Photo: Brian Cohen
The conditions for obtaining a “golden visa” for Hungary under the new program, which will begin to operate on July 1, 2024, have been published.
The main thing
Grounds for obtaining a residence permit through investment:
Purchase of residential real estate worth at least 500 thousand euros
Purchase of residential real estate worth at least 500 thousand euros (+4% tax on the transfer of property). Real estate must be strictly residential (commercial or industrial real estate is not allowed).
The property must be indisputable, free from encumbrances and claims. When acquiring the right of ownership to housing, the prohibition on alienation and encumbrance of residential property must be registered in the land registry within five years, counting from the date of conclusion of the purchase and sale agreement.
Residential real estate must belong exclusively to the applicant for a residence permit for five years, although joint ownership of housing by one or more family members (spouse, minor children) is allowed.
The legislation does not exclude the possibility of an investor using real estate, for example, by renting it out. In Hungary, the income tax on rental income is limited to 15%.
To extend the residence permit, the applicant must keep investments in the amount of at least 500 thousand. € to the property for which the permit was originally issued. However, if the property has been sold (after a five-year ownership period) or if the investment in the property no longer amounts to 500 thousand euros, then at the time of applying for an extension, it is necessary to demonstrate new investments of sufficient value.
Purchase of investment certificates of the real estate fund in the amount of at least 250 thousand euros
Purchase of investment certificates issued by a real estate fund registered with the National Bank of Hungary in the amount of at least 250 thousand euros. At the same time, the investor must keep the certificate for at least 5 years. It is worth considering that at least 40% of the net asset value of the real estate fund should be invested in residential real estate projects implemented in Hungary.
The authorities can extend the residence permit if, at the time of filing the application, the applicant still has an investment certificate in the real estate fund in the amount of 250 thousand euros. At the same time, the legislation does not require that it be the same certificate as at the time of the initial application.
Donation of at least 1 million euros € to a higher education institution
Making a monetary donation in the amount of at least 1 million euros to a higher education institution under the management of the State public foundation.
A residence permit gives its holder the right:
The above options ensure that a person with a residence permit can carry out almost any economic and business activity in Hungary.
Tax rules
A person with a residence permit will not be considered a tax resident of Hungary, provided that such a person spends time in Hungary has less than 183 days in any 12‑month period.
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