Wednesday, March 12, 2014

Frequently Asked Questions regarding the Hungarian Residency Bonds Program

1.      Under both programes it appears that residency is in perpetuity after the initial six month probation period. Is this true?
Yes, in both cases the applicants will get a temporary residence permit first, which can be converted to a permanent residence permit after 6 months.

2.      In the event that residents under either of the above programes opt to apply in the long term for citizenship, what are the conditions for obtaining such?
In order to apply permanent residence permit, all applicants:

-          shall have  a clean criminal record,

-          shall not be considered as a threat to the national security of Hungary

-          payment of the financial contribution.
In both cases no further requirement is necessary to obtain permanent residence permit.

However the permanent residence permit does not guarantee the Hungarian citizenship automatically. In order to obtain Hungarian citizenship further conditions must be met by the applicant.

3.      What is the precise role of the seven entities participating in the transaction bonds? Are these companies essential to the process or only in programe 1?

 In both cases these entities are the ones, who are fully entitled to carry out this special immigration procedure.

 Their major role in the Programs is the following:

-          All personal documents (passports or other identification documents) shall be submitted to them first.

-          They fill out the required application forms on behalf of the applicants.

-          They organize and assist on the meetings with the authority (where the applications shall be submitted and the biometric identifications will be performed).

-          They register the government bonds on behalf of the applicant.

-          They issue purchase declarations to the applicant (which shall be submitted to the Immigration Office proving that the investor paid the amount completely).

4.      The €50,000 transaction fee for Programe 1 is distributed how? What is the fee structure for programe 2?

 The fee of EUR 250,000 is the value of the residency bonds in the Program 1, which amount will be returned after the 5 years or the prolonged period. In this case the investor is required to pay an additional administration fee of EUR 50,000 which is not refundable. The investment and the administration fee cover the residence permit for the whole family and shall be paid at once.

 The fee of EUR 120,000 is a one-time administration fee in the Program 2. In this case no payment will be returned after the 5 years or the prolonged time period. This one-time administration fee also covers the residence permit for all family members, who can jointly apply.

5.      Are the Hungarian consulates fully briefed on the procedural aspects of these programes?  (this has been a weakness in some territories for our existing activity)

 The Hungarian embassies or consulates have been properly informed on the procedural aspects of this Program, since this kind of immigration procedure is regulated by law as well (Act II of 2007 on the Admission and Right of Third-Country Nationals).

 The representatives of the mentioned 7 entities maintain continuous contact with the consulates, therefore, the administrative tasks are completed quickly and smoothly at the consulate, which is the simplest available to the applicant. Moreover, for the comfort of the applicant, the representative of the relevant entity is present at the time of personal arrangement of the application and client identification.

6.      What is the form of the documentation to be submitted, and does this go initially and uniquely to the consulates?

 The investors can decide whether they would like to apply: at the local Embassy or Consulate of Hungary, or in Budapest at the Immigration Authority. The Embassy or Consulate is not entitled to take a decision in this matter, therefore the applications will be sent directly to the Immigration Office.
As mentioned above the responsible company fills out and sends the required application forms to the applicants. 

 The following documents need to be attached to the application:
By the investor:

-          good quality copy of the passport (which should be valid for at least one year)

-          2 passport-sized color photos


In case of the family members:

-          good quality copies of the passports (which should be valid for at least one year)

-          marriage and birth certificates

-          2 passport-sized color photos for each person


If the documents do not contain English, they have to be officially translated to English or Hungarian and apostilled.