Hungary offers a range of residence permit options for individuals looking to live, work, or invest in the country. Whether you’re interested in residency for business purposes, a digital nomad visa, or residency by investment, Hungary provides pathways that are accessible to wealthy individuals, entrepreneurs, and investors.
Zlata Erlach, Head of the Austrian office, Caribbean Investment Programs Expert at Immigrant Invest, will explore how to secure a residence permit in Hungary, including the Hungary Residence Permit by Investment and other available options.
Hungarian Residency by Investment
The Hungarian Residency by Investment program is designed for individuals who want to obtain residence in Hungary by financial means. Hungary is among the cheapest countries with Golden Visa.
To qualify for the residence by investment in Hungary, applicants are required to make a significant investment in Hungary’s economy. This could involve purchasing fund units, investing in real estate, or donation. The program provides a relatively straightforward route to residency, and once approved, the investor and their immediate family members can live, work, and study in Hungary.
9 Benefits of Hungary Residence Permit
Securing a Hungarian residence permit brings several advantages. Some of the most important benefits include:
- EU access. As Hungary is part of the European Union, residence permit holders have the freedom to live, work, and travel across all EU countries.
- Family inclusion. The Golden Visa allows the investor to bring along immediate family members, including spouses, children and parents.
- Tax benefits. Hungary offers competitive tax rates, making it an attractive destination for entrepreneurs and digital nomads.
- Business opportunities. Hungary’s growing economy and business-friendly environment make it a prime location for starting or expanding a business.
- Education system. Hungary has a high standard of education, and residency gives access to its public schools and universities.
- Healthcare system. As an EU member, Hungary offers its residents access to high-quality, affordable healthcare.
- Stable environment. Hungary is known for its political and economic stability, making it a secure place to live and invest.
- Cultural experience. Hungary offers a rich cultural heritage, with a wide variety of historical sites, festivals, and a lively arts scene.
- Affordable cost of living. Compared to many Western European countries, the cost of living in Hungary is lower, which adds to its appeal for both residents and investors.
Investment Options and Eligibility Criteria
The Hungarian residency program offers several investment options, each with its own eligibility criteria. The key options are::
- Purchase of real estate fund units — €250,000;
- Property purchase — €500,000;
- Donation to an institution of higher learning — €1,000,000.
To apply, investors must submit identification documents, proof of investment, a clean criminal record certificate, and financial statements to prove the source of funds. Additional documents may include health insurance and proof of address.
Eligibility Criteria
To apply for a Hungarian residence permit by investment, applicants must meet certain criteria. These typically include:
- Proof of financial resources. Applicants must demonstrate their ability to make the required investment.
- Clean criminal record. Applicants should not have any significant criminal history.
- Health insurance. Applicants must have valid health insurance coverage in Hungary.
Family members. Eligible family members include spouses, children under 25 and financially dependent parents.
How to Apply for Hungary Golden Visa Program
The application process for Hungary’s Golden Visa program takes at least 5 months and involves several steps:
- Prepare documents. Gather the required documents, including proof of investment, financial resources, and identification.
- Submit an application. Submit your application to the Hungarian authorities. This can be done through a legal representative or directly to the immigration office.
- Wait for approval. The Hungarian authorities will review your application and the supporting documents. This process typically takes a few months.
- Residence permit issuance. Once approved, the residence permit is issued, and you and your family can live, work, and travel within the EU.
- Maintain investment. To retain your residence status, you may be required to maintain your investment for a specified period, such as five years.
Other Ways to Get Residency in Hungary
While the Golden Visa is a popular option, there are other ways to secure residency in Hungary. Two of the most common alternatives are:
White Card. The White Card is a type of residence permit designed for digital nomads and remote workers. This permit allows individuals to live in Hungary while working for companies based outside the country.
To qualify for Hungary’s White Card, applicants must prove a stable monthly income over €3,000.
The application process is simpler and faster than the Golden Visa, but it comes with specific income and employment requirements.
Opening a Company. Another route to residency is by opening a company in Hungary. Entrepreneurs who establish a business in Hungary can apply for a residence permit based on their investment and business activities. This option may involve creating jobs for locals or investing in a sector that benefits the Hungarian economy.
Setting up a company in Hungary involves legal fees, registration fees, and capital requirements. Entrepreneurs should expect to invest around €10,000 to 20,000 initially.
Both of these options allow for a relatively fast route to residency without the need for large-scale investments like those required for the Golden Visa program.
Conclusion
Securing a residence permit in Hungary offers numerous benefits, including access to the EU, tax advantages, and an affordable lifestyle. Whether by investment or business, Hungary provides multiple pathways to long-term residency. The Hungarian Golden Visa program, along with alternative options like the White Card and business residency, makes it accessible for wealthy individuals, entrepreneurs, and digital nomads.
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