Since Hungary is a member of the European Union, the residence permit issued by the Hungarian authorities and organizations is valid for the entire Schengen Area. The countries within the Schengen Area are; Austria, Belgium, Bulgaria, Croatia, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden and Switzerland.
Hungary provides a 10-year Investor Residence Permit to all third-country citizens on equal terms and the conditions are as follows:
" An investment of at least 250,000 Euros in a real estate fund registered with the Hungarian Central Bank (must be held for at least 5 years)p
" A donation of at least 1,000,000 Euros to a Hungarian college or university managed by a foundation working for the public benefit.
The investor's family members (young children and spouse) will also be entitled to a Residence Permit for the same period. The investor will be able to renew the residence permit for another 10 years after the expiration date. In addition, the investor does not have to actually stay in Hungary during this period. If the investor stays in Hungary for 3 years without interruption, he/she will be entitled to a Permanent Residence Permit.
The process is as follows;
1. Sending the investor's visa application
2. Granting a temporary 6-month investor visa
3. Visiting Hungary
4. Completion of the investment within 3 months
5. Granting a 10-year investor residence permit.
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.
