Golden visa : Hungary’s government has presented the outlines of a revolutionary “golden visa” program to parliament. Termed the “guest-investor visa,” this initiative targets individuals affiliated with projects recognized as “strategically important investments” by the government.
Golden visa – Hungary
The proposed legislation, unveiled on Tuesday, introduces a new avenue for prospective investors to obtain a residence permit. This permit, a prerequisite for the “guest-investor visa,” could potentially allow the visa-holder to reside in Hungary for an initial period of 10 years, extendable by another decade, as per the draft.
This initiative follows the abandonment of Hungary’s previous “golden visa scheme” in 2017, triggered by controversy surrounding the residency status granted to a Syrian individual under U.S. sanctions. The former program, initiated in 2013, required foreign investors to purchase Hungarian bonds up to 300,000 euros to secure the coveted permit.
Under the current proposal, the coveted “strategically important project” label can be obtained through various avenues. Investors may acquire this designation by purchasing a Hungarian real-estate fund share valued at 250,000 euros or real estate worth a minimum of 500,000 euros within Hungary’s borders.
Additionally, a donation of 1 million euros to public interest asset management foundations, despite EU scrutiny, could confer the esteemed “strategic importance” label upon investors, paving the way for the coveted “guest-investor” status.
Hungary has witnessed a surge in interest from eastern investors in recent years, with prominent Asian battery manufacturers such as CATL and Eve-Power choosing to establish their factories in close proximity to German carmakers.
This forward-thinking visa program aims to stimulate foreign investment, particularly in strategic sectors, while addressing the pitfalls of its predecessor. As Hungary opens its doors to a new era of immigration policies, the “guest-investor visa” program is poised to leave an indelible mark on the nation’s economic landscape.
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