Frequently Asked Questions (FAQs)

What is Hungary Golden visa?

The Hungarian Guest Investor (“Program”) allows third country nationals (non-European Union citizens) to acquire Hungary’s long term residency status in "national interest" for investing in EUR 250,000 Special Hungarian Government approved Real estate investment fund or EUR 500,000 Properties. The program is opening in Jul 1, 2024 opening restarted by hungarian government to revive economy.

Who can for the Hungary golden visa?

The application can ONLY be filed by coming to Hungary, if you already have a schengen visa or hold passport from a visa free country. You must visit Hungary in person.

Stateless people can apply, if you are in Hungary.

What investments open for Guest investors?

The Guest investor (GI) program has only 3 routes available..

Real Estate Fund Units - Acquisition of an investment fund share of at least EUR 250 000 issued by a real estate fund registered by the Hungarian National Bank.

Real Estate ownership - A residential property with a value of at least EUR 500 000, located in the geographical territory of Hungary and registered in the Land Registry of Hungary under its parcel identification/topographical LOT number, free and clear of all liens, claims and encumbrances.

Public Donation - A financial donation in an amount of at least 1 000 000 EUR and for a purpose of educational, scientific research or artistic creation activities, to a higher education institution maintained by a public trust with a public-service mission.

Where is Hungary and what is the local currency?

Hungary is a landlocked country in Eastern Europe. The local currency used Hungarian Forint (HUF), which is approx 400 forints for 1 euro. The Hungarian capital Budapest is the th most popular tourist destination in Europe and over 2 million tourists visit every year. Lake balaton is very popular in summer. Budapest is a safe city to live and has very low crime rates. English is widely spoken. Hungary has less snowfall, warm climate not too cold (max -5 deg) in winter and not too hot (35 deg) liveable conditions in Central europe. The cost of living is only half of other big european cities such as Berlin, Vienna, Paris. Vienna is just 3 hours by high speed Railjet train from Budapest. Budapest Liszt ferenc airport terminal 2 is centrally located and has excellent connections to all major cities in Europe.

Is Hungary a schengen country?

Yes, Hungary signed the schengen agreement. The visas and residence permits issued by Hungary is valid in all schengen states, including Switzerland. The currency in Hungary is "Hungarian forint (HUF) which is approximately 400 forints for 1 euro.

Can i live and visit EU Schengen member states?

Yes,you can visit with a valid Hungarian ID card (residence permit card), you visit all schengen states for business or tourism purpose. You can also live in these countries for maximum 90 days in 6 month window period, under Schengen rules. You cannot work in other EU member states for this apply for a special work permit.

AT Austria BE Belgium BG Bulgaria CH Switzerland CY Cyprus CZ Czech Republic DE Germany DK Denmark EE Estonia EL Greece ES Spain FI Finland FR France HR Croatia HU Hungary IE Ireland IS Iceland IT Italy LI Liechtenstein LT Lithuania LU Luxembourg LV Latvia MT Malta NL Netherlands NO Norway PL Poland PT Portugal RO Romania SE Sweden SI Slovenia SK Slovakia Croatia Bulgaria BG;

You can also visit Non-Schengen EU member states with Hungarian residence card such as

Cyprus, Bosnia, Moldova, Montenegro, Georgia. You can also visit Turkey with e-visa using your Hungarian card.

Can i go to UK with the visa issued under hungarian residency bond scheme?

UK does not belong to Schengen zone, so if you are non-EU national, you will need a separate UK visa. Hungarian residence permit (ID card) is not valid to visit UK.

Is the Golden visa program accepting applications?

Yes, officially will open from July 1, 2024.

Law here: http://oif.gov.hu

Is financing possible under this scheme

Yes, it can be possible 

What documents are required to apply for golden visa?

• Passport copy
• Birth certificate *
• Original purchase certificate for 500,000 euros of real estate in Hungary or 250000 euros in RE fund approved by Magyar national bank.
• Travel and health insurance coverage (original must have sign and seal from the issuing company).
• Bank statements, salary certificates, any other proof of income (must be in original have sign and stamp of bank)
• Marriage certificate original * (for spouse)
• Business documents (if any)
• Document proving entitlement of social care services in Hungary.

*  Apostille seal

• If apostille is not available, then the documents must be legalized/notarized at hungarian consulate, by signing infront of the consular officer depending on the document.
• 
   All documents must have a copy, and originals must have seal/stamp with a signature to be accepted by the Hungarian consulate under hungarian law.  

What are the common reasons for refusal by the hungarian authorities?

The hungarian authorities will refuse your visa application, if you 

• Provide false or misleading or concealment of information in the application form.
• You are threat the public safety or national security of Hungary or EU member states;
• You are a subject of expulsion or entry and stay ban, as well as Schengen Information System SIS alert ordering entry and stay ban.
• who declares false data or untrue facts or who deceives the authority
• who has a criminal record in home country.
• If you fail background or diligence checks done by the Government.
• If you are from blacklisted countries.

What is the processing time?

21 working days by the Office of immigration but may take longer.  The time from applying at the embassy and receiving your visa will take 2 months or more.

How to renew the residence permit after expiry?

You can easily renew the residence permit after 5 years for another 5 years. You have to apply at the Office of Immigration of Nationality (OIN), 30 days prior to the expiry date.

Please also note that if you change your place of living, you have to notify OIN office immediately. 

Is the Government fee paid refundable?

No, it is a non-refundable payment once your application is approved.

What are the benefits available with hungarian residency?

• Lifetime EU permanent residency status
• Family and children get PR under family unification.
• Processing time 2 weeks
• No language tests. No health tests. No education requirement.
• Visa free movement in Schengen. Live in any EU Schengen country for 6 months maximum
• Work in Hungary
• Financing option possible for the entire investment.
• Risk free bond investment for 5 years in Euro currency
• Open to all country nationals

Does the Golden visa program grant lifetime permanent residency in Hungary? What is the validity period?

The person is granted permanent residence status under guest residency scheme, is entitled to stay in Hungary for an indefinite period, the validity period of the national permanent residence permit document is a maximum of 10 years, which can be extended by a maximum of 10 years case by case.

How does the whole scheme work?

1. Sign contract with immigration consultant (us). You must be in Hungary in person.
2. We prepare initial application and do quick check on documents
3. Pay full investment directly to bank account.
4. Apply at Hungary OIF aliens policing office (visit only once for fingerprint) to receive your permit 90-120 days
5. Family and children apply for hungarian residency at hungarian consulate, under "family unification" with the copy of your RP card
6. Validity period of the document is maximised in 10 years, and it may be extended for another 10 years for the same purpose.
7. You can naturalize for hungarian citizenship after 8 years of living (hungarian language needed)

When can i apply for permanent residence card in Hungary?

Real estate - a contract of sale and purchase, countersigned by a lawyer, concerning a residential property with a value of at least EUR 500 000, located in the geographical territory of Hungary and registered in the Land Registry of Hungary under its parcel identification/topographical LOT number, free and clear of all liens, claims and encumbrances;.

What are returns available with real estate investment fund?

Annual returns are possible 4-5%. The entire investment is refundable after 5 years. You have to maintain investment if you want to live in Hungary for more than 5 years.

The RE fund certificate from the real estate fund manager registered by the Hungarian National Bank or from the distributor of the investment fund share on the investment fund share of EUR 250 000 issued under the name of the third-country national. Please note that in this case you are required to have an investment fund share issued by a real estate fund for at least 5 years whose net asset value comprises minimum 40% of investments in residential real estate in Hungary and its real estate fund manager has at least a simplified site security certificate or is listed in the register under Act XXX of 2016 on Defence and Security Procurement.

What is the difference between "National Permanent Residence Permit" and "Permanent Residence Permit" issued by Hungary?

National permanent residence permit is like a temporary residence card valid with maximum 5 year validity and then can be renewed later. Permanent residence permit (green card) is issued to you only after you have lived 5 years (as per law) in Hungary and is valid for maximum 10 years. Under the Hungarian residency bond scheme(golden visa), you will get national permanent residence permit issued under economic activity.

What are the eligibility conditions to apply  under the scheme?

1. The main applicant must be over the age of 18.
2. No criminal records.
3. Spouse included
4. Children under age of 18.
5. Applicant not from Russia, Belarus or sanctioned country.
6. No language, age, or working experience requirement.

What if the application is rejected by Hungarian authorities?

Please refer to Refund Policy. We provide partial refund of the costs.

Are there any residency requirements to live in Hungary?

Once granted the permanent residency, there is no residency obligation to live in Hungary. However they are free to enter and exit any schengen country. 

Is it possible to get Hungarian citizenship under this program?

Yes, you can get Hungarian citizenship and passport after 8 years of living by naturalizing. You will also need to pass Hungarian language test and take an oath.

Can i work under the golden visa scheme?

Yes, you or your family members are allowed to work under the scheme.

The residence permit for guest investor entitles its holder to pursue activities independently, for remuneration or act as a chief executive of a business organisation, cooperative or other legal entity established for the purpose of gainful activity.

The residence permit for guest investor and the related residence permit for family reunification entitles its holder to perform actual work for or under the direction of others, for remuneration, under contract for employment relationship.

What is the real estate prices in in Budapest?

Hungary has the lowest property prices in Europe. In capital budapest, central location, costs EUR 7000 to 10000 per square meters.

Do i need to pay taxes in Hungary?

Only if you live more than 183 days per year, you become a tax resident. The hungarian tax authority (NAV) will issue you a tax id card, and it is recommend to have one.

Does Hungary permit dual citizenship?

Yes

What is the difference between "Temporary residence permit" and "Permanent residence permit" ?

Temporary residence permit (TRP) has limited validity (say for 2,3,5 years), while Permanent settlement permit issued for 10 years with unlimited extensions.

Can EEA/EU citizens apply under this program?

No, this scheme is ONLY open for third country nationals outside EU.

What are the approval and success rates?

We have had 100%  succesful approval rates, as we do a quick due diligence on clients and let them know beforehand if they can get approved.

Are you authorized agent for the Hungarian Golden visa program?

Yes, we do consulting. We work with lawyers, fund managers and property developers in Hungary who have the necessary licenses..

Can US citizens apply under this program?

Yes, we welcome Americans to apply under this route and we also encourage real estate investment in Budapest.

What if my passport is expiring soon?

To apply for the golden visa program, we recommend your passport has to be valid for atleast 5 years. The Residence permit is granted to the length of the passport validity. As a general rule, when you travel, you must have atleast 6 months validity. 

Are we allowed to do business investment in Hungary?

The golden visa program allows three types of investment routes.. It does not have provisions for business investment.

But if you want to do a business investment, we can help you to start a new Hungarian company (Kft or Zrt) and register for EU VAT.

What are the taxes in Hungary?

• Corporate tax 10%
• Personal income tax rates 16%
• VAT 27%

Does Hungary has double taxation treaties with other countries?

Yes, see here http://en.nav.gov.hu/taxation/double_taxation_treaties

Can hungarian legal entities or companies buy real estate?

Yes, this is the best way to mitigate taxes. You can refer to information here by the information published by local tax authority. http://en.nav.gov.hu/taxation/taxinfo/rent_of_real_estates.html

Is it possible to open bank account in Hungary?

Hungarian banks offer internet banking in english, and you can open multi currency accounts in Euros or HUF. You must appear in person at the bank, show your passport to open bank account.

What are the approximate living costs in Hungary?

The living costs in Hungary are much lower than in western Europe. General costs for a month are at least EUR 800, while apartment rentals start from EUR 500 / month, utilities not included, which come around EUR 100 / month. So all in all you will need about 2000 euros or 300,000 forints to live comfortably in Budapest. It is much cheaper to live in the countryside.

What services do you provide in Hungary?

• Company incorporation
• Housing and Accommodation (required for residency)
• Tax and EU VAT registration
• Bank account opening (possible only if you are in Hungary)
• Resident permits/visas for family members
• Accounting / Reporting to tax authorities
• Virtual office service and registered company seat
• Airport welcome service
• Translation of documents from English to Hungarian or vice versa.
• Personal assistance
• Emergency services
• Market research
• Business Invitation letters to our business partners

Can i visit your office for meetings?

Yes, we are happy to arrange meetings for you. Please contact us for prior appointments.

How are  the transport systems in Hungary?

Budapest has excellent public transport systems (bus, tram, metro) and taxi to airport takes about 50 minutes costs about 25 euros. There are trains and buses to the countryside towns but only in the daytime.  Lake balaton is about 135 kms from Budapest. 

What are some of the big summer events happening in Hungary?

In summer, hungary is full of festivals and events. In August, there is one week Sziget festival with 1 million visitors, Balaton festival (same month), Beer & Wine  festival in Castle hill (jun/jul), F1 Hungarian Grand Prix (July end) and tonnes of events happening every week end.