Hungarian residence permit

Grounds for obtaining a residence permit

  • Investment in real estate.    

Legal regulation

  • The programme is not described in detail within the legislation, this type of residence permit is established on the basis of Section 28 of the Hungarian Act on the Entry and Stay of Foreign Nationals of 2007 ("other reason" for obtaining citizenship). 

What benefits a Hungarian residence permit provide?

  1. Travelling within the Schengen member states without a visa.
  2. Staying in the Schengen member states without time limit.
  3. Opening accounts in foreign banks with minimal obstacles during bank inspections.
  4. Renting out the property and receiving passive income. The property can be sold after 3 years at the earliest.

Timeline of the procedure

  • 1-2 months.

Costs of obtaining a residence permit

Approximate cost of the Hungarian residence permit receiving will be €223,500.

  1. EUR 60,000 - fees for document verification by the competent authorities. The amount is non-refundable if the applicant is found to be non-compliant with the requirements (e.g. inclusion in the list of sub-sanctioned persons, criminal record). The initial verification until the documents are collected is free of charge. 
     
  2. EUR 7,800 - support for the preparation and collection of necessary documents.
     
  3.  155,000 euros is the minimum value of the property.
     
  4. Up to 700 euros - other costs and fees (Public fees, translation and authorisation costs).

Property Requirements

  1. Residential properties that are ready for occupancy. Properties under construction or commercial property are not suitable.
     
  2.  The property costs at least €155,000.
     
  3. Applicant's own money must be used (not loan funds or mortgage) for purchasing. 
     
  4. The living space must be at least 6 square metres for each applicant. For example, for a family of 4 persons (spouse and two children) the living space must be at least 24 square metres.

Features of the procedure

  1. You will receive your residence permit in 1-2 months after submitting your application. Unlike many well-known European investment residence permit programmes, application for a Hungarian residence permits you not to buy a property immediately. You apply for a residence permit, sign a purchase commitment and purchase the property after. You must do this within 6 months, otherwise the issued residence permit will be cancelled.
     
  2.  Primary residence permit is issued for 5 years to the main applicant and 3 years to accompanying applicants (spouses, children, adult dependent parents).
     
  3.  The applicant needs to prove the accessibility to 200,000 euros in a bank account as a guarantee of the ability to buy the property.
     
  4.  Additionally, it is necessary to prove the availability of funds for the maintenance of the applicants: 27,000 euros for the main applicant and 16,000 euros each for co-applicants. This amount must be in the account at the time of applying for residence permit.
     
  5. All applicants will need to be present in Hungary in person once to submit biometric data, everything else can be done remotely on the basis of a power of attorney.

Renewal of residence permit

The residence permit can be renewed repeatedly, provided that the property is owned. Residence in the country is not required. On the basis of the parent's real estate, children of the main applicant can extend the residence permit until they reach the age of 25 if they are students, unmarried and dependent on the main applicant.

Hungarian citizenship acquisition

It is possible after 8 years from the date residence permit was granted. For this purpose it is necessary to stay legally in the country for at least 5 years (basis for obtaining a permanent residence permit), after 3 years of residence on the basis of a permanent residence permit and passing a language proficiency test one can apply for citizenship.

How we can be of service

  1. Preparing and organising the collection of necessary documents in the territory of the applicant's current citizenship.
     
  2.  Obtaining a residence permit.
     
  3.  Recommendation of realtors for property selection.
     
  4.  Supporting the conclusion of a real estate sale and purchase agreement and registration of the agreement.
     
  5.  Supporting the letting of acquired properties.

 
To obtain a Hungarian residence permit, you can contact REVERA's Private clients specialists at y.zadesenskaya@revera.legal.

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