Business News from Hungary by Peterka & Partners
Restrictions on residence permits for employment purposes and guest worker residence permits
NGM Decree No 8/2024. (II. 29.) of the Minister of National Economy on the total number of residence permits for employment purposes and guest worker residence permits issued annually for employment purposes (“Decree”) has restricted the employment opportunities of guest workers by limiting the number of permits to be issued in 2024. The number must neither exceed 65,000, nor the average number of vacant posts measured by the Central Statistical Office (“KSH”) for the four quarters preceding the publication of the Decree (approximately 78,975).
Introduction of guest investor visa and residence permit
Act XC of 2023 on the general rules for the entry and residence of third-country nationals, has introduced the guest investor visa and residence permit. A guest investor visa entitles its holder to stay in Hungary for a maximum of 2 years, while a residence permit allows its holder to reside for up to 20 years. To be eligible for such a visa or residence permit, a guest investor shall invest at least 250,000 EUR in a real estate fund registered by the Hungarian National Bank (“MNB”), acquire at least 500,000 EUR of Hungarian real estate, or donate at least 1,000,000 EUR to specific higher education institutions.
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