Hungary Proposes New ‘Golden Visa’ Program for Strategic Investors
Hungary’s government has presented a new “golden visa” program to parliament, outlined in a draft bill aimed at regulating immigration from third countries to Hungary. The proposed legislation, submitted on Tuesday, introduces the concept of a “guest-investor visa” designated for individuals involved in projects deemed “strategically important investments” by the government.
Hungary Golden Visa
To qualify for this visa, applicants must be affiliated with projects that have received the government’s strategic investment designation. Obtaining this visa is a prerequisite for applying for a residence permit, allowing the visa holder to reside in Hungary for an initial period of 10 years, with the option to extend for an additional 10 years, as per the draft bill.
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This initiative follows the discontinuation of a previous “golden visa scheme” in 2017. The earlier program, initiated in 2013, required foreign investors to purchase Hungarian bonds worth up to 300,000 euros to qualify for residency.
Strategically Important Project
Under the new proposal, the “strategically important project” label can be acquired by investors purchasing either a Hungarian real-estate fund share valued at 250,000 euros or real estate in Hungary worth a minimum of 500,000 euros. Additionally, making a 1 million euro donation to public interest asset management foundations, which have faced scrutiny from the EU over potential conflicts of interest with the government, can also confer the “strategic importance” label to investors, paving the way for the coveted “guest-investor” status.
Hungary has experienced a surge in investment from Eastern countries in recent years, with Asian battery manufacturers like CATL and Eve-Power planning to establish their factories near German automakers in the country. The proposed “golden visa” program aims to attract and facilitate investment from such individuals and entities by offering an extended residency option tied to strategically significant projects.
Source: EconomicTimes
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