Highlights: Hungary implements new immigration law in 2024
- The new immigration law implemented by Hungary introduces 24 types of residence permits.
- Individuals who invest a minimum of €250,000 in real estate are eligible for ten-year residence permits from July 1, 2024.
- The acceptance of new applications from other-country nationals will not be accepted until April 30th.
- The old regulations will apply to applications filed before December 31, 2023.
- The validity of residence permits expiring between January and February will be automatically extended until April.
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New Immigration Law Introduces Highly & Low Skilled Worker Residence Permits
The immigration law of Hungary introduces 24 types of residence permits, which include eight for employment purposes, while the old immigration law sets 18 types of residence permits. The new immigration law of 2024 abolished the residence permit for other purposes and introduced a new permit for investors and work permits for high- and low-skilled workers separately.
The skilled worker's residence permit will only be granted to those employed based on their employers, occupations, and countries. The permit can be extended for up to three years and is not valid after that time period. This means that non-EU workers are not granted permanent residence in Hungary.
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Hungary Introduces New Golden Visa
The new immigration law also introduced an investor residence permit and a golden visa. This investor residence permit is available for individuals who invest a minimum of €250,000 in real estate. This investment allows them a ten-year residence permit from July 1, 2024, which can be extended for another ten years.
According to the Immigration Office (OIF), around 430,000 foreign nationals hold a residence permit in Hungary, whether a work or study permit. 161,000 people have an EU registration card, and 162,000 have a Hungarian residence permit.
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Web Story: Hungary implements new immigration law for resident permits 2024