RCP NEWS

3 Major changes to the Hungarian Golden Visa Program

June 3rd 2024 in Europe,Residency
Hungary Golden Visa

The popularity of the Hungarian Golden Visa is increasing. Recently, the Hungarian Parliament made essential changes to the Hungarian immigration law, which took effect on 11 May 2024.

Except for minor clarifications, the substantive changes can be classified into three principal categories:

Hungarian Guest Investor Visa

The Hungarian Guest Investor Program divides the application into two steps. The first step is to apply for a Guest Investor Visa at any Hungarian embassy or consulate that can take biometrics. If you get approved, it is almost certain that you will also get the Hungarian 10-year residence permit. You must travel to Hungary with the Guest Investor Visa, apply for residency, and make the investment.

Initially, the investor had two years to enter the country, now reduced to six months under the new rules. However, it is a significant change, but it will not affect the application procedure, as serious investors are eager to get a residence permit as soon as possible.

Real estate investment changes

Even if the Program starts on 1 July 2024, a qualifying residential property can only be purchased from 1 January 2025. This means that properties acquired before this date will not be eligible.

Real estate investment (usually the most popular investment option in the world) requires investing at least €500,000 in a residential property – industrial and commercial property aren’t qualifiable investments. This is a safe and profitable investment option, and we see a huge demand for it.

We recommend starting your application ASAP to avoid a long waiting list. Please also note that your guest investor visa is valid for 6 months, so you will have enough time to find the best property, finalise the acquisition and get the property ownership in time. See also: Make a Profitable Property Investment in Hungary

Fund investment amendments

The eligibility of real estate fund managers to participate in the Program has been a longstanding issue. With the recent amendments, only those included on the list of qualified market operators will be eligible to participate.

We strongly recommend opting for real estate investment due to its profitability and security compared to the uncertainties of the fund investment option.

What to do now?

You should act now to benefit and avoid the presumable long cue because of the high demand.

Please request a free quote of the Hungarian Guest Investor Program.