Why is Hungary a Good Destination for Immigration?

For aspiring expats, Hungary might be a hidden gem in the heart of Europe. In 2024, the country is relaunching the Hungary Golden Visa program, offering residency by investment. Find out what makes Hungary a compelling destination for relocation.

Strategic location. Hungary is centrally located in Europe, providing easy access to major cities such as Vienna, Prague, and Munich. That makes it an ideal hub for business and travel within the continent.

High quality of life. Hungary ranks high in quality of life metrics, offering affordable living, excellent healthcare, and a vibrant cultural scene. Budapest, in particular, is noted for its high quality of life, ranking 75th out of 231 cities worldwide in the Mercer Quality of Living Survey 2024. The cost of living in Budapest is approximately 40% lower than in Western European cities such as Paris and London.

Growing real estate market. Hungary’s real estate market offers numerous investment opportunities, from historic properties in Budapest to modern developments in up-and-coming areas. The country’s property prices are relatively low compared to Western Europe, providing good potential for capital appreciation  For example, the average cost per square meter in Budapest is around €3,000, compared to €10,000 in Paris. 

Business environment. Hungary offers numerous incentives for international businesses, including grants, tax benefits, and support programs. The corporate tax rate is one of the lowest in Europe at 9%, and the government provides various forms of assistance to attract foreign investors. Hungary is ranked 52nd out of 190 countries in the World Bank’s Ease of Doing Business Index 2024, reflecting its favourable business environment.

International business presence. Several multinational companies have established operations in Hungary, including Audi, Bosch, and Samsung, taking advantage of the country’s skilled workforce and strategic location. Hungary is also part of the European Union, providing businesses with access to the single market.

Expat community. Hungary is home to a growing expat community, with over 150,000 foreign residents as of 2024. This community includes professionals, entrepreneurs, and retirees contributing to the country’s diverse and cosmopolitan atmosphere.

Safety index. Hungary is one of the safest countries in Europe, with a safety index score of 76.7 in 2024, according to Numbeo. Budapest is considered safer than many other European capitals, making it an attractive destination for families and individuals seeking a secure environment.

Economic stability. Strong industrial production, tech sector, and significant foreign investment drive the country's economy. Hungary's GDP grew by 4.5% in 2023.

The Hungarian Golden Visa program has been renewed as of 2024. Under the program, investors are granted a 10-year residence permit, renewable for another 10 years. They can become permanent residents after the first 3 years of  residency. After 8 years of legal residency, they can apply for citizenship. 

Investment requirements. To qualify for the Hungary Golden Visa, applicants must invest in one of the following:

1. Real estate funds. The minimum value is €250,000. The fund chosen by the investor must be registered with the Hungarian National Bank.

2. Residential real estate. An investor can purchase residential real estate costing at least €500,000. A permission from the Land Registry is needed, and the investor must hire a Hungarian lawyer for the acquisition procedure.

3. Charitable donation to local arts, sports, or educational support. An investor can donate a minimum of €1 million to a higher education institution as a charitable contribution. A public interest management foundation must supervise the chosen institution.

Additional expenses include legal fees, property taxes, and Due Diligence costs. 

Family inclusion. The Hungary Golden Visa includes the investor’s immediate family, which covers:

• Spouse;

• Dependent children under 18;

• Dependent children over 18 who are financially dependent on the investor;

• Parents of the investor and spouse, if they are financially dependent. 

Required documents include:

• valid passport;

• proof of investment;

• background check report;

• health insurance proof;

• proof of accommodation in Hungary;

• marriage certificate (if applicable);

• birth certificates of dependent children (if applicable);

• proof of financial self-sufficiency.

Step 1. Choose your investment. Select from real estate funds, residential real estate, or a charitable donation. 

Step 2. Prepare documents. Gather required documents, including proof of investment, identity documents, and background checks.

Step 3. Submit the application. Submit your Golden Visa application and pay the application fee.

Step 4. Undergo Due Diligence. Complete the Due Diligence process, which includes background checks.

Step 5. Obtain residency. Once approved, receive your residency permit.

1. Hungary stands out as an excellent destination for high-net-worth individuals looking to relocate. With its renewed Golden Visa program, strategic location, business support, chance to get citizenship, and favourable economic conditions, Hungary offers many benefits for those seeking a new home in Europe.

2. The renewed Hungary Golden Visa program offers a 10-year residence permit, renewable for another 10 years. 

3. After 3 years of legal residency, investors can become permanent residents, and after 8 years, they can apply for citizenship. Investment options include real estate funds (€250,000), residential real estate (€500,000), or a €1 million charitable donation.