Hungary resumes Golden Visa Program: Details
Hungary resumes Golden Visa Program (unsplash.com)
Hungary will resume the Golden Visa Program on July 1, 2024. Foreigners can obtain a residence permit in the country through three investment options. The program was already closed in 2017 because it did not bring any benefit to the economy, according to Schengen news.
What are the terms and how much you need to invest
The Golden Visa Program in Hungary grants the right to reside through the option of investing in real estate. Starting July 1, citizens from non-EU countries will be eligible for residence permits in Hungary following the resumption of the Golden Visa Program, now known as the Guest Investor Program (GIP).
Participation in the program is not cheap. Foreign nationals can take advantage of the program through three investment options:
- purchase of a real estate fund unit for at least 250,000 euros;
- purchase of residential real estate for 500,000 euros;
- donating at least EUR 1,000,000 to a higher education institution in the country.
Photo: Hungarian passport (imigrant-hungary.com)
To become a participant in the program, you must be over 18 years old, have no problems with the law, and have transparent sources of income. Participants of the program receive visa-free entry to all EU countries. Besides the investor, these residence permits also apply to the investor's spouse, minor children, and parents.
According to the European Commission, the Golden Visa Program brought Hungary 1.4 billion euros between 2013 and 2017. During that period, 4,794 residence permits were issued to foreigners. The scheme was closed in 2017 because it did not bring any benefit to the country's economy.
Why EU criticizes the Golden Visa Program
The European Commission has called on EU governments to stop granting citizenship to investors. This is how they want to fight the multibillion-dollar industry of citizenship for money.
After the outbreak of a full-scale war in Ukraine, there were even greater fears that such a scheme could pose a security threat. Brussels also called on countries to double-check whether Russians who have been sanctioned because of the war have a golden passport or visa. The EU said that the very idea of issuing a residence permit for money undermines the values underlying the European Union project.
The UK government has already abandoned the golden visa scheme. The decision to end the scheme was made as part of an attempt to stop dirty money from Russia.
Bulgaria said that the visa scheme did not bring the country much money, so they also wanted to cancel it.
