Why Move to Hungary?
Though Hungary may not be the first country someone thinks when discussing Europe, it holds more promise than it meets the eye. With countless factors playing in its favor, including cuisine, stunning architecture, safety, an attractive tax regime, and a revamped Golden Visa program, Hungary is slowly becoming the next European hidden gem.
Additionally, moving to Hungary promises new investment opportunities. With the country fully integrated into the European Union and the Schengen Zone, and a strong focus on startups and technologies, relocation to Hungary opens the path for a more secure,
Additionally, moving to Hungary promises access to a burgeoning tech scene, vibrant startup culture, and ample opportunities for professional growth. With its strategic location in Central Europe, residents also enjoy easy access to neighboring countries and diverse travel experiences, further enriching their lifestyle.
Fast facts
Despite being landlocked, Hungary has an unusually high number of thermal springs, more than 1300, and approximately 130 of them can be found in Budapest. The Rubik’s Cube, one of the world’s most famous puzzles, was invented by Ernő Rubik, a Hungarian inventor and architect. Even if Hungary might not be the first country you may visualize when thinking about wine, the country houses the world’s first official wine region – in Tokaj, Hungary.
- Population: 10 million
- Capital City: Budapest
- Climate: Hungary has a continental climate with hot and dry summers and cold, snowy winters.
- Time Zone: Central European Time (CET)
- Language: Hungarian
- Country Code: +36
- Currency: Hungarian Forint (HUF
- Economy: Tourism, food processing, pharmaceuticals, motor vehicles, information technology, chemicals, metallurgy, machinery, electrical goods.
- GDP Per/Cap: USD $21,075.62
- Borders: Slovakia, Romania, Croatia, Austria, Serbia, Ukraine, and Slovenia.
Lifestyle
Following a more traditional, family-driven, and structured approach, life in Hungary nonetheless provides a European-style experience, with unique, bustling cities offering a diverse range of experiences, and a picturesque countryside suitable for calm and relaxation.
Cost of living
The cost of living in Hungary is extremely reasonable, even in the largest cities, and expats working remotely to wealthier countries will have no issue whatsoever living in Hungary and will be able to lead a comfortable lifestyle.
Safety
Hungary is an extremely safe country, with low crime rates and placing a strong emphasis on public safety. In 2023, it ranked #18 in the 2023 Global Peace Index.
Healthcare
Hungary boasts a universal public healthcare system funded by taxes, which is governed by the National Health Insurance Fund, and accessible by Hungarian citizens and residents.
Education
Hungary has a public universal education system, though it also has private and international school options and renowned universities. These are almost exclusively found in the capital, Budapest, and stand out due to their excellence and affordability.
Language
The country’s official language is Hungarian, though English is also fairly spoken across the country, especially in the larger cities of Budapest and Debrecen. In 2023, Hungary ranked #17 in the English Proficiency Index.
Money and taxes
Despite being an EU country, Hungary has its own currency, the Forint, which is not pegged to the euro. Hungary also boasts an attractive tax regime, with one a flat tax rate of 15% on personal income, and one of the lowest corporate tax rates in Europe, at 9%.
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Download Our BrochureDo I Need a Visa to Move to Hungary?
It depends on your country of citizenship. If you hail from a country not within the European Union or the Schengen Zone, you will need a Visa to relocate to Hungary.
Otherwise, if you have an EU passport, you will not need a Visa to visit the country or to move to Hungary.
Moving to Hungary as an EU citizen
As an EU and Schengen Zone member, Hungary welcomes EU nationals to enter, work, and move to its territory. If the intent is to stay in Hungary for longer than 90 days, then they must notify the National Directorate-General for Aliens Policing and sign up for a Registration Certificate and Address Card.
Moving to Hungary as a non-EU citizen
Hungary offers a series of Visas targeting the countless, different reasons a person may have to relocate to the country. However, the best and fastest way to both relocate and achieve Residency status is through the Hungary Golden Visa.
Moving to Hungary Through Investment Visa Programs
The newly relaunched Hungary Golden Visa, initially planned to come into effect in September 2024, but anticipated to start in January 2024, is currently the number one program to achieve Residency status in Hungary. With several options, including funds and donations, the stand-out option is the purchase of residential Real Estate at €500,000.
How can I gain Citizenship in Hungary?
Hungary offers no direct path toward Citizenship. However, the Hungary Golden Visa sets the stage to obtain the passport as Residency is the necessary first step to unlock
Citizenship. After obtaining the Hungary Golden Visa, and spending 8 years living in the country, an investor may become a citizen and hold an EU passpor
How to obtain Permanent Residency in Hungary?
Even though the Hungary Golden Visa only grants Temporary Residency, it does so for 10 years. Permanent Residency is unlocked after living 3 continuous years in the country, which is a far more enticing prospect than Citizenship, granting many of the same benefits.
Investing in Hungary Real Estate
While retooling its immigration law, Hungary realized it had a unique situation. With more than 90% of its population being homeowners, and a vast number of properties on the market, Hungary spun its untapped Real Estate market and created this new Residency by Investment program to bolster the country’s economy, following the success of other European Golden Visa Real Estate options.
With appealing opportunities, Hungary is poised to draw in more foreign investment. As the Hungarian Real Estate is bound to become an increasingly appreciative venture, investing in the country’s property market will undoubtedly guarantee high returns on the original investment.
