Hungary Golden Visa Relaunch: Hungary has officially reopened its doors to wealthy non-EU nationals through the reintroduction of the Golden Visa Program, now termed the Guest Investor Program (GIP). Effective July 1, 2024, the program offers a coveted opportunity for investors to gain residency in Hungary and, by extension, visa-free travel across the European Union.
The program, which was previously terminated in 2017, has been revamped to include three investment options:
Real Estate Fund Unit: Investors can purchase a unit for a minimum of €250,000.
Residential Property: A direct investment in residential real estate worth at least €500,000.
Educational Donation: A contribution of €1,000,000 or more to a higher educational institution in Hungary.
These investment avenues not only provide a route to residency but also extend the privilege to the investor’s immediate family, including their spouse, minor children, and parents. Other European countries like Spain and Portugal have discontinued similar programs due to housing crises, making this move particularly significant.
To be eligible, applicants must be over 18 years of age, possess a clean police record, and have a legitimate source of income. Upon successful application, investors will receive their residence permit cards, either by mail or in person, after fulfilling all investment requirements and submitting biometrics.
The program’s relaunch is a strategic effort by Hungary to attract foreign capital and bolster its economy. Between 2013 and 2017, the previous iteration of the program brought in €1.4 billion and issued 4,794 residence permits, according to a European Commission survey. With the reintroduction of the GIP, Hungary positions itself as an attractive destination for global investors looking to gain a foothold in Europe.
Conclusion
In conclusion, Hungary’s decision to reintroduce the Golden Visa Program for non-EU nationals is a testament to its commitment to economic growth, innovation, and global engagement. By offering residency permits to foreign investors, Hungary aims to capitalize on the benefits of immigration and foreign investment to propel its economy forward and secure its position as a competitive player in the global marketplace.
Read Also: HEC Announces Fully Sponsored Study Program In China
