The launch date of the new Hungary’s “golden visa” program has been revealed

What's happened? The Hungarian government has announced the early launch of the updated “Guest Investor Program” from January 1, 2024.

Details. Initially, the start of the program was planned  9 months later - in September 2024. During this time, the immigration service had to prepare a specialized online application platform.

However, the updated version of the text of the bill states that the mew law will come into effect on January 1-st, 2024.

At the same time, the state must outline clear regulations for the operation of the “Guest Investor Program” during the last month of 2023.

The government intends to pay special attention to the formulation of criteria for real estate objects that will be eligible to apply for a “golden visa”.

New program conditions:

• Investment of at least €250,000 in certifies issued by a real estate fund registered with the National Bank.
• Purchase of residential real estate worth €500,000 (free of encumbrances and claims).
• A donation of at least €1 million to higher education institutions maintained by a public interest trust foundation performing a public task.

Context. In November 2023, the Hungarian government announced the launch of an updated golden visa program, which will allow obtaining a renewable ten-year residence permit for investment as an alternative to a similar program closed in 2017.

Source: Investment Migration Insider

Photo by Gabor Koszegi on Unsplash

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