While Ireland and Portugal have now closed such programs, if you are still looking for an international investment for residency permit, Hungary may attract you with its ‘Golden Visa’ opportunity.
Hungary, a prominent country in central Europe, has one of the fastest-growing economies on the continent. To attract foreign capital and address labor shortages, especially in its expanding battery industry, Hungary plans to reintroduce a program abandoned in 2017 due to corruption allegations in a similar initiative. The Golden Visa for property investors serves a dual purpose, contributing to economic stability amid a record budget shortfall.
Hungary Golden Visa: Requirements & Benefits
Hungary plans to launch a new residency program, called the “guest-investor program,” to attract foreign investors. The proposed initiative would grant a 10-year renewable residency permit to individuals investing a minimum of €250,000 ($271,000) or around Rs.8 crore in local property funds or €500,000 in Hungarian real estate. The program also allows eligibility for those making donations of at least €1 million to government-established trusts overseeing universities.
Hungary Golden Visa: History
Hungary’s Residency by Investment Schemes, active from 2013 to 2017, allowed foreign nationals to gain residency by making financial investments and meeting specific requirements. The Golden Visa program, launched on January 1, 2013, required wealthy foreigners to invest a minimum of €250,000. Later, the government raised the minimum investment to €300,000.
The program generated €1.4 billion from 2013 to 2017, resulting in 3,649 approved temporary residence permits. During this period, Hungary received 6,621 residence requests from investors. Of these, 4,794 applicants were granted permanent residence, while 1,827 applications were rejected.
The program concluded in 2017, as the government believed it had no significant economic impact.
If you are interested in the Hungary Golden Visa, you may contact travel and visa consultants in Pakistan listed on OLX Pakistan for further information.
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