Are you considering settling in Europe? If so, Hungary might be the ideal destination for you. This guide will provide all the details on how to obtain residency in Hungary through a relatively small investment or by establishing a business. The process is straightforward, and you can apply for permanent residency in just three years.
Overview of the Residency Permit
Residence Permit for Gainful Activities
This residency option is known as the Residence Permit for Gainful Activities. It allows you to live and work in Hungary while contributing to the local economy through your business. The great news is that it doesn’t require a substantial investment—just €10,000 to start.
Steps to Obtain Residency
Step 1: Initial Visit
To begin the process, you need to visit Hungary. This can be done on a tourist or business visa. During this trip, you should have a business idea ready to present.
Step 2: Business Proposal Development
Creating a strong business proposal is crucial. This document must outline:
- Type of business you wish to establish
- Planned activities and operations
- Investment details
- Expected profitability
The business proposal should demonstrate the sustainability and profitability of your business to meet Hungarian immigration requirements.
Step 3: Company Formation
Once your business proposal is ready, you can proceed with forming your company. This process typically takes about two weeks and includes:
- Company registration
- Opening a bank account
- Getting a tax number
After your company is established, you’ll need to deposit €10,000 into your Hungarian bank account. Additionally, it is essential to have another €30,000 available to support future investments or demonstrate your financial stability.
Step 4: Application for Residence Permit
After completing the previous steps, you can apply for your residence permit. You must show that you have the necessary funds in your Hungarian account, along with all required documentation.
Benefits of Hungarian Residency
Travel Freedom
One of the most significant advantages of obtaining residency in Hungary is access to the Schengen Zone. This allows you to travel to 26 countries without needing a visa.
Quality Education
Hungary offers a high-quality education system with numerous international schools, including:
| School Type | Tuition |
|---|---|
| British Schools | Varies |
| American Schools | Varies |
| Hungarian Schools | Free |
Hungarian universities are also well-regarded, especially for fields like engineering and medicine. The government offers scholarships, including a quota for Indian students, making education affordable.
Affordable Living
Hungary has a low cost of living compared to many Western European countries, making it an attractive option for families.
Quick Visa Processing
Feedback indicates that the visa processing time in Hungary is significantly faster than in other countries, such as Portugal. In Hungary, the processing time for a residence permit can take as little as 3 to 6 months.
Future Opportunities
Path to Permanent Residency
After three years of residency, you will be eligible to apply for a national permanent resident card, allowing you to settle in Hungary long-term.
Economic Advantages
Hungary offers low corporate tax rates (only 9%), making it a favorable location for business investments. This is particularly appealing when compared to other EU countries, where corporate tax rates can exceed 20%.
Conclusion
Obtaining residency in Hungary through investment is a viable option for those looking to settle in Europe. With a straightforward process and numerous benefits, it’s an opportunity worth considering. If you have any questions about settling in Hungary or need assistance with the application process, don’t hesitate to seek expert guidance.