Hungary has been on the radar for many people hoping to obtain a permanent residency permit through investment. The long awaited guidelines have been revised and released. It is now possible to gain access to a permanent residence permit through investment of 250,000€ in government bonds, either as an individual or as a majority owner of a business. The Immigration Office and Parliament still have to deliver some important information but they are just one step away from making the application process available.
The Residency Programme for Investors comes with an array of criteria which need to be met. First and foremost; the process begins as an application for a preliminary permit, and subsequently a permanent permit. The applicant needs to make it clear their investment is in accordance with national interest and this is the route they plan on taking in order to receive their permit.
What do you need to do?
This residence permit application must be submitted in person to a Hungarian consulate or other governing body authorised to process this type of application. You will be required to have a biometric profile taken of yourself. This involves having your photograph taken and your finger prints recorded. Applicants will also be required to provide various documents to confirm identity and ownership of business where necessary. They will also need to provide a valid power of attorney. Applicants must pay 60€ (or the equivalent in other currencies) handling fee in order for the application to be processed.
If you are successful, how do you go about getting your permit and what does it offer you?
Your application is processed quickly and the consulate will inform you of the decision no later than 8 days after the submission date. You will immediately be given a preliminary permit; allowing you one-time entry into Hungary for a maximum of 30 days. Once this has been received, you may enter the Schengen area and may collect your permanent resident permit from Budapest and Pest County Directorate.
Are you planning on bringing your family?
Many people want to bring their loved ones with them when they immigrate to another country and many countries have a process in place to allow this to happen. Hungary is no exception. Immediate family members (spouse/children) are able to submit an application in connection with the main applicant. Given they are not investing 250,000€ as individuals, they do not need to provide any proof of financial independence or relation to business, but only proof they are related to the main applicant.
What are the terms of Residence Permit?
The permit allows you to stay anywhere in Hungary for the length of the permit. You may travel to Schengen member states and stay there for up to three months in any six month period. If you wish to gain employment, you must register your changed purpose of interest at the regional authority.
When the application process opens many people will be able to take advantage of residing in Hungary and experiencing all it has to offer; socially, economically and culturally. Why not take advantage of this country’s low living costs, affordable property and desirable capital city.
If you think this sounds appealing to you, please get in contact to discuss the finer details.