The stunningly beautiful European nation of Hungary has a very appealing ‘fast track’ investment scheme, where upon purchasing EUR 300,000 worth of Hungarian Government bonds, the investors from abroad are provided with Permanent Residency (PR) rights to reside in the country.
The prized Hungary Permanent Residency (PR) is obtainable via investment in the well-known and the widely used Hungarian Residency Bond Programme. The highly speedy investor scheme gives a five year residence visa to the candidates, who, as mentioned a short while ago, makes an investment of EUR 300,000 in government bonds. While the capital is given back entirely--post a period of 5 years--the amount does not cover management, government &processing costs.
It is possible to renew the residency in the wake of five years without any additional expenses. Though one can submit an application for the much sought after citizenship post eight years,it can be done only under rigorous conditions comprising a language test.
Significantly, Hungary--the unitary parliamentary republic located in Central Europe--happens to be an EU Schengen Visa nation even while the visa in question enables the liberty of free and unrestricted travel across the entire EU Schengen zone. And the visa is applicable to the entire family.
From 1 July 2016 onwards, the Hungarian Government has considerably cut down the processing time for the residency visa bringing the same down to only four weeks or 28 days. Now it is also possible for the candidates to include their parents together with kids of any age group.
Now the aspirants get PR cards in a direct manner. Prior to the changes, it was expected, on the part of the candidates, to obtain Temporary Residence (TR) cards initially and submit an application for the PR Cards only post six months.
The PR Card is legally valid for a period of five years. The same will be duly renewed for 5 years every time the same loses its validity. The authority of the card has not anything to do with the actual feature of the position.
The same happens to be permanent (for the whole life) right from the very starting (from the initial PR Card). At present, the process is streamlined even while it is performed in one stage in the place of two stages.
There are several steps in the process.
To start the process of the residency-through-investment procedure, the candidates have to subscribe and move funds to the HSSDF. For the process, the investors will require proffering proof of their bank handover of EUR 300,000in a duly recognized bank of Hungary, inked PPM and also the subscription deal, evidence of their permanent address, documentation of familial relationships, and proof of a spotless criminal background.
In addition, the investors will put their signature to a formal accord with their immigration consultant and a Hungarian lawyer. The investors have to shell-out a cost of EUR 45,000 for the professional advice-giving services of the immigration consultant. The Fund will reply to investor subscriptions, inside a period of 10 days of the handover of capital. And, in case the investors are dismissed, their capital will be given back.
After getting sanctioned, the successful investors will get a certificate of shares even as they will progress to the residency permit petition procedure. The procedure is carried-out with the help of migration professionals, even as investors, along with their family members, will have to offer lawful passports, a EUR 60 processing cost every individual above age 6, evidence of investment, and also the power of attorney to a lawyer of Hungary, etc.,.
Candidates could have to take part in an interview at a Hungarian embassy. After approval, the HSSDF will buy the government bonds on the behalf of the investor in the needed amount. In case dismissed, the investor will be given back their money.
In case sanctioned, the investors and their families will get permanent residency in the country.
Important: Duly certified translations of every paper/certificate into either Hungarian or the English language must be offered, for successful Hungary Presidency Bond Programme Process.