The Hungarian government has published legislation on 06.04.2024, regarding Golden visa program in Hungary clearly defining the difference between “Guest investor visa” and “Guest investor residence permit”. The Hungarian Government is therefore proposing the creation of a new comprehensive law, which will tighten and clarify the legal rights and conditions for the residence and employment of foreign citizens in Hungary. This open will officially open from Jul 1, 2024 to foreigners who wish to investor and become resident of Hungary.
We explain the differences below.
1.Guest Investor Visa (GIV)
A third-country national may receive a guest investor visa whose entry and stay have a national economic interest in view of their investments in Hungary. The guest investor visa gives the right to stay 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 in the territory of Hungary. The validity period of the guest investor visa is a maximum of two years. The guest investor visa is invalidated, if the guest investor residence permit has been issued.
2. Guest Investor Residence Permit (GIRP)
A third-country national may obtain a guest investor residence permit if whose entry and stay have a national economic interest in view of their investments in Hungary. The validity period of the guest investor residence permit is a maximum of ten years, which can be extended for a maximum of ten years only for the same purpose. The validity period of the guest investor residence permit may exceed the validity period of the applicant’s travel document.
Qualifying Investments
To apply for Guest investor visa or Guest investor
- Real Estate Investment fund – acquisition of investment certificates of at least EUR 250,000 issued by a real estate fund registered by the Hungarian National Bank,
- Residential Real Estate – in residential real estate with a value equivalent to at least EUR 500,000, which is naturally located in the geographical territory of Hungary and is registered in the real estate register according to the geographic number, free of lawsuits, encumbrances and claims – excluding the prohibition of alienation and encumbrances according to § 22, paragraph (11) – acquisition of ownership, or
- Donation – providing a monetary donation in the amount of at least 1,000,000 euros 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.
In order to protect Hungary’s public order, public safety, and national security, the immigration enforcement authority requests the opinion of Hungary’s law enforcement and national security agencies on the application for a guest investor visa.
The Golden visa application must be submitted within 93 days from the date of entry with a guest investor visa or in the case of a visa-exemption, from the date of the first legal entry into the territory of Hungary.
