Orban introduces Golden visas: Strict conditions apply

Although European countries are abandoning the "golden visa" program, Hungary is relaunching it in 2025 and offering wealthy foreigners the opportunity to live and work in the country in exchange for large investments. In translation, you can get all the benefits of living in that country, which has been a member of the European Union since May 1, 2004, for a while, but for a certain amount of money, writes Bizinfo.

In the case of buying real estate in Hungary, the investor will receive the right to a ten-year stay in Hungary, and they will receive a Hungarian passport that will allow him unlimited movement in the Schengen area. The condition is the purchase of real estate worth at least half a million euros.

Another option for obtaining a ten-year residence permit and a Hungarian passport is to invest at least 250,000 euros in real estate investment funds issued by the Hungarian National Bank.

The third option is a public donation of at least one million euros.

The greatest interest among the Chinese

The Chinese are already interested in real estate in the capital. Some new properties in Budapest are too expensive even for foreign buyers, so they are looking for more affordable options, noted Oran Ben-Ezra, an expert in Budapest real estate sales.

Hungary will also benefit from the golden visa program. The Hungarian state and the Hungarian National Bank will benefit from the arrival of foreign investors which will boost the real estate market, Ben-Ezra said. However, Russians and Belarusians may enter the European Union through Hungary in July of this year. They can register in the country as guest workers with a national identity card and then enjoy free movement within the Schengen area.

András Rac a Hungarian expert on Russia, said that with this step, Hungary will open the labor market to Russians and Belarusians. Mr. Rac sees it as a major security risk.

More favorable conditions for citizens of Serbia

Hungary has decided that from July 8, 2024, citizens of eight countries - Bosnia and Herzegovina, North Macedonia, Belarus, Moldova, Montenegro, Russia, Serbia and Ukraine - can work on its territory under more favorable conditions, reports Luftika. It is possible to apply for a national identity card for two years and reapply for an extension of its validity each time for another three years without further restrictions.