|  NEWS

Starting from July 1, wealthy individuals from nations outside the European Union and European Economic Area will have the opportunity to obtain residency in Hungary with the reintroduction of the Golden Visa Program, now renamed as the Guest Investor Program (GIP).

The relaunching of this program, which was terminated in March 2017, follows the Hungarian Government's approval confirmed by the end of 2023.

Foreign nationals can take advantage of Hungary’s Golden Visa Program through three investment options, including the purchase of a real estate fund unit for at least €250,000, purchasing a residential property of €500,000; or a donation of a minimum of €1,000,000 to a higher educational institution in the country, Schengen News reports.

While Hungary's Golden Visa Program offers international investors the chance to obtain residency through the real estate investment option, similar pathways have been discontinued in other countries' Golden Visa Programs, like those in Spain and Portugal, primarily due to housing crises.

Apart from being nationals from countries outside the EU and EEA, other prerequisites for qualifying for Hungary's Golden Visa Program include being over 18 years old, possessing a clean police record, and demonstrating a legitimate source of income.

By obtaining residency through the GIP, foreign nationals gain visa-free travel access to all EU countries. Furthermore, besides the investor, these residence permits also apply to the investor’s spouse, minor children, and parents. 

According to a survey conducted by the European Commission analysing the citizenship and residency programs of EU Member States, Hungary's Golden Visa Program generated €1.4 billion from 1st January 2013, until 31st March 2017.

The same source indicated that from 2013 to 2017, a total of 4,794 residence permits were granted through the Golden Visa Program.

Yet citing the lack of economic benefits to Hungary, the program was terminated in 2017.

Then in November 2023, the Hungarian government introduced the framework for the Golden Visa Program through a draft bill.

Category

News you might like

Media contact

deVere Europe’s Public Relations Department deals with all areas of the media and external communications including international, national, regional, local, trade, consumer, print, broadcast, social and online. The Department aims to provide a helpful service to journalists, broadcasters and editors, amongst others, and reply to all media enquiries, including urgent enquiries out of hours, within agreed deadlines. Our press office does not have access to client details and will not be able to assist with individual client enquiries. Please contact deVere Europe’s Head of Public Relations on george.prior@devere-europe.com or call +44 2071220925