Citizenship & Residency by Investment | Global Mobility Solutions
Hungary
Golden Visa Program
About
Capital: Budapest
Population: 9,643,048
Language: Hungarian
GDP per capita: 22,147 USD
Currency: Hungarian forint (HUF)
Member of the UN, European Union and NATO
Visa Free Countries: 175 countries including UK, USA, Canada, European Union, Hong Kong, Singapore, Japan, Australia, New Zealand, UAE, China, Brazil, South Africa
Hungary Golden Visa Program Overview
The Hungarian “golden visa” program is designed to encourage investment in Hungary by non-EU/EFTA nationals. It offers a fast track to obtaining a Hungarian residency permit, alongside other benefits. Hungarian foreign investor residence permit (“Golden Visa”) holders receive a temporary residence permit for ten years, which could be renewed for another ten years.
Key Advantages
Hungarian Golden Visa holders can:
- Enter the territory of Hungary & stay in Hungary during the validity of the residence permit
- Move visa-free in the territory of the Schengen Area & work or pursue other economic activity in Hungary
- Access the Hungarian healthcare and education systems
- Freely invest in Hungary, subject to FDI rules.
Requirements
To obtain the residence permit, the applicant must:
- Acquire at least EUR 250,000 value of Hungarian real estate investment unit issued by a real estate fund registered by the Hungarian National Bank
- Purchase a residential property located in Hungary, having a value of at least EUR 500,000 (no obligation to occupy the property) or;
- Disburse a financial donation of at least EUR 1,000,000 to a university maintained by a public trust foundation with a charitable purpose of supporting educational, scientific research or artistic creation.
Documents
The applicants must also provide the documents
- Proof of the investment
- Proof that they have sufficient resources to cover living, accommodation, travel and medical expenses from their legally earned income and savings
- Proof that they have accommodation in Hungary
- Proof that they are covered for the full range of healthcare service or that they are able to cover the cost of such healthcare.
Qualifying Dependents
The golden visa allows family members of the applicant to get Hungarian residency.
The following family members are eligible:
- Spouse
- Minor dependent children (including adopted and foster children); and • minor dependent siblings who are under the guardianship of the golden visa holder.
Family members receive the same rights as the golden visa holder.
Naturalization Process Overview
STEP 1
Submission of Documents
• Provide a copy of the main page of the passport for all members involved. • Include a one-page short description detailing the background of each individual. • Obtain a "no criminal record" certificate from the country of current residence, not the country of origin.
STEP 2
Criminal Record Verification
• Documents will undergo a preliminary check which may take up to 3 weeks.
STEP 3
Initial Approval
• Upon receiving an initial "OK" after the preliminary check, proceed to signing the Cooperation Agreement.
STEP 4
Escrow Account Funding and application Preparation Stage
• Within 14 days of signing the Cooperation Agreement, clients are required to fund the escrow account. • Simultaneously, a Lawyer and the client will sign the Escrow Agreement. • There is a “List of Documents” to include in the application, and Client and the representative prepares and submits these.
STEP 5
Due Diligence Stage
• After the escrow is funded, initiate a comprehensive due diligence stage lasting approximately 2 months. • This stage involves thorough international investigations by the government.
STEP 6
Ministers Recommendations Stage
• Two ministers will draft a proposal recommending honorary citizenship to the President.
STEP 7
Citizenship Approval Stage
• Upon submission of the proposal to the President, citizenship approval may occur within two weeks. • Once the President signs the certificate of citizenship, which is not typically revocable, escrow funds will be released within 14 days.
STEP 8
Oath of Citizenship
• Clients are required to visit the country and take an oath of citizenship within 1 year of certificate issuance.
STEP 9
Quotas and Election Year Pause
• Clients are required to visit the country and take an oath of citizenship within 1 year of certificate issuance.
STEP 10
Foundation of Trust
• The entire process operates on the principles of trust, both towards the individuals involved and adherence to legal contracts and regulations.
List of the Documents to be prepared by the Applicant
1. CV- in English in word format (for all the adult applicants). Shall be sent by e-mail. During the biometrics hand written CV’s will be submitted.
2. Birth certificate – notarized copy with apostille (for all the applicants) /OR properly legalized if the country of birth is not an Apostille Treaty-member state
3. Marriage certificate- notarized copy with apostille (for all the adult applicants) /OR properly legalized if the country of birth is not an Apostille Treaty-member state. If there are previous marriages- documents shall be provided accordingly to the above mentioned.
4. Filled out „Client’s Data-sheet”. It is important to fill it out properly, since there is information that is not confirmed by any other documents from the Client’s side and will be included in the Hungarian Central Database.
5. Criminal record from the country of residence.
*Please note, that the official translation of the documents IS NOT REQUIRED FROM THE CLIENT- it shall be prepared by OFFI in Hungary. The Agent will take care of this.
Legal Framework
With reference to the Act LV of 1993 on Hungarian Citizenship (referred to hereinafter as: “Ápt.”), the following provides information on the terms of naturalization:
1) Pursuant to Sec. 2. (1) of Ápt. Hungarian citizen is a private individual who was a Hungarian citizen when Ápt. came into force, or who became a Hungarian citizen in line with the provisions of Ápt. or Hungarian Constitution.
2.) Pursuant to Sec. 4. (1) of Ápt. a non-Hungarian citizen can be naturalized if the non-Hungarian citizen:
- lives in Hungary for more than 8 years,
- has clean criminal record and there is no ongoing criminal procedure against him/her,
- has all support to carry on living in Hungary,
- his/her naturalization does not threaten Hungary’s national security,
- certifies that he/she passed the exam on Hungarian civics and command of Hungarian language.
3.) Pursuant to Sec. 4. (7) of Ápt. the president of Hungary may provide exemption out of the preconditions of naturalization set out in Sec 4. (1) of Ápt. with respect to the important and relevant interest of Hungary. Consequently there is no impediment to naturalize any non-Hungarian citizen who does not meet the preconditions of naturalization set out in Sec. 4. (1) of Ápt.
Please check Article 4. (7) of Act LV of 1993 on Hungarian Citizenship (previously referred to as: “Ápt.”) referring to the right of the President regarding the matter, linked below:
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