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Hungary announces new Golden Visa scheme for foreign real estate investors
Effective 1 July 2024, foreign nationals who make qualifying investments in Hungarian real estate can apply for Golden Visas. Golden Visas allow individuals who invest at least EUR 250,000 in real estate or donate EUR 1 million to a higher education institution to reside and work in Hungary for up to 10 years with the possibility of extending their stay for an additional 10 years. Golden Visa holders may enter and exit the Schengen Area without limits and remain in the Member States comprising the Area for up to 90 days in any 180-day period. Golden Visa holders may sponsor their dependents to join them in Hungary for the duration of their visa.
A Tax Alert prepared by EY's People Advisory Services group, and attached below, provides additional details.