Are you considering investing in Hungary’s Golden Visa program, but have questions about the process, benefits, and requirements? You’re not alone. As one of the most popular residency-by-investment programs in Europe, Hungary’s Golden Visa has attracted thousands of applicants from around the world. In this article, we’ll dive into the most frequently asked questions about the program, providing you with the insights you need to make an informed decision.
FREQUENTLY ASKED QUESTIONS (FAQ)
ON THE APPLICATION FOR A GUEST INVESTOR VISA OR A GUEST INVESTOR RESIDENCE PERMIT
1. Can a third-country national with a valid residence permit submit the application for a guest investor residence permit in Hungary?
If you are allowed to enter the territory of Hungary visa-free due to your nationality, you can apply for a guest investor residence permit during your legal stay, after completing your investment.
If you are not allowed to enter the territory of Hungary visa-free, you are not able to apply for a guest investor residence permit. In this case, you must first apply for a guest investor visa abroad.
2. Is there a statutory entry deadline for the guest investor visa?
Once the visa is issued, you can enter Hungary at any time during its validity period, however the investment undertaken must be completed withing 3 months after the issuance of the visa.
3. How long is the validity period of the guest investor visa and residence permit?
The maximum validity of a guest investor visa is 6 months, which cannot be extended, while the maximum validity of a guest investor residence permit is 10 years, which can be extended once for a further 10 years.
4. Is there a minimum stay requirement in Hungary for the guest investor residence permit?
No.
5. Is there a minimum stay requirement in Hungary for the extension of the guest investor residence permit?
No.
6. If a guest investor visa or a guest investor residence permit is refused for any reason or the application cannot be submitted, can the application be resubmitted?
Yes, however, the legality of the visa-free applicant’s stay in Hungary will be examined.
7. The guest investor residence permit shall be refused if it is likely that the third-country national will not complete the investment undertaken. What reasons can lead to the refusal of an application on these grounds?
The immigration authority, acting in its discretion, will assess the available information and circumstances. The permit will be refused if the third-country national no longer has the financial resources to complete the investment,
8. What conditions must the investment fund share and the real estate fund manager that manages it meet?
For at least 5 years, the investors are required to hold the investment fund share of a real estate fund of which the net asset value comprises at least 40% of investments in residential real estate in Hungary and of which real estate fund manager is on the list of qualified market participants under the Vbt. Investors are required hold the investment fund share of a real estate fund for at least 5 years, the net asset value of which comprises at least 40% of investments in residential real estate in Hungary and the real estate fund manager of which is included in the list of qualified market participants under the Defense Procurement Act (Vbt).
The real estate fund manager must qualify as an alternative investment fund manager or be authorised to manage an alternative investment fund (AIF) with assets under management exceeding a threshold of EUR 100 million in aggregate or EUR 500 million in aggregate, provided that the AIF’s portfolios consist of non-leveraged AIFs for which redemption rights cannot be exercised within five years of the date of initial investment in each AIF. In addition, a fund manager may also act as an investment fund manager under the Kbftv. if it also manages a real estate fund in which the total value of assets under management exceeds the threshold of EUR 600 million.
9. From which real estate fund managers can I buy units that can be used in the guest investment procedure? Does the immigration authority know any investment unit distributors?
As the immigration authority does not keep any records and/or information regarding the fund managers and the funds, it is currently not in a position to provide information on this.
10. How much is the application fee?
Administrative service fees related to guest investor visas
| 1. Procedural fee for issuing a guest investor visa | EUR 110 |
| 2. Fee for an appeal against a decision of refusal or withdrawal of a guest investor visa | EUR 160 |
| 3. Procedural fee for issuing a guest investor visa in case of an application for a replacement guest investor visa at a diplomatic mission or consular post | EUR 90 |
Administrative service fees related to residence permits
| 1. Procedural fee for issuing a residence permit and issuing an entry visa for the purpose of receiving the residence permit | EUR 110 |
| 2. Fee for an appeal against a decision of refusal on the issuance of a residence permit and a visa entitling its holder to receive the residence permit, if the appeal is lodged at a diplomatic mission or consular post | EUR 160 |
| 3. Procedural fee for issuing a residence permit in case of an application submitted in Hungary in person | HUF 39,000 |
| 4. Procedural fee for issuing a residence permit in case of an application submitted in Hungary via the Enter Hungary platform | HUF 24,000 |
| 5. Procedural fee for extending a residence permit | HUF 23,000 |
11. What type of application can family members of guest investors submit?
A residence permit for family reunification purposes. For more details, please feel free to contact us.
12. How can I work with a guest investor residence permit?
Third-country nationals in possession of guest investor residence permit have the right to work in Hungary without restriction.
13. The authentic Hungarian translation of foreign language annexes can only be prepared by the Hungarian Office for Translation and Attestation?
Yes.
14. If a document issued by a public authority, employer or third party is annexed to the guest investor visa or residence permit, how far in advance of the date of application can the date of issue be?
You must submit documents (employer’s or tax authority’s certificate, credit institution’s certificate and sales slip) supporting the application and providing credible evidence of the applicant’s employment and income in the period immediately preceding the application. Additional supporting documents may include a sales contract in the case of a sale of real estate, a certificate of inheritance, etc. However, the authority may issue a request for the applicant to rectify any deficiencies.
15. If the applicant wishes to prove that the required conditions (i.e. the applicant has financial resources to cover housing and living expenses and travel costs for the entire duration of the stay; the applicant is insured or has sufficient financial coverage for healthcare purposes) for the guest investor visa and the guest investor residence permit are met with a coverage certificate, what level or amount of cover per person is accepted by the authority?
The Directorate-General evaluates all the circumstances of the given procedure—taking into account their unique nature—both individually and collectively, therefore, a specific amount cannot be determined. The means of subsistence in Hungary is not a condition to be assessed.
16. If the applicant does not wish to prove that he/she is insured for the full range of health care services by means of certificate of coverage, the following documents are accepted: (1) an official agreement on the use of health care services (and proof that the applicant has paid 24 + 1 monthly amount at the time of the conclusion of the agreement and is therefore entitled to health care services from the first day of the month following the conclusion of the agreement) or (2) a copy of the policy of any private health insurance company covering the territory of Hungary.
The applicant may prove his/her entitlement to health care services in accordance with the provisions of Article 9 (8) of the Implementing Regulation of the Immigration Act (for more details, please feel free to reach out). The means of subsistence and health care coverage is required from the applicant when applying for a guest investor visa, but not when applying for a residence permit.
17. Can the application for a guest investor residence permit and the related application for a residence permit for family reunification be submitted together?
Yes, however, it is important to note that the family member(s) of a third-country national holding a guest investor visa are not entitled to stay for the purpose of family reunification until the family member has obtained a guest investor residence permit. For third-country nationals subject to the visa requirement, please note that you cannot apply for a residence permit for the purpose of family reunification in Hungary.