The Hungarian Entrepreneur Program (HER)
Hungary has proven to become one of the EU’s most travelled destinations and even more so a wonderful place that more and more immigrants, expats and business investors are seeking to settle in and establish themselves. Not only does this much sought after EU country offer low cost of living but also excellent education, medical care as well as infrastructure, telecoms, transport and lots more – it’s no wonder so many are looking to relocate to the historically rich European hotspot.
In this article we will cover the requirements and aspects related to the Hungarian Entrepreneur Program (HER), a program designed to give members of non European National states the opportunity to gain temporary residence whilst establishing their commercial business enterprise within the country.
What are the benefits of the HER program?
The following are just to name a few of The Hungarian Entrepreneur Program benefits:
• Low cost investment requirements €10,500 EUR (for the Limited Liability Company “LLC”) Limited Liability is the more popular choice amongst business investors because of its low investment cost requirements.
• Low corporate tax
• The entire process is fairly quick.
• Members of the program have access to travel to Schengen states without acquiring a visa for a 90 day period.
• Members and their families on the program can enjoy many social benefits
The HER program benefits the business investor (applicant) as well as his/her family members. The Hungarian Entrepreneur Program has many perks and this includes securing the business investor’s family members of gaining residency as well.
There are two types of residencies these include “temporary” and “permanent”.
Temporary residence (valid for three years)
After registering the business and all the formalities and paperwork has been agreed and signed off and complies with the Hungarian business immigration policy, the investor may apply for a temporary residency and once the owner of the business receives his/her certified permit, their spouse and children may also apply for temporary residence permit.
Permanent residence
In order to apply for the permanent residence permit the business owner and family would have to be living in Hungary on their temporary residence permits uninterrupted for a minimum of three years. The investor must have proof that his/her company is profitable and able to sustain his/her family in Hungary throughout the duration of their residence within the country, as well as qualify on the other aspects related to obtaining the permanent residence permit.
If the business investor and his/her family have been residing in Hungary for more than eight years uninterruptedly, and can still supplement their own income as well as pass all other related requirements for the citizenship then they may apply.