Hungary’s government is set to relaunch a “golden visa” program, introducing a fresh initiative known as the “guest-investor visa.” The proposal, outlined in a draft bill regulating immigration from third countries to Hungary, aims to attract foreign investors affiliated with projects labeled as “strategically important investments” by the government.
Under the draft bill submitted to parliament on Tuesday, individuals obtaining the “guest-investor visa” would be eligible to apply for a residence permit, allowing them to stay in Hungary for an initial period of 10 years, with the option for a further 10-year extension.
This new program follows the discontinuation of the previous “golden visa scheme” in 2017. The decision to terminate the earlier initiative came after a Syrian individual under U.S. sanctions obtained residency status in Hungary through the program.
The original “golden visa scheme,” initiated in 2013, required foreign investors to purchase a Hungarian bond, with amounts reaching up to 300,000 euros, to qualify for the permit.
According to the proposed regulations, the “strategically important project” designation can be achieved by investors participating in various ways. This includes acquiring a Hungarian real-estate fund share valued at 250,000 euros or investing in real estate worth a minimum of 500,000 euros within Hungary.
Moreover, the draft bill suggests that a donation of 1 million euros to public interest asset management foundations, previously scrutinized by the EU due to conflicts of interest with the government, would also confer the status of “strategic importance” upon investors. This designation opens the pathway for these investors to qualify for the coveted “guest-investor” status.
The introduction of this new “guest-investor visa” program aims to stimulate foreign investments and contribute to Hungary’s economic development by attracting individuals associated with key projects deemed strategically significant by the government.
