It is the golden opportunity for the investors willing to relocate to a European country with the launch of Hungary Golden Visa policy. This new policy avails the investors with a residency permit that is valid for a period of 10 years by investing a minimum of €250k. This new visa policy is also termed as Hungarian Guest Investor Program.
How does Hungary Golden Visa Policy facilities the investors?
Hungary Golden Visa Policy is a boon for the investors who tend to expand their business in the European country. It provides residential permit in against to the investment of a minimum of €250k, and also allows the applicant to reside in Hungary.
Prior to this revised Hungary Golden Visa policy, the investors were able to purchase real estate in Hungary to get the resident visa, but the amendments were made in 2023. In the update policy, the investor can apply for a long-term residence permit having a validity of 10 years which can be renewed in future. It is also feasible to upgrade the permit and become a permanent Hungarian resident by living in the country for a continuous period of 5 years.
This visa policy differs from citizenship-through-investment program. It is a bit different from the visa policies of other European countries. It is highly recommended to analyse the goal prior to application for Hungary Golden Visa Policy. It is not necessary to move to Hungary for the investors as it is designed for the people willing to widen their rights and gain the opportunity to avail the status of a resident in Europe without any added responsibilities.
What is the requirement for investors to keep in mind while applying for Hungary Golden Visa Policy?
The investor must be of 18+ years of age and a non-EU and non-EEA citizen. Moreover, it is a necessity to verify the credibility of income source and ensure a particular amount of insurance coverage to withstand the medical expenses.
- The minimum investment should be of €250,000 in the real estate investment fund that is officially registered with the Hungarian National Bank.
- Buying real estate of a minimum value of €500,000.
- The final alternative is to donate an amount of €1million to a public trust organization.
It is important for the investor to be mindful of the other expenses such as legal, application and processing fees if they are willing to avail a Hungary Golden Visa in 2024. The amount will definitely vary with the number of family members that have applied for the visa and also with the investment route chosen.
Is it worth relocating to Hungary?
It is very beneficial of having a residence permit in Hungary, such as advanced European healthcare, high-level education, and a change of living style. Further, the investors who have stayed in the country for more than 11 years may have an added advantage to become a Hungarian citizen developing the bond with European nation.
An individual having a Hungary residence permit is free to travel in 27 Schengen states and also other particular European countries without any Visa hassle for a period of 90-180 days. Hungary has a very favorable tax climate with a nominal tax rate of 15%, the least in the entire Europe, and a moderate stamp duty of 4%.
