Hungary | Guest investor residence permit requirements updated

The Hungarian government announced an increase in the minimum investment amount required for the guest investor residence permit has taken effect.

Key Points:

• The minimum required investments for the guest investor residence permit pathways are now in effect, including an investment fund share of at least EUR 250,000 (about US$272,170) issued by a real estate fund registered at the Hungarian National Bank. The increased financial donation requirement is also now in effect in the amount of at least EUR 1 million.
• The government recently relaunched the guest investor residence permit, also known as the golden visa program.
• The permit grants work and residence rights for 10 years with one-time renewal capabilities and entry into Schengen area countries for 90 days within any 180-day period.

Additional Information: The validity period of a visa for guest investors is up to six months. To be eligible, an individual must either invest EUR 250,000 in an investment fund share, acquire of an ownership interest in a residential property with a value of at least EUR 500,000 or make a non-refundable donation of EUR 1 million into a higher education institution with the purpose of supporting scientific research or artistic activities. The option to purchase a residential property with a value of at least EUR 500,000 is only available until Jan. 1, 2025. The original golden visa program ended in 2017 and allowed certain family members of the principal applicant to obtain a dependent residence permit with work authorization. The Hungarian government hopes the revitalization of the golden visa program will increase foreign investment.

This alert has been provided by the BAL Global Practice Group.

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