The Hungarian Investment Immigration Program
("Program") provides an opportunity for third country
nationals (non-EU citizens) to acquire permanent resident status in
Hungary through investing in Special Hungarian Government Bonds
issued by the Government Debt Management Agency ("AKK").
Applicants are required to initially subscribe to the Fund's
shares with a lock-up period of minimum 5 years. The minimum
initial investment by each subscriber is € 300,000 in addition
to paying a € 60,000 government processing fee.
This program provides residency to principal applicants and
their spouses and dependent children under the age of 18.
An amendment passed w.e.f. 1st July 2016, will
allow the new investors of the Program and their extended circle of
their family (i.e. Dependent children (irrespective of their age),
dependant parents) will be entitled to a fast-track, 30 day-long
permanent residence (PR) permit procedure. They will be allowed to
reside with the principal applicant in Hungary.
Those participants of the Program whose Residence Permit (RP)
card was issued according to the law effective until 30th June
2016, may request to change their RP status to PR without the 6
month-long awaiting time from 1st July 2016.
Applicants whose RP application is still in progress on 1st July
2016, may as a separate note - through the Hungarian Consulate or
directly the Office of Immigration and Nationality – request
the approval of their case in accordance to the new rules which
have come into force on 1st July 2016, and request that their
application be approved as an application for PR status.
Further, successful applicants who already have a permanent
resident status, would hold such status even after the redemption
of their shares in the Fund without the need to subscribe to the
Fund's shares again.
As per the Hungarian Office of Immigration and Nationality, some
residence and permanent residence cards issued in October and in
the first half of November 2015 need to be replaced due to the
changes in the related document-security regulation of the European
Union which have entered into force from 1st July 2016. Due to
manufacturing-technology issues outside the control of the Office
of Immigration and Nationality, the concerned cards do not meet the
new requirements – therefore, replacement of these cards is
necessary. In order to avoid inconveniences during travel in the EU
from 1st July 2016, the Office of Immigration and Nationality will
replace these cards free of charge.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
To print this article, all you need is to be registered on Mondaq.com.
Click to Login as an existing user or Register so you can print this article.
The whole process to obtain a Malta passport via the Malta Individual Investor Program (MIIP) is divided into a number of stages.
Some comments from our readers… “The articles are extremely timely and highly applicable” “I often find critical information not available elsewhere” “As in-house counsel, Mondaq’s service is of great value”
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).