Hungarian Residency through Business

A resident permit is required if you intend to stay in Hungary for more than 90 days. Resident permits are available for paid activity, educational purposes, family reunification, medical treatment, accredited research and voluntary work. This information focuses on residency permits granted to individuals from non-EU countries who wish to set up a business in Hungary.

Benefits

  • You may live in Hungary with your spouse and children under eighteen
  • You may enter any other Schengen country an unlimited amount of times for short visits
  • No work permit is required in Hungary if you are a director/owner of a Hungarian company
  • After three years of legal uninterrupted stay you may apply for permanent residency.

Step-by-Step

1) Incorporation

We will set up a company via Power of Attorney. However, there is an obligation for Hungarian companies to have a bank account locally (in Hungary), and it is difficult to open bank accounts remotely for non-EU nationals. Before we set up the company, we will consult with the bank but it is possible that the applicant will have to be present for the account opening, in which case he/she would have to plan a visit for the incorporation or soon after for around two days.

2) Preparation of business plan

With the applicant’s input, we will prepare a business plan for the company that he/she can use for applying for a resident visa.

3) Housing search

The applicant will need a rented or purchased property in order to provide a resident address. If he/she visits Hungary, we can arrange viewings of a few suitable (short-listed) properties, and he/she can sign a lease. This typically does not take more than a day or two. If the applicant cannot visit, we can try to secure a lease on his behalf via POA, subject to certain conditions.

4) Insurance

The applicant can either take out private health insurance that provides comprehensive coverage in Hungary; state insurance is also acceptable. In the latter case, he/she would be employed with his own company at minimum wage (which may help the visa application, and may be mandatory anyway if the applicant has no full-time gainful activity elsewhere) and pay the associated cost to the state.

5) Visa application

In the first phase of the process, you must apply for an entry visa within your country of citizenship or country of residence (in case the two are distinct). Once the visa is obtained (which takes 30 days) you may travel to Hungary and begin undertaking business. The first visa will most likely only be issued for 1 year, after which it will come up for extension, based on how your business is progressing.

6)Local registration upon arrival

You must register your residency on arrival and this must be within 48 hours.

Key Requirements
  • A business plan to demonstrate the ability to fund running costs, strategies for growth and to show the full time presence of the foreign director is essential for the company’s operation
  • Accommodation in Hungary
  • Comprehensive health insurance
  • Financial resources: a director must be paid a salary of at least €18,000 per annum, and provide evidence of other savings sufficient to support dependents
  • Once your visa is issued you must travel to Hungary within ten months
  • Local registration within 48 hours of arrival.

 

In case of any query or meeting appointment with Dubai Best Immigration Consultants, feel free to email us at   info@mahandruassociates.com

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