The Hungarian government has proposed to stop issuing investment visas and residence permits to foreigners who invest in Hungarian investment funds and educational institutions starting January 1, 2027. The corresponding bill was published by the country’s Ministry of the Interior on November 4, 2026, and is open for public comment until November 12.
The proposed changes call for the removal of the Guest Investor Program—known as the “golden visa”—from Hungary’s immigration laws.
A government statement dated November 5 clarifies that investment-based residence permits already issued will remain valid until their expiration dates; however, it will not be possible to renew them once the new rules take effect.
However, the decision to terminate the program has not yet been finalized. The changes must go through the legislative process before they can take effect.
According to the published draft bill, foreigners who have applied for an investment visa or residence permit by December 31, 2026, will be able to complete the process under the current rules.
A mandatory requirement is the payment of the corresponding administrative fee no later than the specified date.
Similar transitional provisions apply to applications for the renewal of previously issued permits.
Investors who have obtained a valid investment visa by January 1, 2027, will be able to apply for a residence permit even after the program has been terminated.
However, for third-country nationals eligible for visa-free entry to Hungary, the option to submit new applications for an investment residence permit directly within the country as of January 1, 2027, is proposed to be abolished.
This provision is particularly relevant for Ukrainian citizens, who currently enjoy visa-free entry and, provided they meet the established requirements, can apply for an investment residence permit without first obtaining a special visa.
Investment residence permits that have already been issued will remain valid until their expiration dates. Their holders and eligible family members will retain the right to work in Hungary for the duration of the permits’ validity.
Hungary reinstated its investment residency program in 2024. It allows citizens of countries outside the European Economic Area to obtain a residence permit valid for up to 10 years. Currently, there are two main options for participation.
The first involves purchasing investment shares in a real estate fund registered with the Hungarian National Bank for an amount of at least 250,000 euros. The investment must be maintained for a minimum period of five years.
The second option involves a non-refundable donation of at least 1 million euros to a Hungarian institution of higher education managed by a relevant public foundation. The funds must be used to support education, scientific research, or creative activities.
The direct purchase of residential real estate valued at 500,000 euros or more was originally included in the program but was removed from it at the end of 2024.
Under current rules, an investment-based residence permit is issued for a term of up to 10 years, with the possibility of a further extension for another 10 years. A new legislative initiative proposes eliminating the possibility of extension.
Official statistics on the use of the Hungarian investment residency program are published only to a limited extent. However, in a March 12, 2025, report, the Hungarian publication Szabad Európa cited information about applicants obtained from sources familiar with the work of immigration authorities.
According to this data, by the end of February 2025, 25 applications had been submitted directly for an investment residence permit.
The largest number of applications came from Chinese citizens—nine in total. Of these, four were approved, and five were pending review.
Vietnamese citizens ranked second with five applications, two of which were approved.
Two applications were submitted by citizens of the Republic of South Africa.
In addition, one application each was submitted by citizens of Burundi, Kazakhstan, the United Kingdom, Dominica, Israel, Afghanistan, India, Turkey, and Saint Kitts and Nevis.
Thus, citizens of China accounted for 36% of all applications for investment-based residence permits in this sample, Vietnam for 20%, and South Africa for 8%.
It should be noted that these figures refer specifically to applications, not to all permits issued. Some applications were still under review at the time of the study’s publication.
Separately, according to Szabad Európa, 192 applications for preliminary investment visas had been submitted by the end of February 2025.
Russian citizens constituted a significant group among the applicants. Of the 50 Russian applicants, four received visas, 24 were denied, 15 withdrew their applications or discontinued the process, and seven cases were still under review. National security concerns were cited as grounds for some of the denials. This information pertains to early 2025 and does not reflect the final results of the program for its entire duration.
In the available statistics from Szabad Európa regarding the 25 applications for investment-based residence permits submitted by the end of February 2025, Ukrainian citizens are not listed.
However, this does not mean that Ukrainians did not take advantage of the program later on. As of November 9, 2026, no comprehensive published statistics on the issuance of Hungarian investment residence permits for 2025–2026, broken down by citizenship, could be found. Therefore, it is not yet possible to determine the exact number of Ukrainian investors who took advantage of the “golden visa” program.
For comparison, according to Eurostat statistics, in 2025, Ukrainian citizens received 7,922 initial residence permits in Hungary on various grounds.
By this measure, Ukrainians ranked third among citizens of non-EU countries, behind the Philippines and China.
In total, 12,281 initial permits were issued to citizens of the Philippines, 11,348 to China, 4,703 to Vietnam, 3,859 to India, 3,715 to Turkey, and 2,936 to Russia.
It is important to note that these Eurostat data cover all major categories of initial residence permits, including those for employment, education, family reunification, and other grounds. They do not allow for determining the number of participants in the investment program and cannot be used as a ranking of “golden visa” applicants.
The proposal to abolish investment-based residency is part of a broader package of legislative changes concerning the law enforcement system, public safety, and immigration regulation. However, the government’s published materials do not contain a detailed, independent assessment of the program’s economic outcomes or the reasons for its proposed termination.
Previously, Hungarian media had highlighted the relatively limited number of applications, the difficulties in launching investment funds, and repeated changes to the requirements for program participants.
Against the backdrop of the possible closure of Hungary’s investment residency program, foreign investors may turn their attention to other European countries that maintain programs offering residence permits in exchange for investment, notably Greece and Portugal.
However, the terms of such programs vary significantly in terms of cost, available investment options, residency requirements, and the possibility of renewing permits.
The final termination of the Hungarian program as of January 1, 2027, will depend on Parliament’s approval of the proposed changes.
