Hungary is a member state of the European Union and a member of the Schengen area. It’s strong economy, exceptional education and health care system is on par with its northern neighbor, Austria. This makes Hungary the hidden gem of the Residence by Investment programs in Europe. It’s proximity to Austria, Germany and Italy and to the eastern European states makes it an interesting hub for many businesses.
HOW TO OBTAIN RESIDENCE THROUGH A BUSINESS INVESTMENT IN HUNGARY
Setting up a business in Hungary is a step-by-step process and a great deal of paperwork must be completed and filed with the relevant authorities. When applying for a residence permit through investment, the team at Glam Immigration will guide you through the many steps of this process. With the assistance of our immigration lawyers, we strive to be your trusted immigration advisor.
The Hungarian residency law allows entrepreneurs and business investors to apply for a residence permit if they invest in the activity of a company in Hungary.
As the Hungarian law does not restrict the investor to invest in a business area that the authorities deem especially beneficial to the country it is much easier to apply for an investor visa in Hungary than in many other European countries. No language or university degree requirement.
THE BASICS OF THE PROCESS
After paying the retainer and signing our client agreement we will guide you through the process which includes drafting articles of association, naming your company, drafting an executive agreement, and registering the company. We will guide you through opening a bank account and paying in the full company’s share capital, we can also assist you in finding a tax advisor and/or an accountant. We will help with the visa application for the managing director. We will also help make sure you have other required documents in order, including the business plan, commercial register, employment agreement, articles of association, company profile, contracts, etc.
LOGISTICS OF THE RESIDENCY APPLICATION
The application for a residence permit could take up to 2 months. Your Glam Immigration advisor and lawyer will assist you step by step throughout the process, including the filing of an extension. Spouses and children will also have to complete a residence application. Once a visa has been granted as your immigration advisor Glam Immigration can help you with other steps necessary for immigration, including finding an apartment, health insurance and setting up a personal bank account.
THE PATH TO PERMANENT RESIDENCY IN HUNGARY AND HUNGARIAN CITIZENSHIP
A permanent residence permit is possible after five years of residency in Hungary and if the company is still running and in a good financial position. Consult your dedicated Glam Immigration advisor for further details.
Minimum investment: EUR 70,000
Preparation of application: 1 month
Government processing time: 1-2 months
Visa free travel: 26 countries (Schengen zone)
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