Hungary has streamlined the process by which it grants permanent residency to investment immigration applicants.
The European nation will cut waiting times from eight months to 30 days for the Hungary National Permanent Residence Program.
The program will also be opened to offspring of the main applicant who are over 18, and to dependent parents, for the first time. Previously only children under 18 were included.
The new rules will begin from July 1.
Hungary Investment 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.
Previously the program was administered in two phases, with a temporary visa granted initially and then a six month wait for permanent residency.
The program began in 2013, and since then 3,500 applications have been received, with nearly 10,000 permanent residency visa granted to applicants and their families.
Benefits of Hungary Program
- Live in Hungary
- Travel to Schengen Area countries for 90 days once every six months
- Low investment requirements and low risk
- No specific requirements regarding business background, source of funding, language skills or education requirements
- No minimum stay
- Family members can also benefit
- Access to free education in Hungary
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.
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