The new legislation imposes stricter requirements for third-country nationals who wish to relocate to Hungary. The number of residence permit categories increased from 18 to 24, and a permit for other purposes has been abolished.
Newly created types include 8 separate permits for employment and a residence permit for investors. As per new requirements, highly-skilled workers and low-skilled guest workers must obtain different permits, with the latter having more restrictions.
The guest worker residence permit will only be granted to foreigners employed by specified employers, from specified countries, and in specified occupations. Additionally, this permit can be extended only for up to 3 years and cannot be converted to permanent residency.
Updated requirements must have started to apply since March 1, 2024, but the law implementation rules have not yet been announced. Therefore, the application submission, suspended from January 1, 2024, is still not resumed. For applications submitted before December 31, 2023, former conditions apply.
For residence permits with an expiration date between January 1, 2024, and February 29, 2024, the validity will be automatically extended until April 30, 2024.
The investment residence permit known as the Hungary Golden Visa offers a major advantage compared to other types of residence permits: investors are not required to live in Hungary permanently to maintain their status.
To obtain a Hungarian residency by investment, foreign citizens must make an investment in the country’s economy. Available options include:
- real estate fund unit purchase — €250,000+;
- property purchase — €500,000+;
- non-refundable donation to an institution of higher learning — €1,000,000+.
The investment residency will be granted for 10 years and can be extended for another 10 years. Investor’s close relatives are also allowed to apply. More specific requirements and procedures are still to be developed.
