New Hungarian golden visa program set to launch in 2024

In a significant development as of today, December 8, news has emerged that Hungary’s upcoming golden visa program, also referred to as the “guest investor program,” will officially kick off in January 2024. It is strongly recommended to initiate preparations for the application process without delay. Read on for comprehensive details or reach out to us to stay ahead of the curve!

Hungary’s Golden Visa Program from 2024

The fundamental eligibility criteria for obtaining Hungarian residency through investment remain unchanged since the program’s initial announcement. Investors have the opportunity to secure residency for themselves and their family members, extendable for an additional 10 years, through any of the following avenues:

1. A €250,000 investment in bonds issued by a qualified real estate fund registered with the Hungarian National Bank (MNB).
2. A €500,000 investment in Hungarian residential real estate.
3. A €1 million donation to a specified educational or cultural institution.

Enhanced Benefits

Under the latest iteration of the law awaiting approval, the golden visa will not only be valid for 10 years without a mandatory minimum stay but will also grant holders of Hungarian investor residency, obtained through the mentioned investment pathways, the ability to work in Hungary without the need for a work permit.

Application Timeline

As it currently stands, the Hungarian Immigration Office will exclusively process residency applications falling under the “national interest” category in January and February 2024. During this period, services for applicants in all other categories will be temporarily suspended. From March onwards, applicants can submit various residency applications again, but the waiting times for a positive decision may extend over time.

Presently, the law stipulates that applications for the guest investor permit can be submitted from July 1st, 2024. However, given the anticipated swift processing of investments, we recommend reaching out to us promptly. Since the law has not yet received official approval (expected this week), submission dates and deadlines are subject to change. Early contact will enable us to prepare for submission on the earliest possible date.

Act Swiftly to Avoid Processing Delays

For those contemplating participation in the new Hungarian golden visa program, swift action is paramount. Contact us now to commence the compilation of your application in early 2024, maximizing the opportunity for early submissions and reduced waiting times.