BUDAPEST – The authorities in Hungary will be relaunching the Golden Visa program from July 1st to allow affluent individuals to obtain residency in the country.Â
The program is being relaunched with the name Guest Investor Program (GIP) and would allow billionaires from nations beyond the European Union and European Economic Area to gain residency in the country.
The reintroduction of this initiative, previously terminated in March 2017, follows approval from the Hungarian Government.
Foreign nationals seeking to leverage Hungary’s Golden Visa Program can gain residency through three investment options:
1. Acquiring a real estate fund unit valued at a minimum of €250,000.
2. Purchasing residential property valued at €500,000.
3. Donating at least €1,000,000 to a higher educational institution within the country.
While Hungary’s program allows residency acquisition through real estate investment, this option has been discontinued in other countries’ Golden Visa Programs, for instance in Spain and Portugal, due to housing market concerns though the EU has pressed multiple countries to discontinue it generally citing concerns that it could shelter criminals.
Eligibility Requirements
Apart from being citizens of non-EU and non-EEA countries, individuals must meet several criteria to qualify for Hungary’s Golden Visa Program. These include being over 18 years old, possessing a clean criminal record, and demonstrating a legitimate source of income.
Benefits of Residency
Residency acquired through the GIP grants visa-free travel access to all European Union countries. Furthermore, residency permits extend to the investor’s spouse, minor children, and parents.
Application Process
Interested investors must engage an agent to navigate the application process and select an investment option. They then apply for a Golden Visa, fulfill investment requirements upon entry into Hungary, and subsequently apply for residency. Approval for residence permit cards is granted upon meeting all conditions.
Previous Program Performance
From January 1, 2013, to March 31, 2017, Hungary’s Golden Visa Program attracted €1.4 billion in investments, according to data from a European Commission survey analyzing citizenship and residency programs across EU member states. It is to be noted that during this period, 4,794 residence permits were issued through the program.
As far as the closure of the previous program is concerned, it was terminated in 2017 due to a perceived lack of economic benefit. However, the framework for its relaunch, under the name Guest Investor Program, was introduced by the Hungarian government in November 2023 through a draft bill.
