TRIVIAL CHAPTER IS YOUR TRUSTED PARTNER
TO OBTAIN HUNGARY RESIDENCY BY INVESTMENT
The Hungarian Residency by Investment Program, introduced by the Government of Hungary in 2017, offers non-EU nationals the opportunity to obtain temporary residence through investing in built real estate projects. Under this program, successful applicants are granted a residency permit that is valid for 5 years for the primary applicant, and 3 years for their dependents. The residency permit can be indefinitely renewed as long as you still own the qualifying residential property.
Trivial Chapter ensures the highest success rates through experience and a solid track-record with the different Governments. Every year, we help hundreds of individuals and families to acquire a second residency or citizenship by investment. Trivial Chapter successfully helped clients from over 85 countries around the globe. Most importantly, we have a long-term view of ‘client-advisor’ relationships and commit to our clients for life.
PROGRAM OVERVIEW
Processing Time 3 months
Visa free travel Visa-Free to 27 European countries in the Schengen Area.
Investment type Real Estate
Investment cost Minimum investment HUF 52 million (approximately EUR 135,000)
Family Dependents Spouse and children 18 years and below. Parents and children over 18 must be dependent on the main applicant.
HUNGARY RESIDENCY LAW
The Hungarian Residency by Investment program is governed by the Hungarian Permanent Residency Act CCXX of 2012 Amending Act II of 2007 on the Entry and Residency Requirements of Third-Country Citizens Article 1(4) 4), Paragraph (3).
PROGRAM BENEFITS
SAFE & FAST:
Most Cost-Effective EU Residency Program
Approval issued before you make the property investment or pay majority of Gov. fees
Fast process. Residency Card issued within 3 months
No need to visit Hungary at all to obtain the Hungarian Residency, Residency cards can be issued remotely
GATEWAY TO EUROPE:
The Hungarian residency enables visa-free travel to 27 countries in Europe which comprises the Schengen states
No physical stay or visit to Hungary required throughout the residency, although is recommended that you visit Hungary to prove ties with the country.
Applicants become eligible for Permanent Residency after 5 years of continues stay in Hungary. Citizenship granted after 8 years of Permanent Residency
APPEALING REAL ESTATE:
Low Real-Estate purchase of €135,000
For New Build properties only 20% deposit required, balance on completion while enjoying the Residency
Budapest lower prices than other EU capit
30% capital appreciation in the past 2 years
INVESTMENT TYPE AND COSTS
Investors can obtain Hungary Residency by purchasing residential property. Investors must prove that they have sufficient funds in a deposit account to cover the real estate purchase price and the minimum amount required to sustain a living by the investor and their family members.
REAL ESTATE INVESTMENT
Buying a residential property in Hungary.
A 10% down payment on the property is required. If New Build is purchased then only a 20-30% deposit (depending on the developer) needs to be paid to submit the document to immigration, the remaining amount can be paid on completion. You will only need to purchase a qualifying property once your residency permits are approved, and your ID cards are in your possession. Then, you will have 3 months in which to complete the acquisition (else your residency will be automatically cancelled)
INVESTMENT AMOUNT
52 Million HUF (EUR 135,000)
GOVERNMENT FEES
In addition to the purchase of real estate, a government processing fee is payable when your application is approved.
MAIN APPLICANT, SPOUSE AND CHILDREN BELOW 18 YEARS OLD
60,500 EUR
ADDITIONAL DEPENDENT ABOVE 18 YEARS OLD
6,500 EUR
ADDITIONAL DEPENDENT BELOW 18 YEARS OLD
3,000 EUR
OTHER COSTS
In addition to the required investment, there are other costs for the Hungarian Residency Program, which are Trivial Chapter professional fees, documents certifications when applicable, courier fees, and other small disbursements. If you wish to receive a detailed quotation outlining all costs, please get in touch with us.
APPLICATION PROCESS AND TIMELINE
WEEK
1
Retainer, Initial Fees and Residency Approval
Client signs Retainer Agreement & pays initial Professional Fees
Client sends full passport, bank balance certificate and informs Trivial Chapter (CI) of number of applicants. CI will submit the initial client documents for initial Government checks.
The bank balance certificate needs to show the HUF52 Million or €135,000 (property price) + €16,000 per applicant (to prove sufficient funds to cover property and cost of living in Hungary, whether the client will move there or not).
CI submits applicant details to the Hungarian Government for Residency Pre- Approval (normally issued in 5 working days).
WEEK
2
Payment of Government Fees and CI Professional Fees
Once Residency is pre-approved, CI will prepare the Government forms and documents for client’s signature. At this stage the client transfers Government fee of €5000 to CI and CI proceeds to pay these funds to the Government (If for any reason Residency is rejected, then Government Fees are fully refundable). CI second Professional Fees are payable at this stage.
WEEK
3
Embassy Visit for Biometrics and Submission of Documents
CI books an appointment for the client and family at the Hungarian Embassy in their current country of residence (or nearest Hungarian Embassy) to submit their application in person and have their biometrics taken. Documents shall be attested at the Embassy at this stage.
At the Embassy the applicant must sign and submit a declaration undertaking to buy property in Hungary, being a RESIDENTIAL property with a value of at least HUF 52Million (€135,000) within 3 months of their residency permit cards being issued.
Once the appointment at the Hungarian Embassy is carried out the client is expected to pay the remaining Government Fees of EUR 55,500 (+ fees for any additional dependents when applicable) within 5 days. Client transfers these funds to CI and CI proceeds to pay the Government.
MONTH
3-4
Residency Cards Issuance
Approval is granted 30 days after submission; the Residency card is issued 10 days later. CI will courier the cards to client. CI final Professional Fees due
MONTH
3-6
Property Purchase Completion
Client must purchase residential property within 3 months from card issuance date, CI submits the purchase agreement within this period of time to the immigration office. Failing to do so will results in the revocation of the residency for Client and all the family members.
Hungarian Taxpayer Number is issued once property purchase is completed.
The estimated time to receive residency approval depends on the due diligence processing time and the specific case
ELIGIBILITY REQUIREMENT
Age
The applicant must be at least 18 years old.
Good Character
The applicant must have a clean criminal record and a good reputation
Health
The applicant must be in good health and provide a medical certificate
Investment
The applicant must make a qualifying investment in a residential real estate property
REQUIRED DOCUMENTS
Trivial Chapter has a designated Document Collection Specialist for every case. Our firm provides a customised service streamlining the application process by only requesting essential client information. Our primary goal is simplifying the document collection procedure and minimising client involvement. When necessary, we take the responsibility of obtaining the required documents on behalf of the client. Please be aware that the following list serves as a general guideline, as Trivial Chapter prepares a personalised checklist based on a thorough assessment of each individual case.
View All Required Documents
Certified copy of all passports held.
Proof of family relationship (Birth Certificate for all applicants)
Marriage certificate
Bank statement with sufficient funds to support the application.Bank Balance must show enough funds to buy the property and cover the costs of living for all the applicants. The bank balance certificate needs to show the HUF52 Million or €135,000 (property price) + €16,000 per applicant (to prove sufficient funds for living fees in Hungary, whether the client will move there or not).
CV for Client and all the family members (CI provide templates)
POA (Power of Attorney) for each applicant. It must be dated and signed by the respective applicant, where one of the parents can sign for children under the age of 18.
Data Sheet needs to be filled out for Client and all the family members (CI will provide the template)
In case Client does not live in the country of his/her citizenship, then resident permit or proof of stay
Adult children 18yrs+:
Proof of Address from Hungary (CI provide)
Proof of economic dependency, single status and school enrolment; School Certificate for Adult children
Proof of economic dependency for parents below 65 years
For each participant, two (2) original passport-size photos: dimensions 45 mm x 35 mm.
