Hungary is introducing a residency permit scheme for individuals acquiring high-value property in the European Union member state, marking a re-entry into such programs six years after corruption allegations prompted the closure of a similar golden-visa initiative.
The “guest-investor program” permits individuals who make a minimum investment of €250,000 ($271,000) in local property funds or €500,000 in Hungarian real estate to apply for a 10-year, renewable residency permit in Hungary, as outlined in legislation proposed by Prime Minister Viktor Orban’s government.
The move is seen as an attempt to boost the country’s economy by attracting foreign investment. The Hungarian government has said that it expects the program to generate billions of euros in investment and create thousands of jobs.
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