ABOUTIntermark Global experts Olga Katrich and Elena Pinkhasik spoke about the current rules and opportunities of the four main programs – in Spain, Portugal, Greece and Hungary – at the Prian webinar.
Hungarian Residence Permit: Waiting
The Hungarian Golden Visa program was supposed to start on July 1, 2024, but this only happened in words. The opportunity to invest in real estate will not open before January 1, 2025. And the scheme for investing through funds – the first of those announced – has not yet started working.
At the moment, only one fund is known that can work with the program. But through it, a residence permit is not yet available: the organization has not yet received the final license. There is hope that the situation will change by the end of the year.
The conditions for participation in the program through funds change periodically: now they imply a one-time payment of a subscription fee (4%) and an annual management fee (2%). The return is promised in the amount of 2% – but it is not fixed.
What to do if there is interest in the program, but investments through the fund are not yet possible? You can start collecting a package of documents for a D visa, which allows you to come to Budapest to receive a resident card. The main thing is to show a source of income. Even a Russian account will do for this. The amount should not be less than the amount required for investment. But experts still recommend showing more – at least €270-280 thousand.
The application for a D visa is processed within about 21 days. You can get it in your country of residence. Then you will have six months to apply for a residence permit.
Formally
- Conditions for obtaining:investments of €250,000 in government-approved Hungarian real estate funds or a charitable contribution of €1 million. From 2025, investments in real estate from €500,000 will be available.
- Residence permit validity: ten years.
- Processing time: theoretically one to two months.
- Advantages:Residence permit for the whole family, visa-free travel across the Schengen countries, access to the European banking system, the opportunity to do business and work in Hungary.
Greek Residence Permit: New Conditions and Restrictions
In the fall of 2024, the program underwent changes that were not the most pleasant for investors: a restriction was introduced on the number of properties (one and only one) and the area of the property (from 120 sq. m).
Nevertheless, it is still possible to take part in the residence permit program with investments of €250,000 and this option remains the most popular of all. The investor has two options. The first is to buy real estate that has been converted from commercial to residential. The second is to invest in cultural heritage sites that require restoration. A big plus is that the area of the property is not specified in both cases. One of the minuses is that there are few such properties yet.
In other cases, the minimum investment amount has become higher. In most popular regions – Athens, Mykonos, Santorini, etc. – the threshold has risen to €800,000. Outside of them, the minimum amount is €400,000.
The main advantage is that the Greeks issue residence permits relatively quickly (in three to four months) and without strict checks (for example, they do not actually check the source of funds).
Remember!
Russians and Belarusians can apply for the program only if they have alternative citizenship.
Formally
- Conditions for obtaining:investment in real estate from €250,000, if it is legally transferred from commercial to residential status or classified as a cultural heritage site. In other cases, the minimum amount is €800,000 in popular regions (Thessaloniki, Attica and the large islands) and €400,000 in other parts of the country.
- Residence requirements: no mandatory residence.
- Obtaining citizenship: after seven years, if lived for more than six months a year.
- Processing time: two to four months.
- Advantages: visa-free travel within the EU, five-year residence permit with the possibility of extension, the right to run a business, free education for children in state educational institutions.
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