Hungary has revived its golden visa program, known as the ‘Guest Investor Residence’ scheme. Hungary has started accepting applications for a residence permit for guest workers, as well as for a National Card from July 9, 2024.

The residence permits for guest investors and family reunification allow them to work for remuneration under a contract, while foreign nationals can work freely in Hungary. The residence permit allows guest investors to engage in independent activities, earn remuneration, or serve as the chief executive of a business organization or cooperative.

The permit allows work and residency rights for 10 years, and it may be extended for up to another 10 years for the same purpose. Certain family members of the principal permit holder, such as spouses, minor children, and dependent parents, are eligible for a dependent residence permit with employment privileges.

To be eligible, applicants must either invest EUR 250,000 IN an investment fund share of at least EUR 250 000 issued by a real estate fund registered by the Hungarian National Bank, or have a residential property with a value of at least EUR 500 000, located in Hungary for at least five years, or make a non-refundable financial donation of EUR 1 million to a for a purpose of educational, scientific research or artistic creation activities, to a higher education institution maintained by a public trust with a public-service mission.

The EUR 250,000 investment and EUR 1 million contribution ‘Guest Investor Residence’ permission pathways became effective on July 1, 2024. The guest investor pathway for EUR 500,000 real estate investment has been delayed until January 2025, and only property purchases made after January 1, 2025 will be considered for that road. (This includes work rights).

The application must be submitted after the entry with a visa for guest investors or in case of a visa exemption, within 93 days from the date of the first legal entry into the territory of Hungary. If you are a holder of a residence permit in Hungary, and due to your nationality, you are eligible to enter Hungary without a visa, you can submit your application at any time during your legal stay

If you are a holder of a residence permit in Hungary, and due to your nationality, you are not eligible to enter Hungary without a visa, you will not be able to apply for a residence permit for guest investors. In such a case, you must first apply for a visa for guest investors abroad.

Nationals of the following countries are eligible to be granted a National Card:

Bosnia and Herzegovina,

Republic of North Macedonia,

Republic of Belarus,

Moldova,

Republic of Montenegro,

Russian Federation,

Serbia,

Ukraine.

Nationals of the following countries are eligible to be granted a residence permit for guest workers:

The Philippines,

Republic of Indonesia,

Republic of Kazakhstan,

Mongolia,

Socialist Republic of Vietnam,

Federal Republic of Brazil,

Georgia,

Kyrgyz Republic,

Bolivarian Republic of Venezuela,

Republic of Colombia.