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Hungary's New Golden Visa: Faster, Lower Thresholds to Outcompete Rivals
Hungary's new golden visa program, the GIP, promises to give rival EU golden visas in Spain, Portugal, and Greece stiff competition.
Lower Thresholds, Faster Processing
- Hungary's investment thresholds are lower than competitors: €250,000 for real estate funds, €500,000 for new residential units, or €1 million donation.
- Greece's threshold is €800,000, while Portugal has changed its rules frequently.
- Hungary processed applications in 3 months last time, while Greece and Portugal face backlogs and multi-year wait times.
Direct Investments, No Risks
- Unlike Hungary's previous bond program, the new GIP involves direct investments in funds and properties, eliminating counterparty risks.
- The bond program was plagued by controversy, corruption, and nepotism before closing in 2017.
Potential Drawbacks
- The physical presence requirement to qualify for permanent residency may be a negative.
- Regulations like the inability to include adult dependents may need to be ironed out over time.
Overall, Hungary's lower thresholds and faster processing times make the GIP a formidable competitor to other EU golden visa programs.
