Obtaining a residence permit in Hungary by buying a property

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Obtaining a residence permit in Hungary by buying a property

In this article we try to provide you with information about getting a residence permit in Hungary by buying a property. Is it possible to get a residence permit in Hungary by buying a property? How to get a residence permit in Hungary by buying a property? Why should people to get a residence permit in Hungary by buying a property? What are the benefits of getting a residence permit in Hungary by buying a property? What are the requirements for getting a residence permit in Hungary through the purchase of property or the requirements of financial means in Hungary? How can non-EU nationals buy a property in Hungary?

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Obtaining a residence permit in Hungary by buying a property

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Why should people choose Hungary?

As a member of the European Union and the Schengen area, Hungary is one of the 30 most popular destinations in the world. The country is located in the center of Europe and has a rich and diverse culture of music, film, food and literature, as well as global health care. Established in 2012, the Investor Bond Residency program offers a number of benefits to applicants:

  • Entry of eligible family members, including parents, without age restrictions.
  • No requirement to travel to Hungary. Individuals can submit applications at the Hungarian Consulate.
  • Fast processing which leads to EU permanent residency for life in under 30 days.
  • No physical residency requirements.
  • Fully guaranteed investment which will be returned in full after five years.
  • Possibility of free movement throughout Europe’s Schengen zone.

Qualification and quality

The Bond Residency program has certain criteria for investors and does not exempt applicants in terms of personal net worth or management experience. However, the Hungarian administration officers are required to request an interview with the applicant, which can be done orally.

During the early stages of the studies and application stages, the financial intermediary and the Hungarian authorities will use know-your-clients and anti-money laundering procedures. Main applicants must provide a set of standard documents showing their source of income and accumulation of personal net worth.

Factors which will help a person to obtain a license to buy a property are:

  • marital status
  • Having a child in Hungary
  • Enrolling the children in Hungarian schools
  • Having a permanent job in Hungary
  • Interest in Hungarian culture and its language and Hungarian language teaching
  • Investing in real estate: simple and profitable

The advantages of getting a residence permit in Hungary by buying a property

When you become a Hungarian, your spouse and children under the age of 18 can use the “Family reunification” method to travel anywhere in Europe. For younger children you can choose from different elementary and middle schools. If your children are over 18, they may want to enroll at a reputable university in Budapest or elsewhere and apply for a student visa.

Obtaining a residence permit in Hungary by buying a property

The process of buying a property in Hungary

Purchase any type of land except arable land, a private person needs a permit from the district council of the local municipality, and in Budapest any purchase of property is subject to the approval of the Administrative Office (AOB). No restrictions apply to ownership of property by Hungarian legal entities.

Hungary Budapest luxury apartments for sale

According to Hungarian law, Hungary is required to confirm the purchase of real estate through a private contract (purchase agreement) by a lawyer. Non-Hungarian citizens must apply for the approval of the relevant administrative office (KÃzigazgatási Hivatal) in order to purchase property as a private person. According to the regulations, most foreigners must obtain a purchase permit within 2-3 months.

Lawyers advise foreign nationals to set up a company registered in Hungary in order to purchase property. No permit is required in this case. This is a relatively quick and easy procedure (1-2 days).

The steps to purchasing are:

  • Once a property has been chosen, there will be a negotiation between the buyer and the seller in the real estate firm (agents usually over-value their listings).

  • It is strongly recommended that you get help from a European attorney when buying a property. Lawyers represent not only the buyer but also the seller, though the former pays for his services. Title searches are usually included in the services lawyers offer. A structural and/or architectural survey of the apartment and building are recommended.

  • When an agreement is reached between the seller and the buyer, the lawyer will start the process of securing local government approval of the purchase (unless the buyer is setting up a company).

  • Once the type of property and the price of the transaction are determined, the purchase contract is prepared by a lawyer. This written contract, countersigned by the lawyer, is necessary to validate the transfer of property.

  • After the steps mentioned above, a meeting will be arranged between the buyer, the seller and the lawyers of both parties, in which the contract (affidavit) will be signed in the presence of the parties and a representative of the real estate office. The buyer is expected to pay 10% of the agreed price as down payment (deposit).

  • After signing the sales contract, the buyer must also pay the lawyer´s, the agent´s fees and the transaction price. The purchase agreement has to be submitted to the competent land registry office within 30 days of signing.

  • The permission process will take place approximately 60 to 90 days after initially signing the Purchase Contract. The buyer must notify the seller immediately after receiving the purchase permission from the real estate office. This process usually takes a week. The most important step is taken when the seller and the buyer will sign the Closing Statement, which is a declaration that the purchase price has been paid in full and possession transferred. The buyer then takes possession. The final registration of ownership rights takes about six months.

  • In addition to buying a property which we explained above, there are other legal ways to immigrate to Hungary, including education / work and various types of investments.

  • If a person follows the steps and if he/she meets the requirements for getting a residence permit in Hungary through the purchase of a property, he/she can easily receive a residence permit in the shortest possible time.

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