“There are three kinds of lies: lies, damned lies, and immigration statistics.”
Key Takeaways
- Hungary relaunched its Guest Investor Program in July 2024, offering residency in exchange for investment.
- Despite initial optimism, the program has received only 25 applications in its first two months of 2025.
- The real estate investment option was removed, leaving only a €250,000 fund investment or a hefty €1 million donation.
- Chinese nationals make up the largest group of applicants, followed by investors from Vietnam, South Africa, and Kazakhstan.
- The sluggish response raises questions about whether Europe’s golden visa era is coming to an end.
Hungary’s ‘Golden Visa’—A Grand Relaunch, A Modest Reception
Imagine throwing a grand party, hiring the finest musicians, preparing the most exquisite dishes—and then, only a handful of guests show up. That’s precisely what’s happening with Hungary’s Guest Investor Program.
The idea was simple: offer a residency permit in exchange for a financial contribution, attract high-net-worth individuals, and boost the economy. Other European nations had done it—Portugal, Spain, Greece—and Hungary was eager to get in on the action.
So, in July 2024, Budapest rolled out the red carpet for wealthy foreign investors, expecting an influx of applications. But as of February 2025? Just 25 people have applied. And let’s be honest—when your goal is to boost the economy, 25 rich folks and their investment portfolios don’t quite make for an economic revolution.
What Went Wrong?
1. A ‘Golden Visa’ That’s Not Quite Golden
Initially, Hungary offered three investment options:
- Real Estate Investment (€500,000 minimum) – Buy property, get a residency permit.
- Investment in a Real Estate Fund (€250,000 minimum) – No property ownership, but an approved Hungarian fund holds the money.
- Non-refundable Donation (€1 million) – A generous ‘gift’ to the Hungarian state for educational or cultural development.
Investors love real estate. It’s tangible, appreciates over time, and, let’s be honest, nobody ever lost money buying land in a capital city. But in January 2025, Hungary abruptly removed the real estate purchase option, fearing that it would inflate housing prices. That left only the fund investment and the million-euro donation.
For most investors, this was a deal-breaker. Why throw €1 million into a donation when other European countries let you buy real estate and keep it? (Henley Global)
2. Europe’s Golden Visa Programs Are Dying
Hungary is not alone in its visa struggles. Across Europe, Golden Visa programs are shutting down or getting stricter.
- Portugal ended its program in 2023, citing concerns over inflated housing prices and economic inequality.
- Spain followed in 2024, scrapping its real estate-based visa option.
- Greece tightened restrictions, increasing investment thresholds.
With Brussels pressuring member states to close loopholes in investment migration, Hungary’s program may be fighting an uphill battle. Investors are cautious, wondering if the EU will force Budapest to cancel the scheme before it even takes off. (Reuters)
3. The Price Is Too Damn High
Let’s be honest—who is willing to give away €1 million just for a Hungarian residence permit?
The answer, apparently, is almost nobody. Out of the 25 applicants, most opted for the €250,000 fund investment, which, while less risky than a donation, still lacks the appeal of real estate ownership.
To put this into perspective, for half a million euros, you can get a Golden Visa in Spain, Greece, or Malta—and still own property that appreciates over time. Why pay double just to donate the money?
Who’s Applying Anyway?
Among the 25 investors, the biggest group comes from China (9 applicants), followed by Vietnam (5), and a mix of South Africa, Kazakhstan, the UK, Dominica, Israel, Afghanistan, India, and Türkiye.
This suggests that while Hungary has some appeal, it isn’t attracting the ultra-wealthy investors it hoped for. Instead, it’s getting a niche group of applicants who may not have other options.
Opinion: Can Hungary Save Its Investment Visa?
Hungary’s Guest Investor Program still has potential—but it needs serious adjustments if it wants to succeed.
- Bring Back Real Estate Investment. Investors want something tangible. If the government reinstates property purchases at a competitive price, applications will rise.
- Reduce the Donation Requirement. A €1 million donation is excessive, especially when similar programs in Europe offer residency at a fraction of the cost.
- Market the Program Better. Hungary is a hidden gem—great location, strong economy, fantastic culture. But right now, the program lacks visibility among global investors.
If Budapest doesn’t make changes soon, this visa may become a footnote in European immigration history—a well-intentioned but doomed experiment.
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