─── HUNGARY ───
PROGRAM OVERVIEW
I HUNGARY RESIDENCY LAW
The Hungarian Residency by Investment program is governed by the Hungarian Permanent Residency Act CCXX of 2012 Amending Act II of 2007 on the Entry and Residency Requirements of Third-Country Citizens Article 1(4) 4), Paragraph (3). The 2024 amendment of the Hungary Law Act XC of 2023 on general rules on the entry and residence of third-country nationals made changes to the options to obtain the Hungarian residence permit which are investment for a minimum of €250,000 into residential real-estate funds or €1Million donation to a government-approved entity.
Hungary Residency allows visa-free travel to 33 European countries including the Schengen Area
The Italian Golden Visa allows visa-free access to Europe including 29 countries in the Schengen zone.
33
COUNTRIES
╸VIEW LIST
EUROPE
- Austria
Belgium
Bulgaria
Croatia
Cyprus
Czech Republic
Denmark
Estonia
Finland
France
Germany
Greece
Hungary
Iceland
Italy
Latvia
Liechtenstein
Lithuania
Luxembourg
Malta
Monaco
Netherlands
Norway
Poland
Portugal
Romania
San Marino
Slovakia
Slovenia
Spain
Sweden
Switzerland
Vatican City
INVESTMENT TYPE & COST
By contributing to a government-authorized organization or investing in a real estate fund that has been approved by the government, investors can acquire Hungarian residency. The primary applicant must demonstrate that they have enough money in a bank account to pay for the investment and their family's living expenses.
APPLICATION PROCESS AND TIMELINE
Pre-Screening, Retainer and Initial Fees
Step 1: The client signs the Retainer Agreement and pays the initial professional fees. To initiate the government pre-screening, the client must submit a copy of their passport and a bank statement showing a balance of EUR 250,000 plus EUR 16,000 per family member, to demonstrate sufficient funds for the investment and living costs. Step 2: The client successfully passes pre-screening and is approved to apply for the 10-year investor visa residency program.
Payment of Government Fees and IVS Professional Fees
Step 3: All required documents are provided to the client for completion prior to their appointment at the Hungarian Embassy. Step 4: The client pays government fees of €70,000 to secure an appointment at the Hungarian Embassy in their country of residence.
Embassy Visit for Biometrics and Submission of Documents
Step 5: The client visits their local Hungarian Embassy to submit the application in person and have biometrics captured. Step 6: An initial 6-month Guest Investor Visa is issued, allowing the client to enter Hungary and complete the required investment for the 10-year visa. Step 7: Once the client receives the initial Guest Investor Visa, they must enter Hungary within one month. Upon arrival, they will have 93 days to complete the investment in the required fund which must be done in-person. Step 8: The client meets with the appointed fund broker agency in Hungary to open their fund account and carry out the necessary due diligence. As pre-checks on the client’s funds have already been completed, the due diligence process is quick, and the account is typically opened on the same day. Step 9: The client goes to the immigration department to submit the 10-year visa application, which can be done the following day.
Investment Completion
Step 10: The client transfers the €250,000 fund investment within 10 days after the application has been submitted.
Residency Cards Issuance
Step 11: The client leaves Hungary, and the 10-year visa is issued within one month for all applicants. Adult children (18-26 years old) receive a 3-year visa, renewable for an additional 3 years. During this period, the visa may be converted to a long-term status visa. The client can sell the funds after 5 years, as per the government regulations outlined in the 2023 Act.
ELIGIBILITY REQUIRMENTS
REQUIRED DOCUMENTS
╸ Applicant Information
- CV for each applicant
- POA (Power of Attorney) for each applicant. It must be dated and signed by the respective applicant, where one of the parents can sign for children under the age of 18.
- Data Sheet needs to be filled out for Client and all the family members (CI will provide the template)
- In case Client does not live in the country of his/her citizenship, then resident permit or proof of stay
- Adult children 18yrs+:
- Proof of Address from Hungary (CI will provide)
- Proof of economic dependency, single status and school enrolment; School Certificate for Adult children
- Proof of economic dependency for parents below 65 years
╸ Financial Documentation
- Bank statement showing sufficient funds to cover the investment and living cost. (Bank Balance must show at least EUR 250,000 plus EUR 16,000 per applicant to prove sufficient funds for the investment and living expenses).
╸ Personal Identification and Family Documentation
- Certified copy of all passports held.
- Proof of family relationship (Birth Certificate for all applicants)
- Marriage certificate
╸ Photographs and Criminal Record
- For each participant, two (2) original passport-size photos: dimensions 45 mm x 35 mm.
- Evidence of no criminal convictions.
FAQ
╸ Does Italy allow dual citizenship?
Yes, dual citizenship is allowed in Italy, and you do not need to renounce any other citizenship.
╸ Who is eligible for the Investor Visa for Italy?
To be eligible for the Investor Visa for Italy, the main applicant must be at least 18 years of age and can include their spouse, minor children below 18, and financially dependent parents 65 years and above.
╸ How long does it take to process an application for the Investor Visa for Italy?
In general, the application for the Investor Visa for Italy takes 2 to 3 months to process.
╸ What are the benefits of the Investor Visa for Italy?
The Investor Visa for Italy offers a range of benefits for investors, such as investors are only required to invest after their residency application is approved, there is no language test requirement, there is no minimum stay requirement, investors can live and work in Italy, holders of the visa can travel visa-free within the Schengen area, and after holding the permanent residency for five years investors are eligible for citizenship.
╸ What is the Investor Visa for Italy?
The Italy Golden Visa, also called the ‘Investor Visa for Italy,’ allows third-country nationals (non-EU/EEA and non-Swiss) to obtain a residence permit in exchange for an investment in the country’s economy.
╸ What are the requirements for the Investor Visa for Italy?
The requirements for the Investor Visa for Italy depend on the chosen investment option, however; in general, you must make the minimum investment or donation declared in the Italy Investor Visa application within three months of the date of entry into Italy, and you must maintain the original investment for the entire validity period of the residence permit. Applicants must also have a clean criminal record, a certified copy of passports, a CV, proof of residence, and proof of income in the last financial year.
╸ Are holders of the Investor Visa in Italy allowed to work in Italy?
Yes, holders of the Investor Visa in Italy are permitted to work in Italy.
╸ What investment options are under the Investor Visa for Italy program?
Under the Investor Visa for Italy, applicants have two investment options to choose from: investment in a startup or an Italian Joint-Stock company.
╸ What are the costs of the Investor Visa for Italy?
The costs of the Investor Visa for Italy vary depending on the investment choice. However, the minimum investment cost is EUR 250,000.
╸What are the next steps if I am interested in the Investor Visa for Italy?
Contact I VISA SERVICES, sign the Retainer Agreement, and pay the first fee to start your application today.