If you have ever thought of moving to Europe, Hungary is an excellent choice. Located within the Schengen zone, with easy access to the rest of the continent, Hungary also boasts a low cost of living and a dynamic, business-friendly environment. For a reasonable initial investment, you can acquire Hungarian residency and eventually citizenship (if desired) by starting a business in Hungary. Here is what you should know.
Starting a business in Hungary is simple. You will need to enter the country briefly to establish a bank account, but we can handle most of the process for you. There are many different business structures, but a Limited Liability Company (LLC) is by far the least expensive and easiest. You must make a minimum investment of 10,500 Euros, and the process can take as little as two days.
The biggest hurdle is writing the business plan, which is why we include business plan writing in our startup package. It must detail exactly why your residency in Hungary is vital to the success of your company, and explain how the business will generate enough income to support you and your family during your Hungarian residency.
Unless you are a citizen or resident of the Schengen zone, you will need a temporary visa to enter Hungary and establish your company. We can arrange a 30-day visa for these purposes. After you become a resident of Hungary, we can help you get family reunification visas to bring your family to Hungary.
One business director is entitled to reside in Hungary without a work permit. Other directors will need work permits unless you employ three Hungarians per business director. Work permits are relatively easy to arrange once the company is up and running.
When your company is fully established and your business plan has been approved, you will become eligible for temporary residency. After you bring your family to Hungary under a family reunification visa, they will be eligible for residency as well. You and your family members will be entitled to all of the benefits of Hungarian residency, including the freedom to travel within Europe’s Schengen zone without visas or other documentation.
You do not have to spend all of your time in Hungary to maintain residency. As a business director, it is understood that you may need to travel extensively. However, depending on the structure laid out in your business plan, you might need to be physically present for certain tasks. If you plan to spend significant time outside of Hungary, talk to us before we create your business plan.
After you and your family have been temporary residents for three years, you can apply for permanent residency. You must show that your business is making enough income to support you and your dependents in Hungary. You must also pass a criminal background screening, and be proficient in both written and spoken Hungarian.
If you want to become a citizen of Hungary, you and your family can apply after eight years of continuous residency. Naturalization requirements include everything that is required for permanent residency, as well as a demonstration of good character and a passing score on the naturalization exam. The exam covers the Hungarian constitution in some detail, so it might be worthwhile to sign up for a naturalization class.
Note that applying for citizenship is entirely optional. Once you have a permanent residency card, you are entitled to live in Hungary for as long as you like, presuming that you follow the country’s laws and continue to maintain self-sufficiency.
Hungary is conveniently located in Europe’s Schengen zone. With a low cost of living and a friendly business climate, it is an excellent place to start a business. The process can seem tedious, but with our assistance, it is fairly quick and simple.
Since 2005, HELPERS Hungary has proudly provided business and immigration services to clients relocating to Hungary from all over the world. With a flexible, customized approach and intricate knowledge of all of the issues surrounding immigration to Hungary, we will help you through all stages of the process. For more information, or to start your journey toward Hungarian residency, we invite you to call us at +36-1-317-8570 or email us at info@helpers.hu today.
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