Hungary Submits New “Golden Visa” Programme to Parliament
Hungary’s government has presented a new “golden visa” program to parliament as part of a draft bill regulating immigration from third countries. The proposed bill, submitted on Tuesday, includes the introduction of a “guest-investor visa” category for individuals affiliated with government-labeled “strategically important investments.”
Under the new program, receiving the “guest-investor visa” is a prerequisite for applying for a residence permit. This permit would allow the visa-holder to stay in Hungary for 10 years, with the option to extend for an additional 10 years, as outlined in the draft.
This initiative follows the cancellation of a previous “golden visa scheme” in 2017, prompted by the residency status granted to a Syrian man under U.S. sanctions. The former program, launched in 2013, required foreigners to purchase a Hungarian bond worth up to 300,000 euros to obtain the permit.
Under the new proposal, the “strategically important project” label could be obtained by investors purchasing a Hungarian real-estate fund share worth 250,000 euros or real estate valued at least 500,000 euros in Hungary. Additionally, investors donating 1 million euros to public interest asset management foundations, which have faced EU scrutiny over potential conflicts of interest with the government, would also qualify for the “strategic importance” label and the “guest-investor” status.
In recent years, Hungary has experienced an increase in eastern investors, particularly from Asian battery makers like CATL and Eve-Power. These companies are poised to construct factories near German carmakers, contributing to an upsurge in investment interest in the country.
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