Golden Visa News

Guest investor visa and guest investor residency in Hungary

Guest investor visa and guest investor residency Hungary

In the new Hungarian golden visa program, you will need both a guest investor visa and a guest investor resident permit. But what is the difference and how do they work? Find out more below.

Understanding visas and residence permits

When we talk about traveling to another country, we often use the words “visa” and “residence permit.” Here is what they mean:

  • Visa: Think of a visa as a permission slip. It is a document that allows you to enter a specific country for a particular reason. It is usually stamped in your passport and might limit the number of times you can enter that country.
  • Residence Permit: This is another document that allows you to enter a country, but it is a bit different. It is valid for a longer period, and it usually does not limit the number of entries. It is often a separate document, not just a stamp. It might also give you extra rights, like traveling to other countries that are allies with the one you are visiting.

The Hungarian Guest Investor Program

Hungary now has a new investment residency program. These programs are often called “golden visa programs” too, but its current official name is “guest investor program”. Participants will make use of both a visa and a residency permit.

Here is how the program works:

Stage 1: Guest Investor Visa

If you are an investor interested in moving to Hungary and taking advantage of a Hungarian residence permit, you have 3 investment options:

  • Invest EUR 250,000 in a real estate fund.
  • Invest EUR 500,000 in residential real estate.
  • Donate 1,000,000 to a designated educational or cultural institution.

Once you have made up your mind, you can apply for a guest investor visa from your home country. You will need to promise that you’ll make one of these investments within three months of arriving in Hungary, and you have to prove you have the money to do it.

Other requirements include having valid healthcare insurance in Hungary and passing a background check to show you are not a threat to the European community.

Once you apply, you should get your guest investor visa within three weeks. Unlike other visas, it will allow multiple entries into Hungary.

Stage 2: Guest Investor Residence Permit

After getting the visa, you have 93 days to apply for a residence permit once you arrive in Hungary. You need to show proof that you have made the investment you promised in your visa application.

The residence permit will last for 10 years, regardless of your passport’s expiry date. This is different from many other permits that expire before your passport, and are only valid for at most 3 or 4 years to start with.

Since Hungary is a member of the European Union and the Schengen zone, this permit lets you stay, do business, work, and travel throughout Europe without needing a visa.

Renewal and future plans

After the 10 years, you can renew the permit for another 10 years if you maintain the initial investment or have an investment of equal value in Hungary.

The program is expected to start in July 2024, but some details, like the list of investment providers, are still unclear. If you are interested in residential property investment, it makes sense looking at real estate already since the number of qualifying properties is limited.

Helpers is Europe’s leading business, immigration and investment service provider with 20 years of experience. Our team of 20+ expert would be more than happy to get started in Hungary.