Hungary Residency by Investment 2024: Your Gateway to Europe

What Are the Investment Options in 2024?

As of July 1, 2024, Hungary’s Residency by Investment program offers two main investment routes, tailored to different types of investors:

Real Estate Fund Investment

Amount: €250,000
Duration: Minimum of 5 years
For those who prefer a simplified investment, you can invest in a designated real estate fund. This managed fund option is perfect for investors seeking a stable return without the responsibilities of owning physical property.

Donation to Higher Education

Amount: €1 million (non-refundable)
Aimed at supporting Hungary’s scientific research and artistic activities, this route involves a non-refundable donation to a Hungarian higher education institution. While the contribution is substantial, this option provides a straightforward path to residency for those willing to support educational development.

A Third Option Coming Soon in 2025: Residential Real Estate Purchase

Exciting news for real estate enthusiasts! Starting January 1, 2025, an additional investment route will be available:

• Residential Real Estate Purchase
  Minimum Value: €500,000
  This option allows you to invest in residential property in Hungary, with the opportunity to own a physical asset while gaining residency. It's ideal for those who wish to participate in Hungary's booming real estate market and secure a European foothold.

This option is perfect for those who envision themselves owning a tangible piece of Europe, participating in Hungary's real estate market, and establishing a more permanent presence. 

Benefits of the Hungarian Golden Visa

Obtaining a Hungary Golden Visa comes with numerous advantages that make it one of the most attractive residency programs in Europe:

• 10+10 Year Residency Permit: The permit is valid for 10 years and is renewable once, offering long-term stability for you and your family.
• Schengen Area Access: As a Hungarian resident, you have the freedom to travel across the Schengen Area for up to 90 days within any 180-day period.
• Family Inclusion: The program allows your spouse, minor children, and dependent parents to be included in your application, granting them residency permits as well.
• No Minimum Stay Requirement: One of the most flexible programs, Hungary does not require you to maintain a physical presence in the country to retain your residency status.
• High Quality of Life: Hungary is known for its vibrant culture, rich history, stunning landscapes, and an affordable cost of living compared to other European countries.

Potential Challanges of the Golden Visa Program

While the Hungary Residency by Investment program offers many advantages, it's essential to consider the potential challenges:

Financial:

• High investment threshold: The minimum investment amounts (€250,000 for funds, €500,000 for residential real estates and €1 million for donation) are significant and may be out of reach for many individuals.
• No guarantee of return: While the real estate fund option offers a potential return, it's not guaranteed, and investors could lose money.
• Additional costs: Beyond the initial investment, there are additional costs associated with the program, such as application fees, legal fees, and potential taxes.

Program-specific:

• Limited investment options: Currently, the options are limited to real estate funds and donations. While the real estate purchase option is coming in 2025, the choice is still relatively restricted compared to other Golden Visa programs.
• No path to citizenship: The program offers residency but doesn't provide a direct path to Hungarian citizenship. Obtaining citizenship requires meeting additional requirements and going through a separate process.

Living in Hungary:

• Language barrier: While English is spoken in Budapest areas, learning Hungarian is essential for country life and integration.
• Cultural differences: Adapting to a new culture is always challenging, even in a welcoming country like Hungary.
• Limited job opportunities: While the program allows you to work in Hungary, the job market outside of Budapest may be competitive when it comes to English-only jobs.

How to Apply for the Hungary Residency by Investment Program

We couldn't dissuade you? Excellent! Let's follow with the 3-4 months application process.

The application process involves a few key steps to ensure a smooth transition to Hungarian residency:

1. Select Your Investment Option: Decide whether a real estate fund, donation to higher education, or the upcoming real estate purchase aligns best with your goals.
2. Collect Necessary Documents: Gather all required documents, such as proof of investment, personal identification, and any relevant financial statements.
3. We'll Help You Submit Your Application: Learn More About Our Services!
4. Receive Your Residency Permit: Once your application is approved, you will receive your Guest Investor Residence Permit and can start enjoying the benefits.

Life in Hungary As a Visa Holder

Whether you're here for work, studies, or family, a new chapter of your life is about to begin. But what's it really like living in Hungary as a visa holder? Hungary offers a unique blend of history, culture, and modern amenities: just think of the famous Budapest Christmas Market, summer festivals like Sziget, or the charm of smaller towns like Eger during wine harvest season. 

While English is widely spoken in Budapest's central areas, it's beneficial to learn basic Hungarian phrases for smoother interactions in governmental offices and daily transactions.

Here are some other tips for you:

• Accommodation: Finding suitable housing is a top priority. Options range from shared apartments to private rentals, depending on your budget and preferences.
• Transportation: Hungary boasts an efficient public transportation system, making it easy to get around cities and towns. Consider investing in a monthly pass for cost-effective travel.
• Healthcare: Ensure you have adequate health insurance coverage. While Hungary has a public healthcare system, private options are also available.
• Banking: Opening a local bank account will simplify daily transactions and managing your finances.
• Build a Community: One of the keys to a fulfilling experience in Hungary is building a strong support network. Connect with fellow expats, join local clubs or organizations, and make an effort to engage with Hungarians. You'll find that most people are warm and welcoming, eager to share their culture and help you feel at home.

Conclusion

The revived Hungary Residency by Investment program offers a compelling opportunity for non-EU citizens seeking a European foothold. With its long-term residency permit, Schengen Area access, and relatively affordable investment options, it's no surprise that Hungary is attracting attention from investors worldwide.

However, it's crucial to approach this program with a realistic understanding of both its benefits and potential challenges. Consider your financial capacity, long-term goals, and willingness to adapt to a new culture before making a decision.

Ready to explore your options?

Our team of experienced immigration lawyers can guide you through the process, from selecting the right investment option to navigating the application procedures. Contact us today for a personalized consultation and take the first step towards your Hungarian residency.