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The Hungarian Parliament has amended the law regarding the "golden visa" program (the guest investor visa) even before its official launch. The revised legislation came into effect on May 11, 2024. As a reminder, the scheme will start operating from July 1, 2024.
Applying for a guest investor visa is the first step towards obtaining Hungary's "golden visa." Only after receiving the guest investor visa can one apply for a residence permit as a guest investor. The guest investor is required to travel to Hungary on a guest investor visa and make the investment within six months. Previously, this period was two years.
The residential property can only be purchased starting January 1, 2025. Real estate acquired before this date will not be eligible to participate in the program. Thus, from July 1, 2024, to January 1, 2025, only those who purchase units in a real estate fund or choose to make a donation will be able to participate in the scheme.
According to the amendments, only those real estate fund managers who are included in the list of qualified market operators will be able to participate in the program. This list is maintained by the Constitution Protection Office. This means that it will take some time to compile a list of such funds, therefore, this option will become operational later than on July 1, 2024.
The Hungarian "golden visa" program is set to launch on July 1, 2024. It offers a 20-year residence permit in exchange for one of the following investment options:
Source: Investment Migration Insider
Photo by Jure Tufekcic on Unsplash
