Proof of funds and the first step in the Hungarian Golden Visa Program
When you apply for your 10-year Hungarian residency, you need to provide proof of funds early in the process. This doesn’t mean you have to invest in the real estate fund immediately.
What is a proof of funds?
A proof of funds is a document that shows you have enough money to support yourself in Hungary. It is usually a document from your bank showing the money in your current or savings account.
In Hungarian residency applications, proof of funds often doubles as proof of financial security. This means it shows you have enough money to live in Hungary, either through regular income, business earnings, or an inheritance.
A proof of funds is different from an investment certificate, which you will need only later in the process to show you have made an investment in a real estate fund, as required by the Hungarian Golden Visa Program.
The proof of funds in the Hungarian Golden Visa Program
In the Hungarian Golden Visa Program, the proof of funds shows you have the necessary money for the golden visa investment. The amount needed depends on the investment option you choose. This document is important in the first stage of the application.
Here are the three stages to get a 10-year Hungarian residency:
- Apply for the guest investor visa: Submit a declaration that you intend to make the golden visa investment, together with a proof of funds that shows you have the required money available to you.
- Travel to Hungary: With your guest investor visa, you should go to Hungary and make the investment within 3 months. You will receive an investment certificate which you must submit with your residency application.
- Apply for the guest investor residence permit: Once you have your investment certificate, you can apply for a 10-year residence permit for yourself and your family. You can extend this permit for another 10 years upon expiry. Your visa will remain valid for 6 months, so you can keep using it while your residency application is being processed.
What kind of documents can be used as a proof of funds?
Typically, your bank issues the proof of funds. Accepted documents include:
- Bank statements
- Investment account statements
- Balance certificates
- Letters from financial institutions
Prevention of money laundering
When you submit your proof of funds, you also need to verify that your funds are legally obtained to prevent money laundering. Common proofs of income source include:
- Labor contract (for employment income)
- Company financial statements (for business earnings)
- Documentation of inheritance or gifts, along with proof that the donor acquired the funds legally
Transparency and trust in residency
When you apply for residency, you join a new community. Providing the necessary documents builds trust and ensures the residency program is not exploited by those seeking to evade the law. Rigorous verification ensures only legitimate applicants get residency, enhancing the country’s attractiveness, which is especially important for investment residency programs like the Hungarian Golden Visa Program.
Investment Residency with Helpers
Helpers Hungary offers business, immigration, and investment services with 20 years of experience. If you need help, we can provide expertise, local knowledge, and a network of local providers to make your residency application as smooth as possible.
