Did you know that Hungary still offers a Golden Visa programme? Up until 2017, Hungary offered a Residency by Government Bond Investment programme. However, when this programme was closed, Hungary quickly faded from the international investment radar as many investors turned their attention to other EU Golden Visa programmes in countries like Portugal and Greece. Unbeknown to many, Hungary quietly continued to provide a pathway to residency through investment, albeit through an alternative route involving a combination of real estate purchase and government fees. This alternative route, though not as publicised as the previous programme, offers an opportunity for investors to secure residency in Hungary, a country known for its rich history, culture, and strategic location within the European Union.
Hungary Golden Visa Investment Requirements:
- Fees & Costs: To participate in the programme, applicants must be aware of the associated fees and costs. These include a €30,000 Government Administrative Processing Fee, plus a €30,000 Application & Processing Fee, which applies to both single and family applications, regardless of the number of applicants. Additionally, there is a €500 fee for translation and notary costs. In total, these fees amount to €60,500.
- Real Estate Investment: In addition to the above fees, the primary applicant is required to purchase a property in Hungary with a minimum value of 54 million Hungarian Forint (HUF), which is approximately €140,000. Notably, it is a unique option as it is the only EU program that allows investors to complete the real estate purchase once their residency visa application has been approved and issued. This property acquisition should be completed within 90 days following the issuance of the residence permit, as non-compliance with this requirement may result in the revocation of the applicant’s residence status.
With the total investment outlay sitting at just over €200,000, Hungary’s residency by investment programme is a more affordable than Greece, Portugal and Spain. Another huge advantage of Hungary’s Golden Visa Programme is the fast processing time, which is currently around 4-8 weeks only.
Advantages of Hungarian Residency:
While Hungary might not have the same level of recognition as some other EU countries, it offers unique advantages to investors who choose this path. These advantages include:
- EU Access: Residency in Hungary provides access to the European Union, allowing individuals and their families to enjoy the benefits of living, working, and studying in an EU member state.
- Cultural Riches: Hungary boasts a rich cultural heritage, with its capital, Budapest, often referred to as the “Paris of the East.” Its historical landmarks, thermal baths, and vibrant cultural scene make it an appealing place to live.
- Strategic Location: Hungary’s location in Central Europe makes it an excellent base for business and travel within the EU. It shares borders with Austria, Slovakia, Romania, Serbia, Croatia and Slovenia, offering numerous opportunities for trade and travel.
- Stable Economy: Hungary’s economy has shown resilience and stability in recent years, making it an attractive destination for investors.
While Hungary’s Golden Visa programme may be lesser-known, it is a viable option for those seeking EU residency through real estate investment and government fees. As Hungary gradually regains its appeal among international investors, it’s essential to stay informed about the latest programme requirements and regulations to take full advantage of this opportunity.
In conclusion, Hungary’s current Golden Visa programme may not be as famous as its predecessor, but it still provides a pathway to European Union residency for investors willing to explore this lesser-known opportunity. The programme’s combination of real estate investment and government fees offers a chance to experience the rich culture and economic stability that Hungary has to offer, all while gaining access to the broader European Union community. For more details on this options, please get in touch with one of La Vida’s expert advisors.
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