Hungary plans to relaunch its golden visa program.

The Hungarian government plans to restart its Golden Visa program, which has been suspended since 2017. A new Citizenship by Investment program has been introduced by the Hungarian government in Parliament in a draft law regulating immigration for third-country nationals coming to Hungary, SchengenVisaInfo.com.

reports

The bill also introduces a "visitor investment visa" category for those coming to Hungary with projects recognized by the government as "strategically important investments," according to a Reuters report. "Visitor Investment Visa" is a prerequisite for obtaining a residence permit in this country. Visa holders are allowed to stay in Hungary for ten years, which can be extended for another ten years, according to the project.

The residency through investment programs offered by the Hungarian authorities gave foreign nationals the opportunity to obtain a residence permit if they invested financially in the country and met the necessary requirements. Hungary introduced its Golden Visa program on January 1, 2013, and it remained open until March 31, 2017. To benefit from this program, wealthy foreigners were required to invest at least €250,000; the government then decided to increase the minimum investment required for this program to €300,000.

Between 2013 and 2017, 6,621 requests for residency permits were received from investors. Of the total, 4,794 applicants were granted permanent residency permits and 1,827 applications were denied or rejected. However, according to the government's assessment, the program did not have an economic impact and was therefore discontinued.

In a new proposal, an investor acquiring shares in a €250,000 Hungarian real estate fund or €500,000 worth of real estate in Hungary can receive "strategically important project" status. European investment programs such as the Golden Visa and Golden Passport contribute significantly to the economies of the countries where they operate. However, they often raise security concerns following reports of criminal activity, including money laundering and corruption. To date, several European countries allow citizens of other countries to obtain residency and citizenship through such programs, with Spain, Montenegro, Portugal and Greece being the most prominent, according to a Henley and Partners report last year.