onto your original investment.

Eligibility for Permanent Residency

To qualify for the conversion, you must meet the following criteria:

1. Residency duration: You must have resided in Hungary for at least 3 years.
2. Clean criminal record: Applicants must have a clear legal background, free of any criminal convictions.
3. Proof of residence: You need to provide evidence of your address in Hungary, such as a rental agreement or property ownership documents.

Application Process for Conversion

1. Prepare documents: Include your current residence permit, passport, proof of residence, and clean criminal record certificate.
2. Submit your application: Applications should be submitted to the Hungarian Immigration and Citizenship Office (OIN).
3. Processing time: The process typically takes 3-6 months, after which your permanent residency card will be issued.

Conclusion

Converting your Hungarian Golden Visa into permanent residency offers significant practical benefits and is a vital step toward securing long-term settlement rights. With this opportunity, you can not only preserve your existing privileges but also expand your access to the Schengen Area, making travel and investment more convenient.

If you hold a Hungarian Golden Visa, now is the time to act and take full advantage of this conversion opportunity!