The new Act XC of 2023 on the General Rules for the Entry and Residence of Third-Country Nationals, or the Btátv for short has recently entered into force. The Act introduces a new Golden Visa for investors. The so-called Visitor Investor Visa is granted to investors who have one of the following investments or who declare that they intend to make one of the following investments within three months of entering Hungary. The following investments make the investor applicable for the Golden Visa:
- €250.000,- worth of units issued by a real estate fund. The real estate fund must be accredited by the Hungarian Central Bank, and 40% of the units should be invested in residential real estate in Hungary.
- €500.000,- in Hungarian real estate free of encumbrances. The property must stay in the ownership of the investor or their relatives for at least 5 years.
- €1 million worth of donation to a college or university maintained by a public trust with a public purpose.
The Visa is valid for two years. The investor must apply for the Visitor Investor Residence Permit within 93 days of entering Hungary or making the investment. Nationals of Visa exempt countries (e.g. United Arab Emirates, Japan, Singapore) may apply for a residence permit without a Visitor Investor Visa if they are legally residing in Hungary and meet the other conditions.
The Residence Permit entitles the investor to stay in Hungary for 10 years, engage in business activities as managing director of a company in a self-employed status, and establish employment without restrictions. The residence permit issued for family cohabitation with the visitor investor enables the family members to work as employees in Hungary.
Contrary to other residence permits, the visitor investor’s residence permit does not require the investor to start residing in Hungary 3 months after the permit is issued in order to be valid. The permit may be extended for a further 10 years if further conditions are met.
To know more about the Golden Visa and the application process, do not hesitate to contact us at info@feherlegal.hu.
