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Hungary

Relocate to Hungary in Europe

Blending Waters Inc. strives hard to assist our clients in their relocation endeavors. Hungary is an option worth considering if you are planning to relocate to Europe.

HUNGARIAN RESIDENCY BOND PROGRAM

A popular program for ease in European travel and residency.

A booming hub in the heart of Central Europe, Hungary is one of the most-visited, culturally rich, and well-located countries on the Old Continent.

WHY CHOOSE HUNGARY?

As a member of the European Union and the Schengen zone, Hungary is among the 30 most-visited destinations on the planet. It boasts a rich and diverse culture (everything from music and film to food and literature) universal healthcare, and is perfectly located in the center of Europe. Established in 2012, the Investor Residency Bond Program offers applicants a host of advantages.

Benefits for temporary residence (annually renewable permit):

  • Government-approved investment in bonds;
  • Special exemption from physical residence is applied to the main applicant and all qualifying family members;
  • Fast application process. All qualifying applicants receive a Hungarian ID for temporary residency (TR) in less than three months, giving them the right to travel freely throughout the Schengen zone.
Benefits for permanent residents:
  • A single application process for the main applicant and all qualifying family members, with no mandatory trips to Hungary required;
  • A fast and facilitated application process for permanent residency. Applicants and their family members can apply for permanent residency just six months after receiving their TR cards;
  • Free movement throughout the Schengen zone.

Qualifications

The Investor Residency Bond Program doesn't have any set criteria for applicants in terms of personal net worth or management experience. However, the Hungarian administration officers reserve the right to request an interview meeting with the applicant, which can be exercised at random.

During the initial due-diligence and application stages, the financial intermediary and the Hungarian authorities will follow standard know-your-clients' (KYC) and anti-money laundering procedures. For this reason, at the stage of application, the principal applicants will have to provide a set of standard documents proving their source of income and accumulation of personal net worth.

All applicants must make sure that their investment is made through the designated agent responsible for their specific region.

INVESTMENT PROCESS

The statutory procedure for accepted foreign direct investment in the Investor Residency Bond Program includes the purchase of special Hungarian government bonds in the amount of €250,000 with a maturity of five years. At maturity, the original capital is returned to the investor without accrued interest.

Legislation dictates that the program investment is used to purchase bonds that are issued by a Residency Bond Agent approved by the Hungarian authorities. The agent, in turn, invests that amount in the Hungarian government bonds. This transaction is subject to a Subscription Agreement with the designated enterprise, which must be licensed for the main applicant's geographic region. The government bonds are assigned for the program only, and cannot be used for trading on the public or the secondary market.

Once the security is issued to the investor, the Residence Bond Agent will provide an irrevocable declaration certifying that a treasury bond for a nominal value of €250,000, with a five-year maturity, will be purchased from the funds received from the investor within 45 days of his/her residence permit being issued. In addition to the investment, applicants are also required to cover all processing and visa application fees.

STEPS INVOLVED:

The process from the start of the application for Temporary Residency is completed within approximately 3 months. Once client receives their Temporary Residency, they are free to travel in the Schengen territories visa free. Application for Permanent Residence in Hungary is submitted after six months from the day of receiving temporary residency and within approximately 3 months the applicant receives their Permanent Residency.

The current program offering is as followed.
  • Applicant places 250,000 Euro (approx US$: 312,000) in Hungarian corporate Bond for five years
  • Plus 40,000 (approx US$: 49,800) Euro non refundable for legal fees
  • 2,500 Euro (approx US$ 3114) to maintain their residency address in Hungary for a year
PROPOSED CHANGES IN THE INVESTMENT AND FEE LEVIES:

Please note that there was an official announcement made by Hungarian Government that the fees would be increased soon to:

300,000 Euro in Hungarian corporate Bond for five years,

Plus 60,000 Euro non refundable for legal fees Please email your specific queries to MyVisasMail@gmail.com and you will be contacted as expeditiously as possible. Please indicate your contact information, phone number with country and area code and the best time to contact you. We will be happy to answer your concerns and questions.

STEPS AND TIMELINE

There are primarily 4 Stages to obtain permanent residency.

  • Stage 1 - Application (About 1 month process)
  • Stage 2 - Investment (About 1 month process)
  • Stage 3 - Application for Temporary Residency (About 2 months process)
  • Stage 4 - Application for Permanent Residency (About 3 months process)

Month 1-2

Step 1

File preparation and submission, application fee payment, signing of documents.

Step 2

Investment is authorized, principal applicant wires the investment amount of Euro250,000.

Step 3

Bonds are issued and all required invstment-related documents as per its mandate with the Hungarian authorities.

Month 3-7

Step 4

The main applicant and all qualifying family members visit the Hungarian Embassy to submit their temporary residence visa applications.

Step 5

The main applicant and each qualifying family member collect their ID cards from the Hungarian Embassy (the statutory term for issuance of the cards is up to 2 weeks following submission of the application).

Month 8-11

Step 6

Family residence PR application in the Hungarian Embassy (not earlier than six months after receiving the temporary residence permits).

Step 7

Collection of permanent residence cards (the statutory term for approval of the PR applications is 3 months).

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Hungary Investor Program

Hungary
Hungary Map

9,939,470

Population Growth:-0.2%

20,000 USD

GDP(per capita)
GDP(purchasing power parity)
198.8 billion USD (2012)

160

Visa free countries

LOCATION

Central Europe

CAPITAL

Budapest

DIFFERENCE

UTC+1

TOTAL AREA

93,028 sq. km

AGE DEMOGRAPHICS

0-14: 14.8%, 15-64: 67.7%, 65+: 17.5%

LANGUAGE

Hungarian 93.6% Other 6.4%

RELIGIONS

Roman Catholic 51.9% Calvinist 15.9% Other 6.6%

GOVERNMENT TYPE

Parliamentary democracy

CURRENCY

Hungarian Forint (HUF)

EXCHANGE RATE

1 USD = 225.1 HUF (2012)