Hungary Introduced New Golden Visa – Guest Investor Program

Hungary has brought back the Golden Visa and it is now named as Guest Investor Program (GIP). It is a new way for the rich residents of non-Europeans Union to obtain residency of Hungary. It has been announced that this program will be affective from 1st July 2024 for the nationals of non-EU countries and outside of European Economic Area (EEA). Following this program the applicants will be able to obtain resident status of
Hungary.

The Golden Visa program was in existence until March 2017 but it was cancelled at that time. Through GIP citizens of the non-European Union countries, three investment options are being introduced.

• Spend a minimum amount of Euro 250,000 to purchase a real estate unit.
• Spend Euro 500,000 to purchase a residential property.
• Donate a minimum amount of Euro 1,000,000 to any Hungarian higher educational institution.

This program still provides an option of investment in the real estate sector while other countries such as Portugal and Spain do not provide this opportunity.

Eligibility Requirements For Hungary Golden Visa

Applicants should have clear police record, have appropriate and legal source of income and above the age of 18 years. The victorious applicant will be eligible to get resident permits for his/her spouse, minor children and parents. He/she will also be eligible to have free travel access to all European Union countries. An investor should get assistance of any professional agent to process his/her application. After fulfilling all the conditions and submitting biometrics the applicant will be awarded a resident permit card.

Hungary had generated Euro 1.4 billion through Golden Visa Program between January 2013 and March 2017. Through Golden Visa Program 4,794 resident permits was granted but this program was stopped finding no appropriate benefit to the economy of the country.