Is Hungary worth moving to? Uncover the hidden benefits of relocating with Golden Visa
Relocating to Hungary with a Golden Visa might not be the first option that comes to mind for global investors, but it’s gaining traction. Hungary offers a stable economy, central location in Europe, and a straightforward residency program for investors.
Zlata Erlach, Head of the Austrian office at Immigrant Invest, explains whether moving to Hungary is worth it and outlines the hidden benefits of Hungary Golden Visa.
Hungary immigration overview
Moving to Hungary is possible under several ways, but the Golden Visa stands out for investors. The Golden Visa provides a quick path to residence by investment in the local economy. In contrast to other European programs, Hungary’s pathway is more flexible and cost-efficient, making it an attractive option for high-net-worth individuals.
Hungary is located in Central Europe, making it ideal for business or travel throughout the continent. Investors can enjoy access to major European markets, while also benefiting from lower living costs compared to Western Europe.
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11 benefits of Hungary Golden Visa
Advantages of moving to Hungary become more efficient for those who obtain residency through the Golden Visa program.
1. Residency for the whole family. The Golden Visa extends to the applicant’s spouse and dependent children and parents, ensuring the entire family can relocate together.
2. Fast processing time. Unlike many other programs, the Hungarian Golden Visa offers a relatively fast route to residency, with approvals often taking just 5 months.
3. Low minimum investment. Hungary’s Golden Visa program requires a lower financial commitment compared to similar programs in Europe, allowing more flexibility for investors.
4. No language requirements. Applicants are not required to pass a Hungarian language test, which is a common obstacle in many other countries.
5. Schengen Area access. Once you hold Hungarian residency, you can travel freely across the Schengen Area, which includes most of Europe’s key business and travel destinations.
6. Stable economy. Hungary has a growing economy with attractive business opportunities. Investors can benefit from a well-regulated and low-tax environment.
7. Access to healthcare. Hungary has a public healthcare system, and as a resident, you and your family will have access to affordable healthcare services.
8. No physical presence required. Relocating to Hungary is not required to maintain residency. This is ideal for those with businesses or commitments in other countries.
9. Path to permanent residency and citizenship. After three years of holding a Golden Visa, investors can apply for permanent residency. Citizenship is possible after 11 years.
10. Low cost of living. Compared to Western Europe, Hungary offers affordable living costs, particularly for housing, food, and services.
11. Growing real estate market. Investors can benefit from Hungary’s booming real estate market, especially in Budapest, where property values are steadily increasing.
Hungary Golden Visa requirements
Who is eligible. The Hungary Golden Visa is designed for high-net-worth individuals willing to make an investment in the country. Applicants must be non-EU citizens with a clean criminal record and sufficient financial resources.
Investment options give investors flexibility based on their financial goals and preferences. Hungary offers a few different routes to obtaining the Golden Visa:
- Purchase of real estate fund units — €250,000+.
- Property purchase — €500,000+.
- Donation to an institution of higher learning — €1,000,000+.
The option to purchase real estate will open on January 1st, 2025. Properties acquired before this date will not be eligible for the Golden Visa.
Documents required. To apply, investors must submit identification documents, proof of investment, a clean criminal record certificate, and financial statements to prove the source of funds. Additional documents may include health insurance and proof of address.
Relocating to Hungary with Golden Visa: step-by-step process
1. Choose an investment option. Decide on the most suitable route, whether it’s real estate, government bonds, or business investment.
2. Gather documents. Collect all necessary paperwork, including identification, financial statements, and proof of investment. This step is crucial for a smooth application process.
3. Submit the application. File your Golden Visa application with the Hungarian immigration authorities. Most applicants use a local agent or immigration consultant to ensure the process runs smoothly.
4. Wait for approval. The approval process usually takes between 2—3 months, after which you will receive your residence permit.
5. Relocate to Hungary (optional). While you’re not required to live in Hungary full-time, you can relocate whenever you choose. The residence permit allows you to live, work, and study in Hungary.
6. Renew residency. Golden Visa holders must renew their residency permits after 10 years.
Conclusion
Hungary offers a unique and flexible Golden Visa program, making it an excellent option for investors looking to relocate to Europe. With Hungary immigration benefits, family inclusion, access to healthcare, and the ability to travel freely in the Schengen Area, the benefits are significant. If you’re ready to explore what Hungary has to offer, Immigrant Invest can guide you through the Golden Visa process.
