Ukrainian developer Standard One, together with investment company S1 REIT, has launched a program for purchasing apartments in the S1 Pozniaky income-generating residential building in Kyiv through the gradual accumulation of investment certificates. The program provides an opportunity to reserve a property once the value of the certificates reaches 20% of the price of the selected apartment, the companies said in a press release published by the Interfax-Ukraine news agency on November 14.
According to the companies, program participants can invest in the S1 Pozniaky fund without mandatory monthly payments or a fixed contribution schedule. The minimum initial investment is UAH 1,000, while subsequent contributions can start from UAH 100.
When the value of accumulated certificates reaches 20% of the price of the selected apartment, the investor becomes eligible to apply for its reservation. After the reservation is confirmed, the price per square meter is fixed in US dollars.
According to Standard One representatives, this mechanism allows potential buyers to gradually accumulate funds for real estate without assuming obligations to make regular payments.
“Buyers often already know which apartment they need, but they are not yet ready for a large initial payment or regular payments. Together with S1 REIT, we have proposed another approach: start with an affordable amount, accumulate funds at your own pace, and when there are enough certificates to make a reservation, choose a specific apartment and lock in its price,” said Standard One Commercial Director Nadiia Rybakova.
According to her, if the buyer’s plans change, they can remain an investor in the fund and be eligible for investment income in accordance with the terms of its operation.
Legally, the program involves two separate transactions: the investor’s sale of the fund’s certificates under specified conditions and the subsequent purchase of an apartment under an agreement with the developer. If the proceeds from selling the certificates are insufficient to pay for the property in full, the buyer can cover the difference with their own funds.
Standard One notes that fixing the price per square meter after reservation allows the investor to plan the subsequent purchase of the apartment regardless of any potential increase in its market price.
The program applies to selected apartments in the S1 Pozniaky income-generating residential building, which Standard One is developing near Lake Sribnyi Kil, a two-minute walk from the Pozniaky metro station in Kyiv.
The complex’s concept combines residential apartments, coworking facilities, recreational spaces, and everyday services. The apartment price includes white-box finishing, furniture, and household appliances.
After purchasing the apartment, the owner will be able to use it for personal purposes or rent it out.
The building is scheduled to be commissioned in 2028.
A separate component of the program is the possibility of earning investment income during the accumulation period.
According to S1 REIT, the fund’s financial model during the construction phase provides for an increase in asset values and a corresponding increase in the value of investment certificates. The projected return is 9% per annum in US dollar equivalent.
At the same time, the company emphasizes that this return is projected and is not guaranteed. The actual financial result will depend on the value of the fund’s assets, market conditions, and other investment risks.
The program provides several options for the investor’s subsequent actions. In addition to purchasing an apartment, a participant can remain in the fund and, after rental operations begin, receive dividends if the relevant conditions for their payment are met.
Another option is to sell the certificates after the building is commissioned, in accordance with the fund’s rules. In this case, the financial result will depend on changes in their value and the conditions for exiting the investment.
Detailed participation conditions, the reservation procedure, and the mechanism for selling certificates are available on the official S1 Pozniaky fund page.
Standard One is a Ukrainian developer that is developing the format of income-generating residential buildings with ready-to-use apartments and infrastructure for living, working, and recreation. The company’s projects include S1 VDNG and S1 Pozniaky. Detailed information about the developer is available on the official Standard One website.
S1 REIT is an investment company that develops funds for investment in income-generating real estate. Its model involves raising investors’ funds through investment certificates and subsequently directing the capital into real estate properties. Investors’ income may be generated through changes in the value of the fund’s assets and proceeds from rental activities.
Source: Interfax-Ukraine, press release dated November 14, 2026.
CONSTRUCTION, INVESTMENT, KYIV, REAL ESTATE, S1 REIT, Standard One
Between January and October 2026, foreign buyers signed contracts to purchase 6,994 properties in Cyprus, accounting for 41.8% of all registered real estate purchase agreements. Citizens of the United Kingdom, Israel, Russia, Greece, and Lebanon remain the most active foreign buyers on the island, according to an analysis of statistics from the Cyprus Department of Land Resources and previously published data from the country’s Ministry of the Interior.
According to information from the Cyprus Department of Land and Surveying (DLS), 16,741 real estate purchase agreements were registered in the country from January through October, which is 13% more than during the same period in 2025.
In particular, buyers from countries outside the European Union signed contracts to purchase 4,684 properties, a 19% increase from the previous year. Citizens of other EU countries purchased an additional 2,310 properties under registered contracts, increasing the figure by approximately 18%.
Thus, buyers from third countries accounted for about 67% of all contracts related to foreign demand, while EU citizens accounted for 33%.
At the same time, the figure of 41.8% reflects the share of foreigners in registered contracts, not in completed transfers of ownership. From January through September 2026, foreigners obtained ownership of 3,433 out of 16,525 properties transferred to new owners, or 20.8%.
The difference is explained by the fact that the signing of a contract and the final registration of ownership may occur at different times, especially when purchasing real estate under construction.
The highest concentration of foreign demand is observed in the resort town of Paphos, where, over the first ten months of 2026, foreigners accounted for 2,319 contracts, or 68.7% of the total.
Limassol ranked second in terms of the number of foreign purchases, with 2,052 contracts, representing 38% of the local market.
In Larnaca, foreign buyers registered contracts for 1,745 properties, accounting for 47.5% of the market. In Famagusta, this figure stood at 341 properties, or 46.6%.
The capital city, Nicosia, showed the least dependence on foreign demand. Here, foreign buyers accounted for 537 contracts, or 15.1% of the total volume.
The growth in the number of contracts with foreign buyers is most noticeable in Larnaca, where the figure increased by 25.1% compared to January–October 2025. In Paphos, the increase was 21.1%, and in Limassol, 18.1%.
Detailed statistics on the citizenship of foreign buyers are not published in the DLS monthly reports. The agency divides buyers into only two categories: EU citizens and citizens of other countries.
At the same time, the Cypriot Ministry of the Interior previously provided Parliament with detailed data on the citizenship of foreigners purchasing real estate on the island. These data allow for identifying the main countries of origin of buyers and regional patterns of demand.
In particular, according to information presented to Parliament and published by the Cyprus Mail on October 24, 2025, between September 2024 and September 2025, the highest activity among specific national groups was recorded in the following regions.
In Limassol, Russian citizens led the way, purchasing 846 properties. Israelis took second place with 571 properties, and Greek citizens came in third with 261 properties.
In Paphos, British citizens purchased the most real estate—890 properties. They were followed by Israeli citizens with 683 properties and Russian citizens with 327.
In Larnaca, Israeli citizens were the largest buyers, purchasing 850 properties. Lebanese citizens bought 723 properties, and British citizens bought 302.
In Nicosia, Greek citizens took first place among foreign buyers with 403 properties, followed by Romanians with 112, Russians with 80, and Lebanese with 79.
In Famagusta, the largest group of foreign buyers was British, who purchased 220 properties.
Thus, the geography of foreign demand in Cyprus varies significantly by region. British buyers traditionally hold a strong position in Paphos and Famagusta; Russians in Limassol; Israelis and Lebanese in Larnaca; and Greeks in Nicosia.
These figures by citizenship pertain to the previous statistical period and cannot be used to accurately reflect the buyer composition for January–October 2026.
Ukrainian citizens are also represented among foreign investors in Cypriot real estate, primarily in the island’s coastal regions.
According to data from the Cypriot Ministry of the Interior presented to parliament in January 2025, Ukrainians were among the top ten most represented national groups of buyers in four coastal districts: Limassol, Paphos, Larnaca, and Famagusta.
In Limassol and Paphos, other notable groups of buyers included citizens of Russia, the United Kingdom, Israel, Greece, Romania, and China.
Separate data on applications by foreigners to purchase real estate in Nicosia for 2024 show that Ukrainian citizens accounted for 4% of such applications, the same as citizens of the United Kingdom.
The largest shares in this category were held by citizens of China and Lebanon—16% each—Russia—14%—Israel—10%—Syria—6%—and Egypt—5%.
At the same time, the share of applications does not equal the share of purchases actually completed. According to data from the Cypriot Ministry of the Interior on immigration permits for 2014–2025, 983 permits in this category were issued to Ukrainian citizens and their family members. By comparison, 10,100 permits were issued to Chinese citizens and their family members, 8,478 to Russian citizens, and 1,822 to Lebanese citizens.
These figures pertain to immigration permits, not the number of real estate transactions, and therefore cannot be used to directly assess the volume of purchases.
At present, it is impossible to determine the exact number of properties purchased by Ukrainians or Russians between January and October 2026 based on the publicly available monthly statistics from DLS.
The activity of foreign buyers is accompanied by a further increase in residential real estate prices.
According to data from the Central Bank of Cyprus, in the second quarter of 2026, the residential real estate price index rose by 8.5% year-over-year, following a 7.5% increase in the first quarter.
Apartment prices rose by 8.9%, while single-family home prices rose by 5.8%.
The highest annual price increases were recorded in Famagusta (10%), Larnaca (9.8%), and Paphos (9.6%). In Limassol, housing prices rose by 7.8%, and in Nicosia, by 5.7%.
According to the Central Bank’s assessment, the price increase is driven by high demand—particularly from foreigners—as well as rising construction costs.
At the same time, the volume of new construction is also increasing. From January through May 2026, the number of residential units covered by issued building permits rose by 63.7%, to 8,978. This may contribute to an expansion of the housing supply in the medium term.
In October 2026, 1,772 real estate purchase and sale contracts were registered in Cyprus, an 8% increase compared to October of last year. Over the first ten months, the total number of contracts reached 16,741, representing approximately 92% of the total for all of 2025. Limassol remains the largest regional market, with 5,406 contracts registered from January through October. In Larnaca, this figure stood at 3,674; in Nicosia, 3,556; in Paphos, 3,374; and in Famagusta, 731.
In monetary terms, for January–September 2026, the total declared value of completed real estate property transfers amounted to EUR3.46 billion, which is 7% more than a year earlier.
Limassol accounted for the largest share of the transaction value—EUR1.39 billion, or about 40% of the total. Transactions totaling EUR735 million were registered in Nicosia, EUR696 million in Paphos, EUR480 million in Larnaca, and EUR162 million in Famagusta.
Thus, the Cypriot real estate market in 2026 remains highly dependent on foreign demand, particularly in coastal regions. Meanwhile, the main groups of buyers from third countries remain investors from the United Kingdom, Israel, Russia, and Lebanon, while among EU citizens, buyers from Greece and Romania play a significant role.
The French Ministry of the Interior has relaxed its approach to reviewing citizenship applications from foreign retirees who reside permanently in the country but receive pension payments from abroad. The source of income is no longer considered grounds in and of itself for denying naturalization, The Connexion reported on November 11, 2026.
French Interior Minister Laurent Nunez provided the relevant clarification in a letter to Senator Nicole Bonnefoy of the Charente department, who had previously drawn the government’s attention to the difficulties foreign retirees face in obtaining French citizenship. Under the new approach, applications from retirees whose primary income comes from other countries may be considered favorably, provided they declare that income in France and demonstrate strong ties to the local community.
Such evidence may include, in particular, ownership of a primary residence in France for more than five years, active participation in community life, or experience working in local government.
However, owning real estate is not a mandatory requirement for naturalization and does not guarantee citizenship. This is one of several possible ways to demonstrate long-term residence and integration into society.
As Nunez noted, French authorities are already applying a more flexible approach. This has allowed them to approve several applications that had previously remained pending or were the subject of appeals.
The issue arose following the introduction of stricter administrative requirements for naturalization in May 2025 under former Interior Minister Bruno Retailleau. The circular dated May 2, 2025, provided for enhanced verification of applicants’ economic integration and the location of the center of their material interests.
In practice, this led to denials for foreign retirees who had lived in France for a long time but received the bulk of their income in the form of pensions from other countries.
The problem particularly affected British citizens who, after Brexit, continued to live in France and receive pensions from the United Kingdom.
During parliamentary debates, Senator Nicole Bonnefoy pointed out that such foreign nationals pay local taxes, use the services of French businesses, own real estate, and participate in community life, yet may be denied residency due to the foreign origin of their income.
The Ministry of the Interior agreed on the need to take into account the individual circumstances of retirees, particularly the length of residence and actual integration.
At the same time, the current circular has not been repealed. The changes primarily concern how it is applied by French prefectures, rather than the introduction of a separate, simplified procedure for obtaining citizenship.
The standard naturalization procedure in France generally requires at least five years of continuous residence in the country, a legal basis for residence, proof of integration, and fulfillment of other requirements established by law.
As of January 1, 2026, France has tightened its French language proficiency requirements. To qualify for naturalization, applicants must demonstrate language proficiency at a level no lower than B2 according to the Common European Framework of Reference for Languages.
A mandatory civics exam has also been introduced, consisting of 40 questions on history, culture, the political system, and the rights and obligations of citizens. To pass, applicants must answer at least 32 questions correctly.
For individuals who, due to health reasons or a disability, are unable to take the relevant tests, special accommodations or exemptions from certain tests may be granted upon presentation of medical documentation.
The new clarifications regarding foreign pensions do not override these general requirements. At the same time, foreign nationals who were previously denied citizenship specifically because they received pensions from abroad may consider resubmitting their applications in light of the new approach to assessing integration.
For foreign pensioners, particularly Ukrainian citizens, who are legally and permanently residing in France, this change in administrative practice may expand opportunities for naturalization. However, it does not create an automatic right to French citizenship.
Sources: The Connexion, November 11, 2026; French Senate, parliamentary inquiry on the naturalization of foreign retirees; French Ministry of the Interior, official rules for obtaining citizenship.
On November 25, Kyiv will host the METRONOM professional forum, dedicated to creating added value in cottage complexes through collaboration between developers and architects, according to the DMNTR (“Home and Interior”) media group, which is organizing the event.
The forum, titled “Developers + Architects Create Added Value in Suburban Housing Complexes,” will take place at Osvitoria Hub from 3:00 p.m. to 8:00 p.m. Participants will include representatives from development companies, architectural firms, investors, and real estate market experts.
The focus will be on the practical aspects of creating and implementing suburban residential projects, the impact of architectural solutions on the commercial appeal of real estate, investment efficiency, and the interaction between clients and architects.
A distinctive feature of METRONOM will be the format of joint presentations by developers and architects, who will together present completed or planned projects and explain the specifics of their concepts, architectural solutions, and economic models.
The program includes six such presentations. Each team will have 20 minutes for their presentation, followed by 10 minutes of commentary from independent experts on the solutions presented.
Specifically, in the first part of the forum, representatives of the O.Krasa project (Concorde Capital, Svitlo Development, and “Vidvazhnykh”) will speak alongside the MODUS architectural firm.
The development company “Creator-Bud,” represented by its owner Igor Guda, will share its experience in collaboration with AIMM Architecture.
Another presentation will be given by the Vlasne Misto development project in collaboration with the architectural teams at LAWA, Kudin, and Yod Group.
In the second part of the forum, BGV Development will present the Equides Villas project together with its architectural team.
EcoBud founder Pavel Somov and Ecobud Project representative Marina Kruglova will discuss their collaboration on development projects.
The final joint presentation will feature ODA Development founder Sergey Odarich and architect Igor Martin, founder of Martins Studio.
Following the presentations, there will be an expert discussion focused on the economics of cottage development, the investment appeal of suburban complexes, the role of architecture in determining the market value of properties, and the prospects for the development of this real estate segment in Ukraine.
The expert panel will include Sergey Samusev, founder and managing partner of ZV Development; Dmitry Karpilovsky, co-founder and managing partner of “UkrInvestClub”; and Andrey Dligach, Doctor of Economics, professor, founder and chairman of Advanter Group, and chairman of the Kyiv Foresight Foundation.
Also participating in the discussion will be Andriy Pashenko, founder and head of the “A. Pashenko” Creative Architectural Workshop, and Anna Laevskaya, CEO of Sigma+ and Chair of the Development Committee of the Confederation of Builders of Ukraine.
The forum will be moderated by Vladislav Mikhailenko, attorney, public figure, and member of the Kyiv City Council of the 7th and 8th convocations.
According to the organizers, METRONOM is primarily aimed at developers, investors, architects, construction company executives, landowners, and business representatives who are exploring investment opportunities in suburban residential real estate.
In addition to the main business program, the event will feature professional networking, informal discussions with participants and experts, a reception, a photo session, and a performance by jazz musicians.
The participation fee ranges from 2,500 to 10,000 UAH, depending on the ticket category.
The basic “Guest” ticket, priced at 2,500 UAH, includes participation in the business program, a seat in the auditorium, a coffee break, and access to networking.
The “Business” category, priced at 5,000 UAH, additionally includes priority seating closer to the stage, participation in the reception, and a photo session with participants.
The “Premium” ticket, priced at 7,500 UAH, includes a seat in the front rows, participation in a private networking session with developers, architects, and experts following the main program, as well as personalized access to the speakers.
The “Partner” package, priced at 10,000 UAH, includes all the benefits of the “Premium” package, the opportunity to give a short company presentation, a separate area at the reception, and an individual photo with the speakers and experts.
The METRONOM Forum will take place on November 25, 2026, from 3:00 p.m. to 8:00 p.m. at the Osvitoria Hub, located at 2 Knyaziv Ostrozhskykh St., Kyiv.
Participants can register via the link: https://forms.gle/hhznkyTRYkCJhVho6.
For additional information on participation and ticket purchases, please contact the METRONOM project manager at 077 777 25 47 or 044 461 91 28.
The organizer, METRONOM, is the DMNTR media group (“Home and Interior”), which carries out informational, exhibition, and professional projects in the fields of architecture, design, construction, and real estate development.
“Open4Business” is the event’s media partner.
ARCHITECTURE, DEVELOPMENT, DMNTR, INVESTMENTS, KYIV, REAL ESTATE, МЕТРОНОМ
Andorra and the European Union have prepared an agreement that will allow foreigners holding residence permits in the principality to visit all countries of the Schengen Area without obtaining a separate visa. The new rules will apply to citizens of countries outside the EU and provide for the possibility of short-term stays in the Schengen Area of up to 90 days within a 180-day period.
This was announced by the government of Andorra on November 6, 2026, following the presentation of the agreement to the parliamentary committee on international relations.
Andorra’s Minister of Foreign Affairs Imma Tor, Minister of Justice and Interior Ester Molné, and Secretary of State for Relations with the EU Landry Riba presented the main provisions of the document regulating the crossing of the principality’s borders with Spain and France.
Negotiations on the agreement were completed in January 2026, and on March 26 the parties agreed on its text. On September 7, the European Commission published proposals for signing the agreement and its subsequent approval.
However, the new provisions have not yet entered into force. Before they can be applied, the required procedures in the EU and Andorra must be completed, including the signing and ratification of the document or the agreed provisional application of its provisions.
The specific date on which the new rules will take effect has not yet been announced.
The main innovation will be the expansion of opportunities for foreign nationals legally residing in Andorra.
At present, Andorra is neither a member of the European Union nor part of the Schengen Area. The principality is located between Spain and France, and the specific features of the border regime allow foreign residents to cross the borders with these countries under special conditions.
The new agreement provides for the extension of the simplified travel regime to all Schengen Area countries.
To travel, a foreign resident will need a valid passport and an Andorran residence permit that meets the established requirements. The right to visa-free entry will be granted for short-term trips lasting no more than 90 days within any 180-day period. However, possession of an Andorran residence permit will not automatically entitle a foreigner to employment or permanent residence in Spain, France, Germany, or other Schengen Area countries. For this purpose, the national immigration legislation of the respective country will have to be observed.
The agreement also provides for the exemption of foreign residents of Andorra from registration in the European Entry/Exit System (EES).
This system is designed to electronically record the crossing of the Schengen Area’s external borders by third-country nationals. Since Andorra is not part of the Schengen Area and does not have an airport with regular international passenger services, the characteristics of its geographical location create difficulties in applying standard border control mechanisms. In the absence of a special agreement, foreign residents of the principality risk encountering incorrect calculations of the duration of their stays in the Schengen Area.
The new document is intended to eliminate this problem while preserving the existing model of selective police checks at Andorra’s borders with France and Spain.
In addition, foreign residents of the principality will be exempt from the requirement to obtain European electronic travel authorization under ETIAS in cases provided for by the agreement.
Thus, once the agreement enters into force, an Andorran residence permit will provide broader opportunities for travel across Europe.
The expansion of freedom of movement will be accompanied by stricter security requirements for obtaining an Andorran residence permit.
Under the agreement, third-country nationals applying for or renewing a residence permit will have to undergo additional checks by the competent authorities of Spain or France.
The checks will include the use of the Schengen Information System (SIS) and other European databases. The presence of alerts concerning a possible threat to the security of Schengen Area countries may serve as grounds for refusing to issue a residence permit.
The government of Andorra also plans to bring its national immigration legislation into line with the new requirements.
Certain changes will concern the format of documents. The authorities intend to gradually switch to standardized residence permit cards compatible with European Union requirements.
A transitional period is envisaged for foreigners who already hold residence permits, during which the necessary checks will be carried out and documents replaced.
The specific dates for the start of the replacement of existing cards have not yet been determined. The changes will affect not only foreign residents but also tourists visiting Andorra. Under the agreement presented, the time spent by third-country nationals in the principality will be taken into account when calculating the permitted duration of short-term stays in the Schengen Area.
Thus, tourists will not be able to automatically use a trip to Andorra to reset the period of their stay in Schengen countries.
The maximum duration of a short-term stay will be determined according to the rule of 90 days within any 180-day period.
At the same time, Andorra will retain its independent immigration regime and will not become a member of the Schengen Area.
For Ukrainian citizens holding biometric passports, the new provisions will not represent a fundamental expansion of visa-free travel opportunities. Ukrainians already have the right to visit Schengen Area countries without a visa for up to 90 days within a 180-day period. The corresponding regime has been in effect since June 11, 2017. However, the agreement may be of practical importance for Ukrainians permanently residing in Andorra with regard to border control rules, the application of EES and ETIAS, and confirmation of resident status.
The most significant benefit will be received by citizens of countries whose nationals normally require a visa to visit the Schengen Area.
Once the agreement takes effect, they will be able to use a valid Andorran residence permit for short-term trips throughout the Schengen Area without the need to obtain a separate Schengen visa. At the same time, all foreign residents will have to meet the new security requirements.
The proposed changes are significant for the real estate market and residence permit programs in Andorra. The principality offers various grounds for residency, including those related to economic activity, investments, and residence by financially independent foreigners.
Until now, one of the limitations of an Andorran residence permit has been the absence of a full right to visa-free movement throughout the Schengen Area for citizens of countries subject to visa requirements.
Once the agreement enters into force, this restriction will be partially removed. As a result, Andorran residency programs may become more attractive to foreign entrepreneurs, investors, and affluent third-country nationals interested in living in the principality while being able to make short-term trips across Europe.
At the same time, the new rules do not imply an automatic easing of the requirements for obtaining a residence permit, purchasing real estate, or starting a business. On the contrary, enhanced security checks may complicate the permit application process for certain categories of applicants.
The government of Andorra continues to coordinate with Spain and France on the practical mechanisms for conducting checks, exchanging information, and ensuring cooperation between law enforcement agencies.
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.
