Saturday, June 15, 2024

Hungary Relaunches Golden Visa Scheme In July – Invest And Live In Europe

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Citizens from countries outside the European Union (EU) and European Economic Area (EEA) can now acquire residency in Hungary via the reintroduced Golden Visa Program, also called the Guest Investor Program. This scheme, offering three investment options, was relaunched by the Hungarian Government after being temporarily terminated in 2017. Unlike similar schemes in Spain and Portugal, Hungary’s Golden Visa permits international residency through real estate investment options.

Hungary’s Golden Visa: Features, investment options, application process, and more

To qualify for Hungary’s Golden Visa, you must:

  1. Not be a part of the European Union (EU) and European Economic Area (EEA),
  2. Be over 18 years old,
  3. Have a clean police record,
  4. Possess a credible source of income.

Hungary’s Golden Visa scheme gives foreign nationals a chance for residency via three investment options.

  1. Donating a sum of at least EUR 1,000,000 (THB 39,587,326) to a higher education institution in Hungary,
  2. Acquiring a residential property worth EUR 500,000 (THB 19,793,663)
  3. Acquiring a real estate fund unit costing at least EUR 250,000 (THB 98,96,831)

The Golden Visa grants residency in Hungary and visa-free travel experiences across all European Union (EU) countries to the investor, their spouse, minor kids, and parents. Similar provisions have been discontinued in Spain and Portugal due to a housing crisis.

Danube River, Budapest, Hungary | Image Credit: Yasonya/Shutterstock

To apply for the Hungarian Golden Visa, we recommend finding an agent to complete the formalities and pick an investment option. Thereafter, apply for the Golden Visa and visit Hungary to meet all investment requirements. Subsequent steps involve applying for residency and submitting biometrics. The residence permit will be issued electronically or by mail upon successful completion.

Also read | Eight Of The Cheapest Countries To Retire Around The World.

The initial innings of the scheme pumped in EUR 1.4 billion from January 1, 2013, until March 31, 2017, according to an analysis by the European Commission. It was also found that 4,794 residence permits were issued under the Golden Visa scheme between 2013 and 2017.

(Feature Image Credit: Kadagan/Shutterstock)

All currency conversions were done at the time of writing. 

Related: Schengen Visa For Senior Citizens: Your Guide To Exploring Europe In Retirement

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