Hungary is about to launch a new residency program called the “guest-investor program,” which aims to attract international investors by purchasing real estate. This comes six years after a previous program was shut down due to corruption charges.
The program, which was put forth by the administration of Prime Minister Viktor Orban, grants residents of Hungary a 10-year residency permit that is renewable as long as they spend at least €250,000 ($271,000) in local property funds or real estate firms, or €500,000 in direct real estate purchases in Hungary.
Apart from real estate investments, the program also includes individuals who donate a minimum of €1 million to government-established public trusts that manage institutions.
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With this action, an idea shelved in 2017—when buyers of €300,000 worth of government bonds were granted residency and unfettered travel across the EU—is being strategically revived. The program was ended because of allegations of corruption and inadequate application verification.
Clearly, “golden visas” are divisive in Europe; some have even linked them to regional housing crises. For example, Portugal and Ireland have recently ended their programs, citing rising real estate costs and other related difficulties.
According to Prime Minister Orban, the updated program from Hungary is part of a larger legislative agenda that embodies a strict immigration policy, which has been a significant tenet of his nationalist leadership. The opposition parties have been accusing the administration of relaxing laws earlier in the year in order to alleviate a labor shortage by accepting workers from non-EU nations, and this initiative comes at the same time as their increased scrutiny.
This action also aligns with Hungary’s economic objectives. The country’s estimations indicate that 500,000 additional workers will be required to fulfill the rising demand, especially in industries like the rapidly expanding battery sector, where significant investments establish Hungary as a global leader. In addition to addressing labor shortages, the residency program is viewed as a two-pronged effort by Orban, who wants to stabilize the nation’s finances following a historic budget deficit.
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