Just 25 people have applied for Hungary’s Guest Investor Program by the end of February.
The Guest Investor Program of Hungary offers non-EU nationals the opportunity to acquire residency in this country, in exchange for financial investments, Schengen.News reports.
In spite of the fact that Hungary is attempting to attract a large number of foreigners through this program, the number of applications in the first two months of this year remains low.
The 25 people who applied for the Guest Investor Program were nationals of the following countries:
- China- 9 (four have received the permit, five are in the process)
- Vietnam- 5 (two received, three in process)
- Burundi – 1 (received)
- South Africa – 2 (in process)
- Kazakhstan- 1 (approved)
- United Kingdom-1 (in process)
- Dominica- 1 (in process)
- Israeli -1 (in process)
- Afghanistan-1 (approved)
- India- 1 (in process)
- Türkiye- 1 (approved)
According to a report from REL, the 25th applicant is a citizen of the Caribbean Island nation of Saint Kitts and Nevis. His application is also being reviewed by Hungarian authorities.
Abolishing Real Estate Investment Option From Golden Visa Program
In December last year, authorities in Hungary unveiled plans to abolish the real estate investment option from the Golden Visa Program, following the example of Portugal.
It means that wealthy non-EU nationals will not be eligible to invest €500,000 in Hungary, in exchange for obtaining residency.
These amendments were published in the Hungarian Gazette on December 20, 2024.
In this regard, Arton Capital President and CEO Armand Arton told Imi Daily concerns related to market stability led Hungarian authorities to apply these changes.
Looking at the experience of other European countries who permitted unregulated real estate purchases, there were many cases of defrauding clients.
Back then, he told Imi Daily that the fund structure offers enhanced protections.
Allowing only the fund to invest in real estate is a much more regulated way for them to know which sector the fund will be investing in, if it’s residential or commercial.
Hungary relaunched its Golden Visa Program called the Guest Investor Residence Permit, granting the beneficiaries the right to work and reside in Hungary for ten years and also access to Schengen Zone countries.
In order to benefit from this program, applicants must meet the needed requirements at first. Up to this point a large number of EU countries offer Golden Visa Programs.
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