Home » EUROPE » How Hungary Golden Visa Program in July Boost Travel How Hungary Golden Visa Program in July Boost Travel
Saturday, June 8, 2024
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Reading Time: 4 minutes Hungary has reintroduced its Golden Visa Program, now known as the Guest Investor Program, allowing non-EU and non-EEA citizens to gain residency through strategic investments. This relaunch provides new opportunities for global investors and could have significant impacts on Hungary’s travel and tourism sectors. Here’s an in-depth look at how you can benefit from this scheme and what it means for the broader industry.
What is the Hungarian Golden Visa Scheme?
The Hungary Golden Visa Scheme, a popular route for non-EU and non-EEA citizens to secure residency in Hungary, was initially launched in 2013 and paused in 2017. This program offered a straightforward path to Hungarian residency through investment. As of July 2024, the scheme has been relaunched, providing fresh opportunities for international investors to live and travel freely within the EU.
Eligibility Criteria for the Hungarian Golden Visa
To qualify for Hungary’s Golden Visa, applicants must meet specific criteria:
- Non-EU and Non-EEA Citizenship: Only citizens from outside the EU and EEA are eligible.
- Age Requirement: Applicants must be over 18 years old.
- Clean Criminal Record: A clean police record is mandatory.
- Proof of Income: Applicants need to demonstrate a credible source of income to support their investment and stay in Hungary.
Investment Options for the Hungarian Golden Visa
The Hungarian Government offers three investment routes under the Golden Visa scheme. Each option caters to different types of investors, from those interested in education to real estate enthusiasts.
- Higher Education Donation: Donating at least EUR 1,000,000 (approximately HKD 85,03,487) to a higher education institution in Hungary is the most substantial investment option. This route is ideal for philanthropically inclined investors looking to support educational development in Hungary.
- Residential Property Purchase: Investors can acquire a residential property worth at least EUR 500,000 (approximately HKD 42,51,743). This option is attractive to those seeking to live in Hungary or invest in the growing real estate market.
- Real Estate Fund Units: For a minimum of EUR 250,000 (approximately HKD 21,25,871), investors can purchase units in a Hungarian real estate fund. This route is suitable for those who prefer indirect investment in property.
Benefits of the Hungarian Golden Visa
The Hungarian Golden Visa offers a range of advantages for investors and their families:
- Residency in Hungary: The visa provides residency in Hungary, allowing investors to live in one of Europe’s most culturally rich and economically promising countries.
- Visa-Free Travel: The visa enables visa-free travel across all EU countries, a significant perk for international businesspersons and frequent travelers.
- Family Inclusion: Investors can include their spouse, minor children, and parents in the application, allowing the whole family to benefit from EU residency.
- Investment Opportunities: The scheme opens doors to lucrative investment opportunities in Hungary’s real estate and education sectors.
Application Process for the Hungarian Golden Visa
Applying for Hungary’s Golden Visa involves several steps:
- Select an Agent: Begin by finding a reliable agent to help navigate the application process and choose the best investment option for your needs.
- Complete the Investment: Make the chosen investment in Hungary, whether it’s a donation, property purchase, or real estate fund investment.
- Apply for the Visa: Submit your application for the Golden Visa, including all necessary documentation to prove your investment and eligibility.
- Visit Hungary: You will need to visit Hungary to fulfill any remaining requirements, such as signing documents or completing the investment process.
- Residency and Biometrics: Apply for your residency permit and provide biometric data as required by Hungarian authorities.
- Receive the Permit: Upon successful completion, you will receive your residence permit either electronically or by mail.
Historical Impact of the Golden Visa Program
Between its inception in 2013 and its initial halt in 2017, Hungary’s Golden Visa scheme was highly successful. According to the European Commission, it attracted EUR 1.4 billion in investments and issued 4,794 residence permits. This influx of investment played a crucial role in bolstering Hungary’s economy, particularly in real estate and education sectors.
Potential Impacts on the Travel and Tourism Industry
The reintroduction of Hungary’s Golden Visa Scheme is poised to have significant impacts on the country’s travel and tourism sectors:
- Increased Tourism: With more international investors gaining residency, Hungary can expect a rise in tourism as new residents explore the country and invite family and friends to visit.
- Boost to Real Estate: The scheme’s focus on real estate investments will likely stimulate demand in the housing market, driving development and potentially leading to a surge in property prices.
- Economic Growth: Increased investments through the Golden Visa can contribute to overall economic growth, enhancing infrastructure and boosting local businesses, particularly in hospitality and services.
- Cultural Exchange: As more international residents settle in Hungary, the country will benefit from greater cultural diversity, enriching the local cultural landscape and fostering global connections.
The Role of ABTA and Travel Agencies
The Association of British Travel Agents (ABTA) and other travel agencies play a pivotal role in facilitating travel and relocation for Golden Visa applicants. ABTA ensures that travel agents provide reliable, up-to-date information and support for those looking to invest in Hungary and move there.
The travel agencies can assist potential Golden Visa Scheme applicants in understanding the visa process, planning their initial visit to Hungary, and finding suitable investment opportunities. They also help new residents adjust to life in Hungary by offering services like relocation assistance and local orientation.
Hungary’s relaunched Golden Visa Scheme offers a golden opportunity for non-European Union and non-EEA citizens to invest and live in one of Europe’s most dynamic countries. With options ranging from substantial donations to real estate investments, the program caters to various investor preferences. Beyond personal benefits, the scheme is set to boost Hungary’s travel, tourism, and economic sectors, making it an attractive proposition for international investors and a boon for the local economy.
Tags: economic growth, EU Residency, Golden Visa Scheme, hungary, Hungary Travel, Hungary Travel Industry, real estate investment, Residency, Tourism, Travel, travel industry
