Residence permit in Hungary for the purchase of real estate in 2024

The Hungarian real estate market has seen a marked upturn in supply and demand. According to the results of the first quarter of 2024, demand increased by 16% compared to March 2023, and the number of affordable housing increased by 8%. Hungary is now offering the opportunity to obtain a residence permit (residence permit) in the country through the purchase of real estate in 2024 under the Golden Visa program.

In this article, we will consider the main criteria and stages of the process of obtaining a residence permit in Hungary through the purchase of real estate.

Requirements for the buyer and his family members

Conditions for the investor:

1. The age is at least 18 years old.
2. You cannot have citizenship of any EU country.
3. No criminal record.
4. Mandatory availability of medical insurance.
5. The absence of personal sanctions from the EU, the United States, the United Kingdom and Canada.
6. The application must provide documents confirming the right to obtain a visa for the spouse of the investor, minor children.
7. Persons over the age of 18, as well as parents, grandparents can obtain a residence permit through the family reunification procedure.

You can apply for a “golden visa” for Hungary with a Russian passport.

Real estate requirements

Real estate purchased for obtaining a residence permit must meet the following criteria:

• The minimum cost is 500,000 euros.
• The object must be free from liens and encumbrances.
• The sale of the object is possible in 5 years.
• Purchase of ready-to-move housing on the secondary market. Objects under construction are not accepted for a residence permit.
• The object must be registered in the Hungarian Land Registry.
• The area of the property for each family member is at least 6 m2.

Residential real estate for a residence permit will be available only from January 1, 2025. Real estate purchased before this date cannot be used to participate in the Golden Visa program. Since the option to purchase real estate is under development, the criteria for applicants may be supplemented or changed.

It is also worth noting that an examination will be conducted to determine whether there are differences between the actual market value of the property and the purchase price indicated in the application.

Expenses for the purchase of real estate

In addition to the cost of the property, the buyer must also cover various taxes and fees.

Usually residential real estate in Budapest for 500 thousand euros is an apartment of about 75 sq. m. m with 2-3 bedrooms in the central area. The rental yield is 3%. It is worth considering that the annual tax does not apply to apartments. 

Required documents

To obtain a residence permit through the purchase of real estate in Hungary, you must provide documents confirming the identity of the buyer, documents for real estate, as well as evidence of the availability of financial resources. More detailed:

1. Application for a residence permit.
2. A valid passport.
3. A photo of the applicant’s face and the delivery of biometrics.
4. A purchase and sale agreement signed by a lawyer for residential real estate worth at least 500,000 euros.
5. A document on the availability of funds for living in Hungary.
6. Availability of medical insurance.

The stages of obtaining a residence permit in Hungary through the purchase of real estate

An application for a residence permit can only be submitted in Hungary. Before obtaining a residence permit in Hungary is issued a guest investor visa, which is valid for no more than six months. With a guest investor visa, you can apply for a residence permit in Hungary for 93 days.

Next steps:

1. Arrival in Hungary with a guest investor visa and selection of an object.
2. Purchase of real estate.
3. Preparation of necessary documents: application, personal documents with translation, documents confirming the fulfillment of investment conditions.
4. Applying for a residence permit. The application documents can be submitted in a remote format.
5. The procedure for fingerprinting at the immigration service office to obtain residence permit cards. Ready-made cards can be picked up personally or through an authorized person by proxy.

Extension of residence permit after purchase of real estate

The obtained residence permit can be extended if all conditions are met, including the availability of a valid residence permit in the country. At the same time, the buyer must be ready to demonstrate financial stability and compliance with the country’s migration rules in order to successfully extend the resident status.

If the applicant plans to extend the residence permit after 10 years and has already withdrawn from the investment during this time, then he will need to re-invest in real estate.

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