February 29, 2024
Hungary Business Immigration Complete Guide:
Located in the heart of Europe, Hungary is famous for more than just the traditional goulash. Hungary is famous for its prominent history, every significant event that took place has been marked down. In recent years, Hungary has emerged as the most desired destination, especially for business personnel, entrepreneurs, and investors, it is providing them with the opportunity to expand their businesses and seek more business opportunities in Europe. With its strategic location, Hungary has come out on top as it also offers a favourable business environment given its growing economy and attractive immigration policies that are open to individuals from all over the world. Hungary offers a variety of opportunities and benefits, especially for those who wish to pursue entrepreneurial endeavours.
Other than the general facts, Hungary also offers a very reasonable standard of living with its affordability, top-class education, and a very reliable healthcare system. Though the government of Hungary has designed several policies and introduced several visas that allow everyone a chance to apply to the country; the most popular one is the Hungary business immigration program. Business immigration has been eye-catching for many individuals who seek to expand their business and try something unique. This also provides applicants with the opportunity to explore new realms of business or even establish new branches of their business in a new place. This article is set to explore some of the basics when it comes to acquiring or applying for the Hungary Business Immigration program.
Exploring the Business Immigration Program
Hungary’s business immigration program is designed to attract foreign nationals and foreign entrepreneurs who will not only expand their business but also make a contribution to the Hungarian economy. It calls upon all entrepreneurs, investors, and skilled professionals who can make a productive change and benefit from it as well. This particular program offers various pathways for individuals who are particularly interested in starting a new business, investing in an existing enterprise, or even seeking a chance of employment in Hungary.
The particular program is not limited to corporate leaders but it is open for all who have sufficient financial resources to settle in Hungary and become employed. Ultimately, the most outstanding benefit of this entire program is that it leads to a Hungarian passport in the long run or even a residence permit. For many, this is the easiest way to get Hungarian citizenship and later on, even apply for family reunification.
Types of Business Immigration Programs
- Entrepreneur Residency Bond Program: This specific program allows individuals to make an investment in government bonds in Hungary through which they can also obtain residency without the need for any extensive business experience or a minimum investment in Hungary.
- Start-Up Visa Program: This particular program is designed for innovative entrepreneurs who have presented reliable business ideas as the start-up visa focuses on establishing a business from scratch only if it seems profitable and can potentially bring about fruitful results. It even offers residency as well as support to individuals who wish to start a business in Hungary. To qualify for this particular program, applicants must demonstrate the potential for creating jobs and generating revenue that will eventually contribute to the economic system of Hungary.
- Investor Immigration Program: The investor immigration program allows individuals to obtain residency in Hungary by making a significant investment. This program is particularly ideal for investors who wish to acquire residency while also participating in the Hungarian business community and in turn making significant contributions.
Application Process for Hungary Business Immigration
Keep in mind that there are types of business immigration programs and each visa or program has a different set of requirements so the application process also differs significantly.
- Apply for a Hungarian tax number
- Open a Hungarian bank account to show proof of funds.
- Purchase the required government bonds through an authorized agent.
- Submit the residency application to the closest Hungarian embassy or consulate with the required documents along with proof of investment.
- Attend all the necessary interviews at the Hungarian embassy.
- Upon approval, you can easily apply for a Hungarian residence permit.
- Applicants must have a comprehensive business plan that will outline the purpose of the start-up venture along with its market potential and all the required finances.
- Apply for a Hungarian start-up visa through the Hungarian embassy or consulate, providing all the details regarding the business plan and proof of financial means.
- Should the visa be approved, the applicant is required to travel to Hungary and meet all necessary consultations with the business authorities of the country.
- Apply for a residence permit for entrepreneurship.
- Make a suitable investment in Hungary and provide proof.
- Make the required investment and obtain the necessary documentation.
- Apply for a Hungarian residence permit.
- Provide proof of investment, and appropriate documentation to the Hungarian embassy or consulate.
- Upon approval, applicants can receive a Hungarian residency.
The eligibility criteria for every program is the same as it only requires adequate financial means, for the applicant to be above 18 years of age and the applicant must also be a non-EU/EEA citizen.
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