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New Bill on the Entry and Residence of Third-Country Nationals in Hungary

New Bill on the Entry and Residence of Third-Country Nationals in Hungary

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On 14 November 2023, the Hungarian Government presented a new bill on the entry and residence of third-country nationals in Hungary.

According to the Government's explanatory memorandum, the new regulation would tighten and clarify the legal titles and conditions of residence and employment of foreign nationals in Hungary. The new regulation would introduce various new residence permits and visa categories. A public consultation on the bill is currently ongoing. According to the proposal, the new rules would enter into force on 1 September 2024.

In particular, new visas and residence permits for visiting investors will also be established. These may be granted to third-country nationals whose entry and stay in Hungary is of national economic interest. Such visitor investor visas will be available to third-country nationals who hold or plan to hold one of the following investments: (a) acquisition of investment units issued by a real estate fund registered by the National Bank of Hungary in the amount of at least EUR 250,000, (b) acquiring ownership of a residential property of a value of at least EUR 500,000 situated in Hungary (c) making a financial donation of at least EUR 1,000,000 to a higher education institution maintained by a public trust with a public-service mission for the purpose of supporting educational, scientific research or artistic creation. The maximum period of validity of a visitor investor visa is 2 years. The visitor investor visa entitles the holder to stay for more than 90 days and to multiple entries within a period of 180 days. The holder of the visitor investor visa (subject to other conditions), may apply for a visitor investor residence permit which is valid for 10 years.

The rules on residence and work of third-country employees would also be changed/tightened. Guest workers will only be allowed to stay in Hungary for a limited period, after which they will have to leave the country. New types of residence permits will be available for guest workers (e.g. seasonal permit, permit issued for the purpose of carrying out an investment project etc.) A new type of residence permit is introduced for highly qualified employees (the Hungarian Card), which entitles its holder with a higher professional qualification to reside in Hungary and to work in Hungary requiring a higher professional qualification.

By Eszter Ila-Horvath, Attorney at Law, KCG Partners Law Firm

Hungary Knowledge Partner

Nagy és Trócsányi was founded in 1991, turned into limited professional partnership (in Hungarian: ügyvédi iroda) in 1992, with the aim of offering sophisticated legal services. The firm continues to seek excellence in a comprehensive and modern practice, which spans international commercial and business law. 

The firm’s lawyers provide clients with advice and representation in an active, thoughtful and ethical manner, with a real understanding of clients‘ business needs and the markets in which they operate.

The firm is one of the largest home-grown independent law firms in Hungary. Currently Nagy és Trócsányi has 26 lawyers out of which there are 8 active partners. All partners are equity partners.

Nagy és Trócsányi is a legal entity and registered with the Budapest Bar Association. All lawyers of the Budapest office are either members of, or registered as clerks with, the Budapest Bar Association. Several of the firm’s lawyers are admitted attorneys or registered as legal consultants in New York.

The firm advises a broad range of clients, including numerous multinational corporations. 

Our activity focuses on the following practice areas: M&A, company law, litigation and dispute resolution, real estate law, banking and finance, project financing, insolvency and restructuring, venture capital investment, taxation, competition, utilities, energy, media and telecommunication.

Nagy és Trócsányi is the exclusive member firm in Hungary for Lex Mundi – the world’s leading network of independent law firms with in-depth experience in 100+countries worldwide.

The firm advises a broad range of clients, including numerous multinational corporations. Among our key clients are: OTP Bank, Sberbank, Erste Bank, Scania, KS ORKA, Mannvit, DAF Trucks, Booking.com, Museum of Fine Arts of Budapest, Hungarian Post Pte Ltd, Hiventures, Strabag, CPI Hungary, Givaudan, Marks & Spencer, CBA.

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