Hungary

Located in Central Europe, Hungary has proven to become one of the Europe’s most travelled destinations. Hungary’s developed world class lifestyle, vibrant economy with a very low cost of living as compared to other European countries attract more and more expats, business investors and immigrants to settle in this wonderful country.

Hungary – Quick facts

• Location: Central Europe
• Capital: Budapest
• Population: 9,673,172 (2019)
• Languages: Hungarian
• Currency: Forint

The Hungarian Entrepreneur Residency Program (HER Program)

Hungary’s Entrepreneur Residency Program (HER) allows foreign nationals to obtain a residence permit in Hungary by establishing a business. Participation in the program is reserved for nationals of Non-European Union member states (nationals of EU member states are eligible to pursue special avenues of entrepreneurship in Hungary).

The HER program is particularly attractive to potential investors because Hungary’s commercial enterprise registration process is simple and quick as compared to similar programs administered by other countries. Additionally, the required minimum investment amount under the HER program is relatively modest.

To qualify for the HER program, the foreign entrepreneur must first establish a Hungarian commercial enterprise. There are many different types of company structures to choose from, but the most popular option is the limited liability company (LLC).

ELIGIBILITY REQUIREMENTS

• Age: 18 or above
• Education: Minimum 12th
• Locally registered, fully compliant company with bank account and accountancy
• At least one short visit to Hungary (for opening a company bank account)
• Solid business plan and actual trading activity (in Hungary or internationally)
• Rented or purchased accommodation
• Full travel insurance or (after residency is acquired) local state health insurance
• Verifiable income from the business and/or from other sources
• No-criminal-record certificate issued by your local authority (or police)

Important: Applicant has to visit Hungary in person at least once (if they have Schengen visa) to start the immigration process.

PROGRAM HIGHLIGHTS AND BENEFITS

• Minimum investment – starting from €50,000
• Quick and easy incorporation process (possible via POA)
• Processing time: 6-7 months
• Low corporate tax (10%)
• EU and Schengen member country; Available to all nationalities
• The initial resident card is valid for 1 year and can be extended for another 2 years.
• After 3 years of continuous stay in Hungary, applicant is eligible to apply for a “Permanent resident card”.
• Freedom to travel to Schengen states without restrictions during the residency period.
• Business investor’s family members can be included in the application (i.e., spouse and children below 18)