Hungary Golden Visa for Non European Citizens: How to apply for it?

The Hungary Golden Visa program is back and better than ever for non-European citizens. As of July 2024, investors from outside the EU and EEA can secure a 10-year residence permit by meeting specific investment options. This program provides a streamlined path to European residency, making Hungary an attractive destination for global investors.

We only need to look at the investment options to see why this program is appealing. 

Applying for the Hungary Golden Visa not only opens the door to residency but also grants the freedom to travel across the EU. Additionally, the application process is straightforward, provided applicants have a clean police record and a legitimate source of income. Our goal is to help you navigate this opportunity with ease and confidence.

Eligibility and Requirements for the Hungary Golden Visa

To apply for the Hungary Golden Visa, we must meet specific investment criteria and provide the required documentation to pass rigorous due diligence checks.

Understanding the Investment Criteria

We must choose from three investment options to qualify for the Hungary Golden Visa:

1. Investing €250,000 in a local real estate investment fund: This option allows us to invest in a fund dedicated to the Hungarian real estate market. This investment must be held for a specified period as defined by the program.
2. Real Estate Purchase: We can directly purchase Hungarian property with a minimum value set forth by the program guidelines. This property will be held as part of our investment while granting us residency.
3. Government Bonds: Another route involves purchasing government bonds, a safe investment ensuring our participation in the country’s economic developments.

These options are designed to attract capital to Hungary, fostering economic growth while providing a secure route to European residency.

Documentation and Due Diligence

We need to gather and submit various documents to establish our eligibility:

1. Proof of Investment: We must provide evidence of our chosen investment, such as confirmation from the investment fund, real estate purchase agreement, or bond certificate.
2. Valid Passport: Our application must include photocopies of all used pages of our passports.
3. Marriage Certificate (if applicable): Couples applying together or wishing to include family members must submit marriage certificates.
4. Clean Criminal Record: Background checks are crucial; therefore, we need to provide police clearance certificates from our home country or countries of residence.
5. Health Insurance: Proof of health insurance covering our stay in Hungary is mandatory.

These documents serve as part of the due diligence process, ensuring only genuine investors with credible backgrounds are granted residency under the Hungary Golden Visa program.

Application Process and Timeline

Applying for Hungary’s Golden Visa involves several key steps, from submitting the necessary documents to waiting for approval. Understanding each stage of this process can greatly enhance our chances of success.

Initiating the Application

The first step in applying is to gather all required documents. Applicants must provide proof of income, a clean criminal record, and proof of investment capability.

A lawyer specializing in immigration can be very helpful during this phase. We’ll need to complete application forms, compile all relevant paperwork, and possibly translate documents into Hungarian. It’s important to submit all documents to the Hungarian National Bank or designated partners promptly.

After submission, a temporary residence permit is issued, allowing us to reside in Hungary while the application is processed.

Assessment and Approval Stage

Once our application is submitted, it enters the assessment phase. This process includes reviewing our financial background, investment proof, and adherence to all requirements.

The waiting period can take several months. Officials will check our documents, and sometimes an interview may be required. Patience is crucial during this stage.

If approved, we will receive a Hungarian ID card and a residency permit valid for ten years. This residency allows us visa-free travel within the EU Schengen zone.

Throughout the process, maintaining constant communication with our lawyer and the authorities ensures everything stays on track, and no details are missed.

Investment Options and Financial Considerations

Non-European citizens have several avenues for securing a Hungarian Golden Visa. The most important options include real estate and business investments, banking, and insurance requirements.

Real Estate and Business Investments

Investing in Hungary offers various strategies. One popular route is the Real Estate Investment Fund requiring a minimum of EUR 250,000. This investment must be held for at least five years.

Another option is direct real estate acquisition, demanding EUR 500,000.

Establishing or buying a business within the country can enhance our visa application prospects. Such moves, however, need careful consideration of the legal and financial landscape in Hungary.

Consulting Global Residence Index will help with the overall understanding of the process. Learn more on their page about the Guest Investor Program (GIP), better known as Hungary’s golden visa. 

Banking and Insurance Requirements

Financial stability is key to a successful Golden Visa application. Demonstrating this involves several steps. For one, we must show a Bank Statement proving adequate funds to sustain our investments, typically in Hungarian Forint or other currency.

Insurance coverage is another critical aspect.

Applicants must secure valid health insurance. This ensures that we can cover any medical needs while in Hungary, addressing National Security concerns regarding public health.

Combining these financial requirements demonstrates our commitment and establishes credibility, making our visa application stronger.

Overall, these investments and financial measures pave the way for obtaining a residence permit in Hungary, bringing us closer to our goal of European residency.

Benefits and Privileges of Holding a Hungarian Golden Visa

Holding a Hungarian Golden Visa offers numerous benefits, particularly in terms of residency, citizenship, and the overall lifestyle enjoyed by visa holders. From easy movement within the Schengen Area to access to quality education and healthcare, the advantages are significant.

Residency and Citizenship Advantages

With a Hungarian Golden Visa, we gain a range of residency benefits. One of the primary attractions is the 10-year residence permit. This long-term residency gives us the stability to live in Hungary without frequent renewals.

Additionally, this visa paves the way for Hungarian citizenship. After fulfilling certain residency requirements and demonstrating proficiency in the Hungarian language, it’s possible for us to apply for citizenship. This opens up the avenue to becoming a citizen of an EU country.

Our families are not left behind. We can bring our immediate family members through family unification programs. Our spouses and children can also enjoy residency in Hungary, ensuring that we can stay together while benefiting from the visa’s perks.

Lifestyle and Mobility Perks

Holding a Hungarian Golden Visa dramatically enhances our lifestyle and mobility. First, we can enjoy free movement across the Schengen Area. This means we can travel to and stay in any of the 26 European countries within this zone without additional visas.

In Hungary, we gain access to quality education and healthcare systems. Schools and universities in Hungary offer excellent educational programs, and healthcare services are robust and reliable.

Finally, a significant perk is the ability to invest in a strong and growing economy. The requirement to invest in real estate or other funds not only benefits Hungary but also gives us a stake in the local market. This helps in creating potential investment opportunities besides just residency benefits.

Conclusion

Have you set your sights on Europe? The Hungarian Golden Visa might be your perfect gateway! This guide has unpacked the application process for non-EU citizens, highlighting the path to permanent residency and visa-free travel within Europe.

If you want guidance from an immigration agency Global Residence Index is one of the best. 

Meta– All non-EU citizens, explore how the Hungary Golden Visa grants permanent residency and visa-free travel within Europe. Embark on your Hungarian adventure.