Hungary’s New Regulations: How to Convert the Hungarian Golden Visa into Permanent Residency
As of January 1, 2024, Hungary has revamped its immigration policies, significantly altering the process for converting a Hungarian Golden Visa into permanent residency. The Guest Investor Visa program has undergone substantial changes, including the elimination of direct real estate investments and the introduction of the “National Residence Card.” These updates are crucial for Golden Visa holders aiming for long-term settlement or citizenship in Hungary.
What is the Hungarian Golden Visa?
The Hungarian Golden Visa was introduced as a pathway for foreign investors to obtain residency in Hungary through substantial financial contributions. While the program no longer permits direct real estate investments, it still provides a route to the newly implemented National Residence Card, which replaces the former permanent residency (PR) status.
The National Residence Card: A New Era of Residency
Under the new system, the National Residence Card represents indefinite long-term residency in Hungary. It serves as the stepping stone for individuals aspiring to transition from temporary residence to a more stable legal status. Here are the main requirements for obtaining the National Residence Card:
- Three Years of Continuous Stay: Applicants must have resided in Hungary continuously for three years. However, individuals with family connections to Hungarian citizens or residents may qualify sooner.
- Stable Housing and Income: Proof of adequate housing, consistent income, and healthcare insurance is mandatory.
- Clear Legal Standing: Applicants must not have any criminal records or pose threats to public safety.
Social Coexistence Requirements and Exemptions
Starting in 2025, Hungary will introduce a cultural knowledge exam as part of its social coexistence requirements. This test assesses applicants’ familiarity with Hungarian history, culture, and civil rights. However, nationals from specific countries, such as the United Kingdom, Ukraine, and the Republic of Serbia, are exempt from this examination.
These exemptions aim to streamline the process for certain applicants, reflecting Hungary’s tailored approach to different nationalities.
Pathway to Citizenship for Hungarian Golden Visa Holders
For individuals holding a Hungarian Golden Visa, the National Residence Card is a critical milestone on the path to citizenship. Here’s how the process unfolds:
- Residency Transition: Golden Visa holders can obtain the National Residence Card after meeting the required conditions, even if they initially reside outside Hungary.
- Continuous Residence Requirement: Three years of uninterrupted stay in Hungary is essential to qualify for permanent status.
- Citizenship Application: After holding the National Residence Card for five additional years, individuals can apply for Hungarian citizenship, provided they meet all the stipulated criteria.
Key Implications for Investors
These changes emphasize Hungary’s commitment to aligning its immigration policies with long-term national interests. By shifting focus from direct financial contributions to cultural integration and continuous residence, the country aims to foster a deeper connection between residents and Hungarian society.
For investors, this presents an opportunity to not only gain residency but also build a meaningful connection with Hungary. Adapting to these changes early can ensure a smooth transition and open doors to long-term benefits, including citizenship.
Final Thoughts
The Hungarian Golden Visa remains a valuable tool for international investors seeking residency and citizenship in Europe. While the new regulations may seem stringent, they offer a clearer pathway for committed applicants. By understanding the updated requirements for the National Residence Card and embracing Hungary’s social coexistence principles, investors can successfully navigate this new era of Hungarian immigration policy.
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