On January 1, 2024, the Hungarian Law on General Rules for the Entry and Residence of Third-Country Nationals came into force! The "Visitor Investor Residence Visa" and "Visitor Investor Residency" involved in the Hungarian Investor Immigration will officially start to apply on July 1, 2024.
The Hungarian Immigration Bureau** officially released the project on March 1, and further explained the issues that everyone is concerned about, and today we will interpret it in detail
Qualify for a Visitor Investor Residence Permit
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Eligibility:
Third-country nationals whose entry and stay in Hungary are in the economic interest of the country can obtain a residence permit for the visitor investor due to the investment he or she realizes in Hungary.
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National Economic Interests:
The following investments that have been realized shall be considered as national economic interests:
1) Purchase of real estate registered by the National Bank of Hungary ** issued at least250,000 eurosshare of investment.
2) The purchase is worth at least500,000 eurosThe property ownership interest in a residential property must be located within the geographical territory of Hungary and registered with the Hungarian Land Registry, with its plot marked by a topographic lot number, free from any liens, claims and encumbrances.
3) For the purpose of educational, scientific research or artistic creation activities, to provide at least to institutions of higher education maintained by public trusts with a public service mission1,000,000 eurosfinancial donations.
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Definition of third country nationals:
Non-Hungarian nationals, who do not enjoy the right of free movement and residence, i.e. family members of non-EEA nationals or EEA nationals, as well as stateless persons.
Application for Residence Permit for Visitor Investment
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Application for issuance of residence permit
1) An application for the issuance of a residence permit can only be submitted in Hungary.
2) The condition for submitting the application is that you have legal residency in Hungary and hold a visitor investor visa, or if you are allowed to enter Hungarian territory without a visa – visa-free.
3) The application must be submitted within 93 days from the date of entry with a visitor investor visa or, in the case of visa waiver, within 93 days from the date of first legal entry into Hungarian territory.
4) The application shall be submitted in the following manner:
Through Enter Hungary's electronic information system and program launch platform, or in person at the competent regional bureau of the NDGAP, depending on the applicant's residential address.
If your ** person is a legal representative or legal person, you can only submit an application through the Enter Hungary platform.
You must submit proof of your completed commitment to the investment through the Enter Hungary platform within 3 months of entering Hungary. NDGAP will review the certification of realized investments.
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Application for extension of residence permit
1) An application for extension of a residence permit for a visitor investor can only be submitted in Hungary via the Enter Hungary platform.
2) A residence permit can only be extended if you have a valid residence permit for the visitor investor at the time of submission of the application.
3) The application for extension of the residence permit should be submitted at least 30 days before the expiration date of the residence permit issued.
Application materials for a residence permit for a visitor investor
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Fill out the application** and sign it to submit
1.Applicants are required to complete the application** correctly and completely, and submit the completed documents with their signatures, submit the application through the Enter Hungary platform, and complete the electronic application form completely and correctly.
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Take a photo and enter your fingerprint
In order to issue a residence permit containing biometric data, the applicant's face** and fingerprints will be taken.
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Pay the fee and wait for notification
Within 15 days of the application submitted through the Enter Hungary platform, the application submitted through the Enter Hungary platform will be deemed to have been accepted by the Immigration Department, and the Immigration Bureau will issue a notification.
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Attach proof of one of the following investments:
1) A certificate issued by a real estate manager registered with the National Bank of Hungary or a distributor of the investment** share of 250,000 euros issued in the name of a national of a third country; You need to have a share of investment issued by real estate ** for at least 5 years, have a net asset value of at least 40% of your investment in residential real estate in Hungary, and have at least a simplified site security certificate from its real estate manager or be listed in the register under the Act XXX of the Defence and Security Procurement Act 2016.
2) A contract for the sale and purchase of real estate signed by a lawyer for a residential property with a value of at least 500,000 euros, located in the geographical territory of Hungary and registered with the Hungarian Land Registry, with the plot identification and terrain lot number, free from any liens, claims and encumbrances; After acquiring ownership of a residential property, it must be registered at the Land Registry. Assignment and mortgage of title are prohibited for a period of 5 years from the date of the contract for the sale and purchase of the property, and the property may be owned exclusively by you or you and one or more family members. The competent authority will appoint a real estate legal expert to determine if there is a significant difference between the actual market value of the property and the purchase** indicated in the application. Applicants must pay the assessment fee upfront.
3) A certificate issued by a higher education institution maintained by a public trust with a public service mission certifying that the higher education institution has received your financial donation of at least €1 million to support educational, scientific research or artistic creation activities.
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Proof of property and income
One of the following documents must be submitted to prove that the applicant has sufficient resources i.e. he can cover the expenses related to his or her living, accommodation, return trip onward travel (i.e. leaving Hungary) and healthcare services from legally obtained income and savings
1) Certificate of credit institution issued in the name of the applicant (e.g. bank statement, savings or** and bond account statement, bank balance statement), 2) Fixed income document issued by the employer or tax authority.
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A document proving that the applicant has a place of accommodation in Hungary
One of the following documents must be submitted to prove that the applicant is the owner of a residential property suitable for habitation or that he has the legal right to use such real estate:
1) Residential tenancy contract, 2) Proof of boarding documents, 3) Proof of ownership of residential property, 4) Proof of booking accommodation and payment.
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Proof of health insurance
Documentary evidence must be submitted to prove that the applicant has access to comprehensive health insurance services that cover all health care services or that he can pay for such services.
An applicant qualifies for this if:
1) he is eligible to be entitled to social security health insurance services, 2) he is able to access health insurance services in Hungary within the framework of international conventions, treaties or agreements, and 3) he can pay for his health care services on the basis of documents proving his life in Hungary**.
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A document proving that the applicant meets the exit requirements
i.e. the return trip to the conditions for onward travel).
1) a valid passport, 2) possession of a valid ticket for the relevant travel or the amount paid for the trip.
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Other required documents
You need to attach 1 face to your application**.
Application period: 21 days
In addition to the mandatory attachments, the NDGAP may request the submission of further documents to clarify the facts of the case or to carry out other procedural acts.
The period for remediating deficiencies (e.g., submitting missing documents) and performing various other procedural actions are not included in the procedural administration period.
Collect the residence permit documents
The residence permit document should be sent by post to the address of the place of service indicated on the application form.
Receiving your documents in person at the NDGAP's Regional Council will only be permitted if you prove that you were unable to receive them at the delivery location specified in your application.
The validity period of the license
Validity and Extension Requirements
The residence permit is valid for a maximum of 10 years and can be extended for another 10 years for the same purpose.
Extend the conditions for a visitor's residence permit by investment
If the investment on which the residence permit is issued is an investment**share, the applicant must have the investment at the time of submission of the application.
If the investment on which the residence permit is issued is an ownership interest in real estate, then.
1) The applicant continues to have an ownership interest in the property on which the residence permit is issued, the value of which is at least 500,000 euros, or:
2) If the applicant no longer has an ownership interest in the property on which the residence permit was issued, or if the value of the ownership interest in the property is less than 500,000 euros, the applicant has a new real estate investment that meets the same conditions at the time of submission of the application.
If the investment on which the residence permit is issued is the provision of a financial contribution, the extension of the residence permit may be granted without further investment being realized.