HUNGARY
HUNGARY
A booming hub in the heart of Central Europe, Hungary is one of the most-visited, culturally rich, and well-located countries on the Old Continent.
GDP
POPULATION: 9,773,000
Population Growth: -0.21%
19,800 USD
GDP (per capita)
GDP (purchasing power parity)
196.6 billion USD (2013)
​
VISA FREE COUNTRIES: 152
LOCATION
Central Europe, northwest of Romania
CAPITAL
Budapest
TIME DIFFERENCE
UTC+1
TOTAL AREA
93,028 sq. km
AGE DEMOGRAPHICS
0-14: 14.8%, 15-24: 11.7%,
25-54: 41.6%, 55-64: 14.0%,
65+: 17.5%
LANGUAGES SPOKEN
Hungarian 84.6%, other
r unspecified 16.4%
​
RELIGIONS WORSHIPPED
Roman Catholic 37.2%, Calvinist 11.6%, Lutheran 2.2%, Greek Catholic 1.8%, other 1.9%, none 18.2%, unspecified 27.2%
GOVERNMENT TYPE
Parliamentary democracy
CURRENCY
Hungarian Forint (HUF)
EXCHANGE RATE
1 USD = 270.507 HUF (2014)
Hungary
​
Following the discontinuation of the Hungary Residency Bond Programme in March 2017, foreign investors will have to resort to alternative pathways in obtaining Hungarian residency. No specific scheme has been introduced for facilitating the immigration of foreign entrepreneurs from third countries, nor is there any direct measures taken to support the same. The usual method for founding a start-up in Hungary would be an application for a “residence permit for the pursuit of gainful activity”.
Why Hungary?
​
“A booming hub in the heart of Central Europe, Hungary is one of the most-visited, culturally rich, and well-located countries on the Old Continent.”
​
As a member of the European Union and the Schengen zone, Hungary is among the 30 most-visited destinations on the planet. It boasts a rich and diverse culture, universal healthcare, and is located in the center of Europe.
​
Currently, no specific immigration scheme is available for innovative entrepreneur third country nationals, however, entrepreneurs may opt for a residence permit for the pursuit of gainful activity to meet their objective in setting up businesses in Hungary.​
Benefits
​
-
Enjoy EU rights
-
Visa free travel to Schengen and other EU countries
Eligibility Requirements
​
Residence Permit for the Pursuit of Gainful Activity
A “residence permit for the pursuit of gainful activity” may be issued if the purpose of residence is:
-
to lawfully perform work in a self-employed capacity for remuneration; or
-
to engage in any gainful activity as an executive officer of a for-profit business association, cooperative or some other legal entity.
Mandatory Enclosures
​
On top of submitting a completed application form, facial photograph and procedural fees, the applicant shall supply documents manifesting the following purposes:
​
-
Verifying the purpose of residence
-
Proving means of subsistence in Hungary
-
Proving the existence of Hungarian accommodation
-
Proving the existence of comprehensive health insurance
-
Evidencing the conditions of exit
Time Frame
​
Generally, the Immigration and Asylum Office will make a decision concerning the residence permit application within 21 days. Additional time may be required upon request for further documents or supplementary information.
Validity of the residence permit granted will be a maximum of 3 years, which may be further extended by 3 years at a time.