Enjoy the freedom of movement, live and travel without boundaries across all Schengen states, adding an edge of convenience and luxury to your life. Not only does Investment in Hungary open the door to a thriving property market, but it also serves as your golden ticket to the Schengen states.
Nestled in the heart of Europe, Hungary is a strategic base for exploring the rest of the continent while being well-connected to different corners of the globe. Several additional advantages further amplify the allure of Hungary. It offers an irresistible blend of rich history, unique folklore, and distinctive cuisine, setting it apart.
The Hungary Residence by Investment Program presents an unparalleled avenue for non-EU investors looking to establish a foothold in Europe, opening the doors to Hungarian residency and, ultimately, Hungarian citizenship. It is indeed an exceptional opportunity for those seeking to extend their horizons and gain access to a world of European privileges.
Criteria for securing residency through property purchase in Hungary
If your immigration goal is to gain residency in Hungary by buying a property, note that not every property, irrespective of its cost, can accomplish this.
A minimum investment of 155,000 euros is required for a property purchase that can lead to obtaining residency in Hungary.
Generally, there are two primary strategies to acquire residency by buying property in Hungary:
Direct property acquisition:
The first strategy, obtaining residency through direct property acquisition, demands an investment exceeding 300,000 euros for the property purchase and its associated expenses. After residing for five years, you can apply for Hungarian citizenship. This strategy generally spans about eight years.
Corporate property acquisition:
It is linked to owning a business in Hungary. This entails purchasing a property and then leasing it. By registering a limited liability company, you can buy and lease properties. This approach is comparatively swift, taking about 2-3 business days to complete.
The Hungary New Residency by Investment Program offers several advantages. It provides a rapid application process and allows investors to include their dependent children and parents in the program. More so, investors who secure Hungarian residency become eligible to apply for citizenship after 8 years, which grants them a lifetime benefit of visa-free travel to over 172 countries, courtesy of Hungary’s affiliations with the Schengen Zone, the European Union, and NATO. The efficient residency process helps minimize the requirement for multiple trips and facilitates the submission of required documents from overseas.
Costs of Applying for Hungary Residency by Investment
The financial requirements associated with obtaining residency through property purchase in Hungary include:
- Initial Deposit: This constitutes 10% of the property’s total value, payable at the contract signing stage.
- Legal Services: The fee for legal counsel typically stands at 1.2% of the overall property price.
- Property Acquisition Tax: This is charged at 10% of the current market value (6% for residential properties and 2.5% for farmland).
- Land Registration Fee: This is set at 40 euros.
- Notary Charges: These vary between 15,000 and 35,000 HUF, dependent on the loan amount, should you choose to secure one.
- Municipal Charges: These depend on the property’s age and price.
To gain a more precise understanding of the costs involved, it’s advisable to consult with both the property seller and your legal advisor.
How to Get Hungarian Residency by Investment in 60 Days?
The applicants must meet a few essential qualification criteria, including successfully passing due diligence and background verification checks at various stages, demonstrating sufficient financial means for self-support and willingness to disclose their wealth sources. Applicants also need approval from competent authorities to buy a residential property in Hungary. They must prove they have the necessary means to purchase such property within a specific time frame. Investing in property can pave the way for obtaining Hungary citizenship.
Procedure for Acquiring Real Estate in Hungary
Specific laws and regulations govern the acquisition of real estate in Hungary. To effectuate a property purchase, one must execute a private contract or purchase agreement, necessitating the signature of a qualified attorney. Additionally, non-Hungarian nationals must procure the necessary approval as natural persons from the respective administrative departments (Közigazgatási Hivatal).
The procedure for purchasing property in Hungary encompasses the following stages:
- Tour multiple properties and narrow down a selection for detailed scrutiny.
- Perform property evaluation on the chosen property, considering legal and tax implications.
- Negotiate with the property seller. An attorney can assist you during this process to help with price negotiations and payment.
- Formalize the contract with all parties and the real estate office’s representative present. A deposit amounting to 10% of the agreed-upon price should be paid to the seller upon contract signing.
- Apart from the deposit, the attorney and real estate office representative’s fees are due on the contract signing day.
- The purchase agreement must be registered within 30 days of signing at the Hungarian Real Estate Registry Office. At this time, the remainder of the agreed-upon amount should be wired to the seller’s account.
- Given the lengthy approval process, the ownership transfer typically takes 60 to 90 days. Once the permit is obtained, the seller should be notified immediately.
- The remaining property price should be paid to the seller’s account once the title deed has been transferred.
- The final critical step in the property acquisition process is signing the closing statement. This document confirms full payment of the property price and the transfer of ownership to the buyer.
- The registration of ownership usually takes around six months to finalize.
The contract must be submitted to the administrative office to secure a property purchase permit. Following approval, the attorney can forward the registration application to the Land Registry Office (Földhivatal). Both processes typically take around 30 days to conclude.
The best cities to buy a house in Hungary
Hungary boasts several beautiful cities that are ideal for property investments. Budapest, the nation’s capital, naturally stands out, but other cities also have unique appeals. Here are a few noteworthy ones:
- Debrecen: As Hungary’s second most populous city, Debrecen is home to a prestigious university. This factor fuels a thriving real estate market, making it an excellent choice for property investment.
- Szeged: Among Hungary’s most significant and charming cities, Szeged stands out with its stunning architecture, abundant green spaces, and rich culture. Renowned as a hub for higher education, research, and tourism, it offers significant real estate appeal.
- Győr: Situated near the borders of Austria and Slovakia, Győr combines industrial strength with historical charm. The city’s appealing architecture, delightful amusement parks, and top-tier amenities make it a hot spot for property acquisition.
- Pécs: Known for its cultural richness, Pécs offers potential buyers a mix of prominent universities and picturesque streets, making it an attractive investment destination.
These examples merely scratch the surface of Hungary’s diverse cities, each with unique characteristics and opportunities. Depending on your needs and preferences, you can select the city that offers the most suitable property investment opportunities.
Your future awaits, and it begins with property investment in enchanting Hungary! Embark on this journey with us and shape a new European lifestyle for you and your family. Experience Europe like never before!
For more information and guidance on obtaining Hungarian residency in 6 days via property investment, please get in touch with our team of advisors at “Cross Border Freedom”. With extensive experience and technical expertise, our consultants stand ready to assist you with all your queries and guide you seamlessly through securing residency in Hungary. We will offer essential guidance on immigration rules, procedures involved in real estate investment, the associated expenses, and tactical measures to ensure a smooth and successful path toward your residency through investment.
