Residence permit in Hungary for financially independent persons in 2024

The content of the article

1. Requirements for applicants for a residence permit
2. Conditions of the residence permit program for financially independent
3. The cost of obtaining a residence permit
4. Required documents
5. Stages of obtaining a residence permit in Hungary for financially independent individuals
6. Extension of a residence permit
7. Reasons for the cancellation of a residence permit

It is possible for financially independent persons to obtain a residence permit in Hungary. The opportunity is designed for those who do not plan to work or do business in the country, but have a stable source of income abroad.

However, there is no separate Hungarian residence permit program for financially independent persons — in this country, this method of obtaining residency is classified as a “residence permit for other purposes,” according to the Hungarian immigration office.

In the article we will talk about the requirements, conditions, stages and necessary documents for registration of this type of residence permit.

Another option is the Hungarian Golden visa program, under which an investor receives a residence permit for investments of 250 thousand euros. It has advantages over the option for financially independent individuals:

• the program does not prohibit doing business and getting a job in the country;
• this type of residence permit has a longer term — 10 years with an extension for another 10 years;
• duration of stay in Hungary has no minimum restrictions for holders of a “golden visa” — you can not even come to the country.

Requirements for applicants for a residence permit

For those who want to obtain a residence permit in Hungary as a financially independent person, there are certain requirements. The applicant must:

• get medical insurance;
• buy or rent a house in Hungary;
• confirm the availability of funds for living in the country;
• have a certificate of regular income earned abroad.

The requirements for the applicant and his family also include the legality of sources of income and the absence of a criminal record. If a family member finances the stay of a third-country citizen in Hungary, it is necessary to check the family ties and provide documents confirming the ability of this family member to provide financial support.

This program is available to Russian citizens.

To stay in Hungary needs to have housing listed in the real estate register as a residential building or detached house, or any other property suitable for living (at least 6 square meters of living space per person).

Conditions of the residence permit program for financially independent

The validity period of the residence permit is a maximum of 5 years and can be extended for a maximum of 5 years once.

However, in practice, this type of residence permit is usually issued for 2 years. At the same time, the applicant does not have the right to engage in income-generating activities and to work for hire.

A Hungarian residence permit provides the following advantages:

• the opportunity to live in an economically developed and stable country;
• There is no need to invest in the local economy;
• freedom of movement in the Schengen countries;
• the possibility of opening accounts in European banks without restrictions;
• access to educational and medical services in Hungary;
• obtaining permanent residence and citizenship.

The cost of obtaining a residence permit

To apply for a residence permit in Hungary will need to pay government fees and other fees for financially independent individuals. The exact cost of registration may vary depending on the individual circumstances of each applicant.

Main fees:

Required documents

To obtain a residence permit in Hungary needs to provide the following documents:

1. foreign and national passports;
2. completed application form;
3. a photo of the applicant taken at least 3 months ago before submitting the documents;
4. medical insurance;
5. a written statement of readiness to leave the country in case of refusal, including a copy of a valid air ticket or confirmation of the availability of funds for its purchase. You should leave the country within 30 days after receiving the refusal;
6. confirmation of the address of residence in the country (rental or ownership of real estate);
7. documents confirming financial viability.

Stages of obtaining a residence permit in Hungary for financially independent individuals

To obtain a residence permit, the applicant takes the following steps:

Preparation of documents, conclusion of a lease agreement or purchase of real estate. At the current stage, the investor collects the necessary documents for a residence permit, enters into a rental agreement or chooses a real estate object to buy in Hungary. Tranio’s team of experts will help the client with the selection of a suitable facility. All stages of the purchase can be performed remotely or with personal presence.

Submission of documents and applications for a residence permit. A foreigner can do this at the consulate or embassy of the country. Then you need to come to Hungary to take biometrics. If the applicant legally resides in In Hungary, he can apply to the local immigration authority to submit an application.

Verification of documents by the migration services and issuance of a residence permit in case of a positive outcome. The immigration authority must make a decision within a month and deliver the residence permit document to the applicant by mail. Applicants can obtain a residence permit document from the immigration authority in person if they prove that they are unable to receive it at the specified postal address.

In case of refusal, the decision can be appealed within 8 days. During this period, you can file an appeal to the diplomatic or consular mission where the application was previously submitted.

Extension of a residence permit

After the expiration of the residence permit, it can be extended if the conditions of the program are met and the necessary documents are submitted. An application for an extension of a residence permit must be submitted no later than 30 days before its expiration date. You can submit an application electronically after registering on the online platform of the immigration authority. To extend a residence permit in this category, you need to live in the country for 183 days a year.

Reasons for the cancellation of a residence permit

It is important to remember that failure to comply with the requirements of the residence permit program, loss of financial independence, violation of laws or rules of residence may cause the cancellation of a residence permit in Hungary.

The Tranio team is ready to provide assistance with the selection of real estate or participation in the Golden visa program in Hungary. Our experts will answer your questions.

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