TL;DR
Our Golden Visa comparison between Hungary and Italy Golden visa highlights two attractive yet distinct residency-by-investment options.
Hungary: Offers a 10-year residence permit, renewable once, with a low investment entry at €250,000 in an approved investment fund or a donation of €1 million to higher education or cultural institution, no minimum stay requirement, and a potential pathway to permanent residency after 3 years of residence, and then citizenship after an additional 8 years of residence.
Italy: Also starts at €250,000 if investing in a local start-up, with the most popular investment option being the €500,000 investment option in an established Italian company. Higher options include €1 million donation, or €2 million investment in Government bonds. Italy Golden Visa offers holders a residency permit that is valid for 2 years and renewable as long as the investment is maintained. A potential pathway to permanent residency/citizenship is available after 5/10 years of residence respectively.
Both programs: Allow visa-free Schengen travel, family inclusion, and do not require permanent relocation.
For investors with goals of permanent residency or citizenship, the biggest decision is where they would consider settling down and their ability to learn the local language. For investors merely looking at the ability to travel within the Schengen area then the choice is primarily based upon the nature of the investment they wish to make.
Which Investment Visa Program Is Right for You
For investors seeking European residency, Hungary and Italy offer two very attractive, yet often overlooked, programs. This complete comparison of the Hungary Investment Visa and the Invest in Italy Visa programs explores the advantages of both, helping high-net-worth individuals decide which country best fits their lifestyle, mobility, and long-term planning goals.
Both programs are attractive due to their relatively low investment entry point and straightforward application process, though Italy has the added advantage of offering more variety of possible investments.
With Harvey Law Group’s extensive experience advising clients on European investment migration programs, this guide offers a clear comparison covering key eligibility criteria, qualifying investment routes, timelines, and the primary benefits of each program.
Understanding Golden Residence Programs in Europe
Golden Residence Programs, also known as Residency-by-Investment or Golden Visas, allow foreign nationals to legally obtain residency in a country by making a qualifying investment.
Approved forms of investment usually include real estate, government bonds, investment funds, or direct economic contributions such as starting or investing in a business. These programs are designed to benefit both the applicant and the host country by attracting foreign capital and talent while giving investors and their families the right to live, work, study, and travel more freely within the host country.
In recent years, European golden visas have seen a dramatic increase in popularity among global investors and HNWIs. The increase can be attributed to applicants looking for greater stability, mobility, and wealth-planning opportunities. Political and economic uncertainty has also been a significant contributor to the popularity of these programs.
Programs such as the Hungary Investment Visa and the Investor Visa for Italy, with their access to the Schengen Area and European economies, have made Europe one of the most desirable regions for residency-by-investment programs.
Residency by Investment programs from EU member states provide significant advantages that are hard to ignore. These include visa-free travel across the Schengen Area, access to high-quality healthcare and education, favourable business and tax environments supported by strong infrastructure, and, in some cases, a pathway to permanent residence and eventually citizenship.
Hungary Golden Visa Program Overview
The Hungary Golden Visa Program offers a straightforward way to obtain long-term residency in Hungary, an EU and Schengen member state. Approved applicants receive a 10-year residence permit renewable once, giving them and their eligible dependents the right to live, work, and study in Hungary, as well as visa-free access to the Schengen Area.
A major advantage of the Hungary Investment Visa program is its flexibility. Investors can qualify by purchasing approved investment fund units or by making a designated government-approved donation. There is no physical stay requirement, making it a flexible and easily accessible option for applicants who want European residency without relocating full-time.
Investment Options in Hungary
To qualify for the Hungary Golden Visa, a Non-Hungarian or Non-EEA Citizen, along with their spouse and dependent children under 18, are required to make one of the following approved financial contributions.
Real Estate Investment Fund:
The acquisition of at least €250,000 in an approved real estate fund registered with the National Bank of Hungary.
To qualify the investment must satisfy the following conditions:
- To qualify through the real estate fund option, investors must invest in an approved fund that meets strict government requirements. At least 40% of the fund’s net asset value must be invested in Hungarian residential property, though the remaining 60% can consist of investment in commercial real estate.
- Applicants are required to hold their investment certificate for a minimum of five years. Note, that the same or a similar investment must be in place at the time of renewing the Golden Visa for another 10 years. Thus, investors intending to renew are generally advised to keep the investment until after the renewal.
- Only fund managers with an official financial license, operating under clearly defined investment principles set out in their fund management policy, are permitted to create and manage these qualifying funds.
- Fund managers must either hold a site security certificate or be formally registered with the Constitution Protection Office before they can participate in the Guest Investor Residence Permit program.
–Donation to a Hungarian Public Trust:
Applicants may also make a donation to the Hungarian Public Trust as an alternative investment option. The donation option allows investors to qualify by making a minimum contribution of €1 million to a Hungarian higher education or cultural institution. The recipient of the donation must be a public trust performing public functions.
Applicants must also meet strict security and admissibility requirements, including:
- having a clean immigration record, with no Schengen Information System alerts, prior expulsions, or entry bans, and
- not presenting any risk to public order or national security.
In order to ensure the above requirements are satisfied by the applicant, Hungary’s immigration authority will work together with law enforcement and national security agencies to confirm each applicant’s background before granting Hungarian residency.
Key Benefits of Hungary Golden Visa
-The Hungary Golden Visa Program offers a number of advantages for investors and their families.
EU Residency Rights
Successful applicants receive a 10-year renewable residence permit, granting them the legal right to live, work, and study in Hungary, an EU member state.
The permit can be renewed for an additional 10 years, creating a stable and long-term base for HNWIs.
Schengen Area Access
As a Schengen member, residents of Hungary enjoy visa-free travel across the Schengen zone for up to 90 days in every 180-day period.
Flexible Residency Requirements
There is no minimum stay requirement to maintain the residency permit, making it ideal for investors who want European residency without committing to full-time relocation.
Potential Eligibility for Hungarian Permanent Residency and Citizenship
Holders of the Guest Investor Residence Permit may eventually qualify for Hungarian permanent residency after 3 years of continuous residence in Hungary (notably subject to cultural written exam in Hungarian).
Once permanent residency has been obtained, the applicant is eligible to apply for citizenship after another 8 years of continuous residence (subject to requirements including a Hungarian language exam and a test of knowledge of the Hungarian constitution).
Citizenship provides full EU rights, including the ability to live and work in any EU Member State.
Family Inclusion Options
The main applicant can include their legally married spouse, minor children, and dependent parents.
Hungary’s Location in Central Europe
Hungary’s location in Central and Eastern Europe provides easy access to major EU markets. Its well-connected transport network makes it a solid base for both business operations and personal travel.
Favorable Tax Regime for Certain Investors
Hungary’s tax regime can be an attractive option for investors. Tax liability generally arises only when the applicant becomes an effective resident, at which point worldwide income is taxed at a flat rate of 15%, one of the lowest personal income tax rates in the EU.
Hungary Application Process and Timeline – 4 to 6 months
Obtaining residency in Hungary through the Golden Visa program requires completing the following steps:
-Step 1: Due Diligence and Application Preparation
The first step involves completing the due diligence process and the preparation of all required documentation for both the visa application and the opening of a Hungarian securities account.
This stage typically takes around one month.
Once documentation is prepared, the main applicant is required to submit the Guest Investor Visa application at the nearest Hungarian Consulate. Attendance in person is required as the applicant will need to submit their biometric data.
Upon approval, the visa is generally issued within one month.
-Step 2: Approval and Qualifying Investment
After the visa has been issued, the main applicant is permitted to enter Hungary. From the date of visa issuance, the applicant has up to three months to make the qualifying investment.
Within six months of visa issuance, the applicant must apply for a residence permit.
Please note, the process for dependents is slightly different. Dependents must first apply for a short-term travel visa to visit Hungary. Upon entering Hungary, the main applicant and dependents will then attend the immigration authority in Budapest for the residence permits application.
-Step 3: Residency and Issuance of Residence Cards
Following approval, residence cards are issued for the investor and dependents. The issuance process generally takes approximately two months from the date of application.
Italy Golden Visa Program Overview
Italy offers an attractive residency-by-investment option through its Investor Visa for Italy program, commonly referred to as the Italy Golden Visa. The Investor Visa for Italy was introduced in November 2017, as a way to encourage foreign investment and support Italy’s economic growth, while providing non-EU nationals with a legal route to receive residency in Italy.
The Investor Visa grants an initial two-year residence permit to qualifying applicants. This residence permit can be renewed, provided the underlying investment is maintained.
Investment Options in Italy
To qualify for the Investor Visa for Italy, applicants must select one of several approved investment routes. Each option is designed to attract foreign capital into strategic areas of Italy’s economy and society, while offering investors a clear path to residency.
Option 1: €250,000 – Innovative Startups
Applicants may invest a minimum of €250,000 in an Italian innovative startup. Eligible startups must be officially registered in the government’s startup registry.
Option 2: €500,000 – Italian Companies
A qualifying investment of €500,000 may be made in an Italian company, whether listed on the stock exchange or privately held. This option supports Italy’s corporate sector while giving investors access to established businesses already operating in the domestic market.
Option 3: €1,000,000 – Philanthropic Donation
An investment of €1 million can be made through a philanthropic donation. This contribution must support projects of public interest in areas such as education, culture, scientific research, immigration management, or the preservation of Italy’s cultural heritage.
Option 4: €2,000,000 – Government Bonds
Investors may also make a €2 million investment in Italian government bonds. Investments can be made in more than one type of bond.
Key Benefits of Italy Golden Visa
The Italian Golden Visa Program offers a number of advantages for investors and their families.
Visa-Free Travel Across Schengen
Holders of the Italy Golden Visa enjoy visa-free access to the Schengen Area.
No Minimum Stay Requirement
Residency can be maintained without having to live in Italy full-time — ideal for investors who want the benefits of a European base while keeping their current lifestyle elsewhere.
Access to Healthcare and Education
Residents can access Italy’s high-quality medical and education systems, making the program especially attractive for families.
Potential Pathway to Permanent Residency and Citizenship
Subject to meeting residency and integration requirements (notably as to language), Italian permanent residency and/or citizenship may be available after 5 and/or 10 years respectively of continuous residence. Citizenship provides full EU rights, including the ability to live and work in any EU Member State.
Italy Application Process and Timeline – 3 to 6 months
To apply for the Italian Golden Visa, applicants are required to complete the following process:
Step 1: Due Diligence and Application
The first stage involves collecting the necessary documents and selecting the most suitable investment route. Applicants must also apply for a Certificate of No Impediment (Nulla Osta), which serves as official confirmation that they meet the program’s requirements.
Step 2: Approval and Investment
Once the Nulla Osta is approved and has been issued, the applicant has up to six months to submit the Investor Visa application at their local Italian consulate.
An in-person appointment is required at the consulate, after which a two-year Investor Visa is issued.
Step 3: Residency and Final Investment
Once the main applicant has received the Investor Visa, the main applicant must enter Italy within the visa’s validity period. Within eight days of the applicant’s arrival in Italy, the application for the Investor Residence Permit must be made. This initial residency permit is valid for two years. The dependents apply for visas after the main applicant has obtained his residence permit.
The qualifying investment must be completed within three months of entering Italy. Failure to comply with this requirement results in the revocation of the residency process.
Golden Visa Hungary vs Italy: Side-by-Side Comparison
For investors considering applying for a European Golden Visa, both Hungary and Italy offer attractive residency-by-investment programs. While each program has its own unique requirements and advantages, the best choice will depend on the specific needs of the applicant.
Our detailed Hungary vs Italy Golden Visa analysis highlights the key similarities and differences between the two programs, helping investors make an informed decision.
Investment Requirements Comparison
When comparing Hungary and Italy, the minimum investment thresholds and qualifying routes differ significantly.
At Harvey Law Group (HLG), our experienced advisors can offer guidance and advice based upon years of experience to help you select the right immigration program that best fits your needs. Contact us today for a personalised consultation.
Expert Analysis: Golden Visa Hungary vs Italy – Which Program Suits You?
Cultural and lifestyle factors are different as well. For example, Italy offers Mediterranean living and globally recognised and desirable cities, while Hungary provides Central European charm with excellent transport links and a more affordable lifestyle.
Cultural and lifestyle factors are different as well. For example, Italy offers Mediterranean living and globally recognised and desirable cities, while Hungary provides Central European charm with excellent transport links and a more affordable lifestyle.
How Harvey Law Group Can Help with European Investment Programs
Harvey Law Group brings over 32 years of immigration expertise with offices in 20 countries globally, including major hubs like Hong Kong, Paris, Miami, and Montreal. Our specialized knowledge for both the Hungary and Italy Golden Visas, extensive family inclusion expertise, due diligence experience, and ongoing support through citizenship acquisition are available to clients.
Our services cover the entire process, from planning and investment selection to document preparation, submission, and renewals. Whether your goal is Schengen access, eventual EU citizenship, or portfolio diversification, HLG ensures a smooth and compliant process.
Contact our experts for a personalized golden visa comparison and more information about whether you are eligible and how to get started.
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