Recent changes to the Hungarian permanent residency-by-investment program have made it more popular than ever.
The European country moved in July 2016 to allow dependent children over the age of 18 and parents over 60 to be part of an application. Spouses and children under 18 were already allowable as dependents.
At the same time, it also reduced the waiting time for permanent residency to 30 days, from the previous eight months.
Hungary Investment Immigration Program: Benefits
- No physical presence requirement.
- Access to Schengen zone.
- Low investment requirement and low risk.
- No specific requirements regarding business background, source of funding, language skills or education requirements.
- Applicant’s family can be part of application.
- Access to free education.
A further modification saw the need to have an address in Hungary removed. Previously, although there was no physical presence requirement, candidates were asked to provide a residential address.
Hungary has given permanent residence to 2,000 candidates in the last year.
The major draws of the program include the fast, four-week processing time and access to the Schengen zone of countries in exchange for an investment of 300,000 euros in guaranteed government bonds. This is relatively low compared to other countries, and completely safe. The money is repayable without interest after five years.
Hungary Investment Program Requirements
- Ownership of treasury bonds valued at more than €300,000 over five years, purchased within 45 days of the issuance of the residency permit
or
- If not purchasing bonds, the applicant must submit credible documentary evidence justifying his/her purpose for entering and residing in Hungary as well proof of an alternative contribution to the Hungarian national economic interest.
The country offers access to public health and education, as well as providing integration help to new immigrants where required.
Hungarian citizenship, and the resulting European Union passport, can be applied for after seven years as a permanent resident, provided a basic grasp of the language has been achieved.
Everyone included on the application can live and work in Hungary, and benefit from government services, if they desire.
Hungary claims to have the most successful residency-by-investment program in Europe, although the schemes in Malta, Portugal and Cyprus are often talked about in these terms.
Malta’s citizenship program remains the only one to be approved by the European Commission.
Opposition parties have criticised Hungary’s program for being against the country’s constitution.
Further reading