Hungary Reintroduces Golden Visa Scheme Amid EU Phase-Out

While several European Union countries are phasing out their golden visa schemes, Hungary has decided to reintroduce its program starting July 1, 2024. This move stands out against the growing trend in the EU to discontinue such schemes, which many consider dubious in terms of security and transparency.

Golden visas offer residency permits in exchange for purchasing property or making large investments. Golden passports provide similar benefits but with the possibility of obtaining citizenship. For EU countries, this also means access to many advantages, such as free movement between member states.

Golden visas allow wealthy individuals to essentially "buy" the right to reside in another country, often without the requirement to live there permanently. These programs were particularly popular in the EU but have recently faced criticism and cancellations.

In 2022, the European Commission called on EU countries to stop selling citizenship to investors, citing risks to security and transparency. There were also concerns about circumventing sanctions imposed due to the Ukraine war. The EU has previously stated that these schemes threaten the security and values underpinning the EU project.

Despite this, some EU countries still offer golden visas. Now, Hungary has decided to revive its program, offering three routes to residency through real estate investments, property purchases, or donations to educational institutions.