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Hungary‘s government has submitted the outlines of a new “golden visa” programme to parliament as part of a draft bill regulating immigration from third countries to Hungary.
The bill, submitted on Tuesday, introduces the category of “guest-investor visa”, for people who are coming to Hungary affiliated with projects that received the label of “strategically important investment” from the government.
Receiving this visa is a prerequisite to apply for a residence permit, which would allow the visa-holder to stay in Hungary for 10 years, extendable by a further 10 years, according to the draft.
The new programme comes after a previous “golden visa scheme” was scrapped in 2017 after a Syrian man who was under US sanctions received residency status in Hungary.
Effective from 10 November 2023 to 10 May 2024, holders of Indian passports or travel documents will be granted a temporary visa exemption for a 30-day stay for the purpose of tourism in Thailand. With the visa exemption scheme, TAT expects Thailand to see 1.6 million Indian tourists in 2023, generating about 65.6 billion Baht in revenue. Indian tourists to Thailand stay on average 7-8 days with daily spending of around 5,500 Baht per person.
The programme, launched in 2013, required foreigners to buy a Hungarian bond for up to 300,000 euros to obtain the permit. According to the proposal, the “strategically important project” label could also be obtained by an investor buying a Hungarian real-estate fund share worth 250,000 euros or real estate worth at least 500,000 euros in Hungary.
The donation of 1 million euros to public interest asset management foundations, which have come under EU scrutiny due to conflicts of interest with the government, would also grant the label of “strategic importance” to investors, opening the door to receive the “guest-investor” status.
Hungary has seen an influx of eastern investors in recent years as Asian battery makers, such as CATL and Eve-Power are set to build their factories near German carmakers.
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