Immigration News & Updates

How to Convert the Hungarian Golden Visa Into Permanent Residency in 2024-25?

Hungary has recently undergone significant changes to its Golden Visa program and its permanent residency policies, making it an ideal time for investors and their families to learn about the new rules. With updates affecting both real estate investment and residency cards, this article will guide you through the process of converting your Hungarian Golden Visa into permanent residency under the new regulations.

Key Changes in Hungary’s Golden Visa Program (2024-25)

As of January 1, 2024, Hungary has made crucial alterations to the Golden Visa program. The country has cancelled direct real estate investment as a route for obtaining residency, and the concept of permanent residency has now been redefined. “Permanent residency” is now referred to as the National Residence Card, which comes with specific requirements and benefits for foreign nationals looking to settle in Hungary.

How to Obtain the Hungarian National Residence Card (2024)

Under the new law, the National Residence Card serves as the pathway to long-term residency for individuals holding a Guest Investor Visa (formerly known as the Golden Visa). To qualify for the National Residence Card, applicants must meet the following criteria:

Eligibility Requirements for the National Residence Card:

What’s New in 2024?

The key change in 2024 is the requirement of a three-year continuous stay in Hungary to qualify for the National Residence Card. Additionally, applicants will no longer need to invest in real estate to qualify for residency. This change aims to streamline the process and attract long-term investors and skilled workers rather than relying on real estate transactions.

Benefits of the National Residence Card

1. Indefinite Long-Term Residence: Once granted, the National Residence Card offers indefinite long-term residency in Hungary.
2. Right to Work and Live: Holders of the National Residence Card can live, work, and travel freely within Hungary and the Schengen Area.
3. Access to Healthcare: Residents will have access to Hungary’s public healthcare system.
4. Path to Citizenship: After five years of continuous residency, individuals may apply for Hungarian citizenship, further enhancing their ability to live and work within the European Union.

What to Expect in 2025: Further Regulations for Permanent Residency

Although the name change took effect in 2024, additional regulations for permanent residency will be introduced in 2025. These regulations will further detail the rights of National Residence Card holders, including the possibility of applying for permanent residency after a few years of continuous stay.

Hungary’s Updated Immigration Strategy and What It Means for Investors

Hungary’s decision to cancel the direct real estate investment route for Golden Visa holders signals a shift in the country’s immigration and residency policies. By focusing on long-term residency and integration, Hungary is targeting investors who are willing to commit to the country for the long term, rather than those looking for short-term gains through real estate.

Frequently Asked Questions (FAQs)

Q1: What is the difference between the Golden Visa and National Residence Card?
A1: The Golden Visa program allowed individuals to obtain residency through real estate investment. However, the National Residence Card is a new type of long-term residency requiring three years of continuous stay in Hungary.

Q2: Can I apply for the National Residence Card if I don’t own property in Hungary?
A2: Yes, under the new laws, you do not need to invest in real estate to qualify for the National Residence Card. The focus is on continuous residency and financial self-sufficiency.

Q3: How long do I need to stay in Hungary before applying for permanent residency?
A3: You must live in Hungary for three consecutive years to be eligible for the National Residence Card. After holding this card for an extended period, you may apply for Hungarian citizenship.

Q4: What will change in Hungary’s immigration system in 2025?
A4: While the National Residence Card was introduced in 2024, further regulations will come into effect in 2025, focusing on the rights of residency holders and their ability to apply for permanent residency or citizenship.

Q5: How can I apply for the National Residence Card?
A5: To apply for the National Residence Card, you must first meet the eligibility criteria, including three years of continuous stay in Hungary. The application process will involve providing proof of financial stability, accommodation, and healthcare coverage.

Hungary’s New Residency Laws and Future Opportunities for Investors

Hungary’s recent changes to its residency program, including the introduction of the National Residence Card, are reshaping the landscape for foreign investors and individuals seeking permanent residency. While the cancellation of direct real estate investment may make the process more accessible, the new laws create a clear path for those committed to staying in Hungary long term.

For those interested in establishing themselves in Hungary, the Golden Visa program’s transition to the National Residence Card offers an exciting opportunity to gain long-term residency, with the possibility of eventual citizenship.