With the financial contributions, the Hungarian Golden Visa program has opened a way for foreign investors to attain residency in Hungary. For holders of a Golden Visa, one of the first steps they take is to convert the Golden Visa to permanent residency. This article gives a comprehensive overview of the requirements, process, and benefits of converting the Golden Visa to permanent residency in Hungary.
Criteria to Apply for Permanent Residency
Hungary’s Golden Visa holders should meet specific eligibility requirements to apply for permanent residency. One of the most important is that they must have continuously resided in Hungary for a specific period-usually not less than five years. During this period, the applicants must show that they have lived according to the conditions on the visa including legal and financial commitments.
The applicant further proves to possess steady financial resources sufficient for himself and for dependants, besides possessing valid health insurance. A clean criminal record is also most vital to getting a permanent residence in Hungary as much stress is put on security for permanent residency clients.
Application Process
Converting a Hungarian Golden Visa into permanent residency is an intensive process conducted in several critical stages. Initially, the applicant needs to collect all documentation – proof of continuous residency, financial stability, health insurance, and a validated passport. All documents should be refreshed and translated correctly into Hungarian if needed.
Reasons to go for Permanent Residency
Staying permanent residents in Hungary shall enjoy lots of good benefits. Right away, a permanent resident can live and work in Hungary without limitation. Furthermore, they get access to social entitlement, healthcare services, and schooling, and they have the right to travel within the Schengen Area without any visa.
Moreover, permanent residency is one step further before acquiring Hungarian citizenship. After another period of permanency, an applicant may be entitled to apply for citizenship in its full form, depending on the individual’s circumstances and other criteria.
Conclusion
Converting the golden visa into a permanent residence permit will not be much of a problem for applicants meeting the above requirements and preparations. This conversion will spell a lifetime stability and a right admission to all forms of benefits with which Hungary professes to offer, making this change very appealing to the golden visa holder who wishes to forge a deeper relationship with the country.
