18 November, 2024

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Hungary approves the first fund under the Golden Visa Program. What does it mean for investors?

The Hungarian government has issued the first licence to a real estate investment fund, four months after the launch of the Golden Visa Program. Hungary will soon start processing residency applications from investors.

Author • Zlata Erlach

Head of the Austrian office

The first real estate fund in Hungary has received a licence to participate in the Guest Investor program, commonly known as the Golden Visa. The official decision was published on 29 October 2024, on the website of the National Directorate of Aliens Policy.

Foreign nationals who obtain a Guest Investor visa in Hungary can now complete their investment and apply for a residence permit.

The Hungary Golden Visa is a government initiative which allows foreigners to obtain a 10-year residence permit in Hungary by investing at least €250,000 in the country’s economy.

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Which Hungarian funds are eligible for investment?

Foreign nationals can purchase shares in funds included on the official list of the National Bank of Hungary.

The government grants approval to real estate funds that issue investment certificates with a minimum term of five years. The fund must also allocate at least 40% of its net asset value to residential property within Hungary.

The first fund to receive accreditation is Sprint Asset, a Budapest-based real estate fund. Four more investment funds are currently awaiting licensing.

Alternative Investment Funds, or AIF, qualify for approval if they meet one of the following criteria:

the fund’s total managed assets exceed the €100 million threshold, including assets financed through leverage;
the fund’s managed assets exceed €500 million, and the AIF portfolios contain funds without leveraged capital, with a restriction on redemptions for five years from the date of the initial investment.

How to obtain Hungary residence permit by investment?

The Hungarian residency program offers investors three options:

Purchase of real estate fund units — €250,000+. This is the most affordable option under Hungary Golden Visa. The investment needs to be held for at least five years.
Purchase of residential property — €500,000+. Approval from the Land Registry is required before completing the transaction. This option will be available from 1 January 2025.
Donation to a higher education institution — €1,000,000+. The contribution will support education, scientific research, and artistic activities. This option is non-refundable.

5 reasons to get a Golden Visa in Hungary

1. Visa-free travel within the Schengen Area. Hungarian residency allows investors to visit Schengen countries and stay there for up to 90 days within any 180-day period.

2. Relocation to an EU country with family. Along with the main applicant, family members—spouse, children under 18, and parents—are eligible for a Hungary residence permit.

3. No need to reside in Hungary permanently. Unlike other types of residency, the Golden Visa allows holders to spend over 90 days outside Hungary without restrictions.

4. Affordable cost of living. Hungary offers one of Europe’s most affordable living standards. On average, monthly expenses for a single person, excluding rent, are approximately €620, compared to around €715 in Spain.

5. Opportunity to work and run a business in Europe. With a Golden Visa, investors can register companies and seek employment under a labour contract.

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