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.
