Interested in acquiring a European Residence Permit through property investment? Hungary is the ideal destination, offering residency permits to foreign nationals in exchange for real estate investments.
Our guide provides comprehensive information about the Hungarian Residence Permit program. You’ll find details on eligibility criteria, the application process, and the advantages of obtaining residency through property investment. Additionally, we’ll share tips and insights to help you make the most of this opportunity.
Explore:
- Requirements for the Hungarian Residence Permit
- Necessary Documents for the Hungarian Residence Permit
- Application Process and Timeline for the Hungarian Residence Permit
- Inclusion of Dependent Applicants
- Fees and Costs Involved
- Further Information on Hungarian Residence Permit: Taxes, Education, and Healthcare
- Frequently Asked Questions About Hungarian Residency by Investment
Exclusive Reliance Hungarian Residence Permit Opportunity
At Reliance, our dedication to our clients leads us to discover unparalleled offers. We are thrilled to introduce our Hungarian residency program, and we’d like to provide you with a brief overview. Later, we will delve into the details of obtaining and maintaining a Hungarian Residency Permit.
Our latest offer, the Hungarian Residency by Investment, involves a minimum investment of €155,000 in a completed residential property. In return, you receive a temporary European residence permit. The eligible properties should be spacious, vacant, and suitable for you and your family. Along with the investment, there are application fees to consider:
- €60,000 for the principal applicant, spouse, and children
- €10,000 for each family member aged 18 and above, including parents/grandparents.
During the application procedure, it’s essential to affirm your commitment to acquiring an eligible property within three months of receiving your residence permit card. All that’s needed is to sign the real estate sale agreement and furnish a copy to the immigration authority. A major benefit of this program is that actual residency in Hungary isn’t obligatory. You can avail the perks of residency while continuing your lifestyle and business engagements elsewhere. For additional details about this opportunity, please inquire for more information.
Eligibility Criteria for the Hungarian Residence Permit
Before considering Hungarian residency, it’s vital to comprehend the precise prerequisites. These requirements encompass various checks and financial demonstrations. Below are the specific criteria applicants need to fulfill:
- Successfully pass due diligence and background verification processes at all stages.
- Provide evidence of financial stability, including a minimum of €27,000 for the principal applicant and €16,000 for dependents, disclosing the source of these funds.
- Gain approval from authorities to acquire a residential property in Budapest valued at a minimum of €155,000, meeting specific criteria such as completion, residential suitability, and a minimum living space of 6 sq.m. per person.
- Demonstrate the availability of funds to purchase the property in Hungary.
- Complete the property acquisition within 90 days of receiving the Hungarian ID card.
Guidelines on Applicant’s Nationality
Regarding nationality restrictions, the Hungarian government does not impose bans on any specific nationalities. However, document requirements may vary based on your country of origin.
Additional Eligibility Criteria
To be considered the primary applicant, you must be at least 18 years old. There are no specific requirements for work experience or education. However, you must meet the general application prerequisites and demonstrate possession of the minimum investment amount and adequate funds for both yourself and any accompanying family members.
Investment Choices
As per current regulations, obtaining a residence permit in Hungary necessitates investing in real estate. The property must be a completed residential unit, with each person in the application having a minimum living space of 6 square meters, comprising living rooms and/or bedrooms.
Verification of Investment Sources
During the application process, completion of the KYC (Know Your Customer) process is mandatory. As part of this procedure, you need to confirm that the investment funds were acquired from legal sources, whether directly or indirectly. Moreover, Hungarian authorities will conduct due diligence and background checks, so be prepared to provide comprehensive information about the origin of your wealth.
Required Documentation for the Hungarian Residence Permit
Securing a residence permit involves a meticulous process, demanding various documents and careful preparation.
To initiate the Hungarian residence permit application, applicants must furnish several documents. These include agreements, forms, civil status records, proof of investment funds in the principal applicant’s account, and additional supporting materials. All necessary documents must undergo legal translation into English, ensuring clarity and consistency during the application review.
Notably, unlike similar residency-by-investment initiatives, Hungarian immigration authorities do not mandate medical certificates from applicants. However, valid health insurance coverage is essential and must be provided as part of the application. Having comprehensive health insurance is crucial to fulfilling the necessary requirements for obtaining a residence permit.
Hungarian Residence Permit Application Procedure and Timeline
Remarkably, acquiring a Hungarian residence permit can be expedited within a mere two months. This process unfolds in two distinct stages. Firstly, applicants must obtain a long-term visa (type D). After securing the visa, the second phase involves the application for a Hungarian residence permit.
A notable advantage of the Hungarian Residence Permit application is that if you and your family possess a valid Schengen visa, you can travel to Hungary and initiate the residence application from there.
Additionally, it is advisable to make at least one visit to the country during the application process. This visit can coincide with obtaining visa type D or when the Hungarian residence permit is ready for processing. Furthermore, we encourage our clients to delve into the country’s rich history, nature, and culture, immersing themselves in the experience after the completion of the process.
Dependent Applicants: Understanding the Criteria
When seeking a residence permit in Hungary, it’s vital to grasp the definition of dependents and the conditions for their inclusion in your application. Let’s begin by outlining who qualifies as a dependent:
- Spouse: This includes the legally married partner of the principal applicant. In exceptional cases, non-marital partners might be considered, but additional documents may be necessary to prove cohabitation status.
- Minor or Incapable Children: These are the children of the principal applicant or accompanying spouse who are under 18 years old.
- Dependent Adult Children: This category covers children over 18 years old who are (a) single, (b) financially reliant on one or both applying spouses and (c) enrolled in full-time studies with official documentation.
- Dependent Parents: This pertains to parents of the principal applicant or accompanying spouse who rely financially on them.
Moreover, while it is advisable, it’s not obligatory for all family members to submit their applications simultaneously. Additional points to consider are as follows:
- If the principal applicant divorces during the application process, the spouse loses the right to residence renewal.
- If the principal applicant marries or has a child after obtaining the residency permit, the new family member can be included at any time. However, the application process and fees will need to be repeated for the new member.
- For adopted children, legal certificates and documents for full adoption must be presented.
- It’s important to note that Hungarian authorities do not recognize same-sex marriages. Additionally, siblings of the principal applicant or spouse cannot be included in the residence permit application.
Fees and Expenses
Apart from the investment, applicants need to budget for consultancy and administrative fees. These fees encompass application processing and legal representation, among other services.
Please be aware that expenses such as legal fees, charges associated with property purchase and registration, translation and authentication costs outside Hungary, as well as travel and accommodation, are not included and must be settled separately. If renewals are desired, additional fees apply.
Additionally, the processing, application, and advisory fees must be paid upfront at the beginning of the process. Visa application fees are due upon visa submission and should be directly paid at the Hungarian diplomatic mission.
What about the Investment?
The investment is typically divided into two parts: first, a 10% reservation deposit, and then the remaining balance of the purchase price and associated expenses upon approval. Legal fees need to be settled with the lawyer before submitting the purchase approval request. The property must be acquired within 90 days of receiving the Hungarian residence permit, and all payments must be in euros.
The investment must be maintained for the duration the applicant wishes to hold the residence permit. There is no obligatory holding period, and no interest accrues on the investment.
Additionally, the principal applicant and their family must be the sole occupants of the purchased property. If the property is sold without a replacement meeting the investment criteria, the residence permits will be revoked. The investment must be solely under the name of the principal applicant and cannot be a joint investment with the spouse.
More Details on the Hungarian Residence Permit
If you’re contemplating obtaining a Hungarian residence permit through property investment, it’s crucial to comprehend the requirements and responsibilities linked to maintaining your permit.
One of the paramount prerequisites for maintaining your Hungarian residence permit is retaining ownership of the acquired property throughout the permit’s validity period. The Hungarian residence permit is valid for five years for the principal applicant and three years for all dependents included in the application.
Upon the permit’s renewal, the principal applicant must furnish a recent bank statement spanning the last six months, demonstrating a minimum living cost of EUR 27,000 for the principal applicant and EUR 16,000 for dependents. Additionally, the title deed for the property owned in Hungary must be submitted.
Can a Hungarian Residence Permit Lead to Citizenship?
At present, holders of Hungarian residence permits cannot acquire citizenship through this program.
Taxes, Education, and Healthcare
Taxes
In Hungary, residents should be aware of specific taxation details. The contribution for a residence permit is only subject to national taxation if linked to a property purchase. To put it simply, owning property in Hungary might require residents to pay taxes connected to their residence permit.
Education
Hungary boasts a diverse and accessible education system. Public schooling is generally free, but certain schools, particularly those offering foreign language programs, may charge tuition fees. Although Hungarian serves as the primary language of instruction, programs in foreign languages provide additional choices for students.
Healthcare
Public healthcare services are available in Hungary, but residents holding a residence permit should note that these services are not entirely free. Costs might be associated with accessing public healthcare services.
Hungary offers the option to sign a contract with the National Health Insurance Fund. However, it’s crucial to understand that clients are responsible for covering these costs separately. The monthly package starts at €430, and clients typically need to commit to a minimum enrollment period of 24 months.
Conclusion
Embarking on the journey to obtain a Hungarian residence permit can unlock a multitude of opportunities for you and your family in this captivating European nation. Allow our seasoned Reliance Immigration team to manage the entire process on your behalf.
Frequently Asked Questions About Hungarian Residency by Investment
1. Can applicants still apply if they have been refused a Schengen visa type C for a country with a visa waiver or visa on-entry agreement with Hungary?
Absolutely! A previous rejection of a Schengen type C visa does not automatically result in denying a residence permit application.
You can still proceed with your application.
2. Are there any limitations or time restrictions for the application process?
As of the latest update, there are currently no restrictions regarding time or quota for residence permit applications in Hungary.
You can proceed with your application without worrying about any time constraints.
3. What are the grounds for refusal of a Visa type D application?
One potential reason for refusal is when the applicant fails to demonstrate an intention to enter Hungary within the next five years during the interview process.
4. Is there a minimum duration of marriage required for a spouse to be included as a dependent?
No, there is no such requirement for marriages.
5. Is there an obligation to live in Hungary once the residence permit is obtained?
Obtaining a Hungarian residence permit grants applicants the privilege, but not the obligation, to temporarily or permanently move to Hungary. Clients are encouraged to explore and familiarize themselves with the country’s history, nature, and culture.
6. Can a Hungarian residence holder travel visa-free to any Schengen country?
As Hungary is a member of the Schengen area, residence permit holders can enjoy visa-free travel to all other Schengen member states for up to 90 days within 180 days.
7. Can an applicant for Hungarian residence take employment in Hungary?
Hungarian residence permit holders cannot take employment. However, they have the right to establish a business in Hungary under this option.
Know more about Hungary Temporary Residency Permit.
How Reliance Immigration Service Can Assist You:
Reliance Immigration is the leading immigration consultant in the UAE, specializing in Hungary. We proudly hold the top position on Google for this program, making us your trusted choice for immigration services. Don’t hesitate to reach out with your inquiries.
Our dedicated team at Reliance Immigration consists of skilled professionals well-versed in the intricacies of the immigration industry. We are committed to providing you and your family with the best chance of success in your visa application journey, transforming your migration aspirations into reality.
We handle the complexities of case filing and documentation, allowing you to relax and focus on other aspects of your life. With our proficient lawyers and interactive case management team, we ensure a seamless process. Our primary goal is to assist our clients in realizing their immigration goals.
Our Comprehensive Immigration Services Include:
- Free Consultation and Counseling
- Eligibility Assessment
- Assistance with Application Filing & Documentation
- Visa Filing Upon Approval
