This is the newest way to reside in Hungary as a foreigner!

Residence permit issued for the pursuit of gainful activity has been available for foreigners for a while. It attracts many people to reside in the country as it is a relatively easy way to acquire EU travel papers almost instantly. To obtain this document, all you have to do is to establish a company as well as purchase real estate in Hungary.

Following the suspension of the Government Bond Program in 2017, non-EU citizens had to find another way to obtain European residency. The practice of applying to this residency program became popular mostly among Chinese, Russians and Iranians, and thousands may have been able to take advantage of it until now. – writes napi.hu. Those foreigners are entitled to receive the residence permit who come to Hungary for the purpose of launching a business and employing locals. All they need is a business plan and a valid legal contract that proves that the company will be profitable.

Another solution is to employ at least three Hungarian citizens for the duration of six months to be able to start the process. A loophole, however, exists in this case. If the presence of the third-country citizen is necessary to run the business, the owner can go through the paperwork and lawfully reside in Hungary within two weeks.

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The easiest way to be eligible for this type of residence permit is to buy two real estate properties and establish a company. The company thus can rent out one of the real estate properties as a business. The owner will be the rental and operation manager of the place.

There are law firms that assist foreigners with these processes. The fee is quite expensive, though. It can cost HUF 75-100 million (EUR 203,887 – 271,850 ). According to OIRF (formerly known as the Office of Immigration and Asylum), there are 1000-1500 applications for the residence permit for the pursuit of gainful activity each year.

Most law firms offer to help clients start a business, obtain immigration papers, purchase real estate and even run the business. – writes magyarjelen.hu. It is also a common practice that offices help foreigners find business premises or available stores. However, in some rare cases, these places already have tenants, or the office shows popular Airbnb properties. Most of these firms often emphasise that real estate prices in the country are lower than in Western Europe, therefore, buying real estate in Hungary is a more favourable financial decision.

Many foreigners have been told that the security screening of the Hungarian authorities is not that strict.

People should be careful with these agents, as they are very eager to help with everything, but they may charge an enormous amount in the end. Another important factor to consider is that the residence permit has to be renewed every three years and the time the resident holder can spend outside of Hungary is limited.

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The good news is that the residency permit will not be necessary from next year, as even digital nomads can come to reside in the country.

The so-called White Card can be obtained by third-country citizens who work or run their business in Hungary. Therefore, a home office arrangement will be sufficient to temporarily reside in Hungary starting 1 January 2022. The permit is valid for two years and can be renewed. This White Card, however, does not make the process of acquiring a permanent residency easier. Yet it is a suitable solution for travelers.

Source: napi.hu, magyarjelen.hu