Amendments published on May 11th in the National Legislation Database concern the Guest Investor Visa and the property purchase option.
The Guest Investor Visa is designed to allow an investor to enter Hungary and apply for residency. According to the former rules, the visa validity period was up to two years. Within this period, the investor could visit Hungary and stay there without limits. However, they had 93 days after the first entry with this visa to make an investment and submit a residency application.
The new rules state that the Guest Investor Visa will be granted for six months. The requirement to fulfil the investment condition within 93 days of the first entry remains valid.
The change regarding property purchases states that the option will be unavailable until January 1st, 2025. All properties bought before this date will not qualify for the Hungary Golden Visa program.
The main program conditions remain unchanged. To participate in the program, candidates must make one of the following investments:
- purchase real estate fund units for at least €250,000;
- acquire residential property in the territory of Hungary for €500,000 or more;
- make a non-refundable donation of €1,000,000 to an institution of higher learning.
Residence permits will be granted for ten years extendable once for the same period. The investor’s family, including a spouse, minor children, and parents, are also eligible for residency. To maintain the status, applicants have to hold investments for at least five years.
