The Hungarian government has announced proposals to restart the golden visa program under the name “Guest investor visa”.
According to a Bill submitted by Interior ministry to the parliament, on the entry and residence of third country nationals, the guest investor visa gives the right to stay in Hungary for more than ninety days within one hundred and eighty days – and to enter multiple times – and to apply for a guest investor residence permit. The validity period of this visa is “two years at most”.
The validity period of this visa is “two years at most”.
The Guest investor visa can be obtained by a third-country citizen whose entry and stay is of national economic interest in view of his investments in Hungary, or who submits a written undertaking that he undertakes to “implement an investment of a certain amount and type within three months of entering Hungary with a guest investor visa”.
The bill also defines investment amount, namely:
• Real Estate Fund – acquisition of investment certificates of at least EUR 250,000 issued by a real estate fund registered by the Hungarian National Bank,
• Real Estate – in residential real estate with a value of at least EUR 500,000, located naturally in the geographical territory of Hungary, registered in the real estate register according to the topographical number,
• Donation – a monetary donation of at least EUR 1,000,000 to a higher education institution maintained by a public interest trust foundation performing a public task for the purpose of supporting educational, scientific research, artistic creative activities.
The proposals will come into effect by the end of this year, after being voted in parliament, becoming a law.
Between 2013 and 2017, Hungary operated a National bond residency scheme raising 1.4 billion euros investment granting permanent residence permits to 4500+ investors. The bond scheme was scrapped in March 2017.
