Hungary

Hungary, a Central European country within the EU and Schengen Area, recently declared its intention to revive its golden visa program, previously discontinued in 2017.

A government draft bill, presenting the golden visa alongside alternative avenues for skilled foreign labor, has been submitted to parliament for consideration and voting. The final version is anticipated to be ratified by the end of the year.

The specifics of the golden visa regulations remain somewhat unclear, as noted by industry experts. Nevertheless, parliament is on track to finalize the details by the conclusion of 2023, paving the way for potential investors to access the golden visa starting in September 2024.

The initial termination of the program occurred after an individual under sanctions managed to acquire a golden visa. The revelation prompted authorities to swiftly terminate the program, citing concerns about potential security breaches.

What criteria must be met for Hungary’s new golden visa?

According to the draft bill, foreigners aspiring to obtain Hungary’s golden visa must make investments ranging from €250,000 to €1 million.

For those preferring the real estate route, a popular choice among foreigners, a minimum investment of €500,000 in residential property is required. Notably, industrial and commercial properties do not qualify as eligible investments.

The minimum qualifying amount for the golden visa is €250,000, enabling investors to secure the visa by purchasing bonds in Hungarian real estate funds. These funds will only be available through designated real estate agencies, although the government has yet to make an official announcement.

Alternatively, investors have the option to contribute €1 million to projects of public interest for Hungarians. This can be channeled through designated asset management foundations.

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