The government of Hungary has officially opened its popular European Union (EU) Permanent Residency Program to citizens of Indonesia after a successful trial period in China, which saw over 2,500 Chinese citizens and their families granted lifetime permanent residency in any EU country.
The scheme has been specifically designed to appeal to citizens of countries such as China and Indonesia which do not allow dual citizenship – although there is an automatic right to obtain full Hungarian citizenship and a passport after 7 years, with no other requirements.
The benefits to applicants include:
• The right to live, work, or study in any EU country;
• Full access to all government and social benefits which EU countries make available to their citizens, which including welfare, education, and healthcare;
• Visa-free travel to any EU country and/or country within the Schengen area, even if arriving directly from outside of Europe;
• Significantly reduced cost for university education, including eligibility for the ERASMUS scholarship program (free university education across the EU);
• No requirements to actually live in Hungary for any period of time – one short (2 days) trip by the main applicant to sign official documents is the only travel requirement;
• All benefits apply to the main applicant, their spouse, and any children under 18 – and are valid for their entire lifetime
The cost of the program is EUR 60,000 (approximately US$ 66,000) per family, and a refundable investment of EUR 300,000 into Hungarian government bonds – the EUR 300,000 is returned without interest after 5 years – which makes it by far the cheapest and most accessible residency/citizenship program of any western country.
The eligibility requirements are also low – applicants will be checked at the first stage of application to see if they are subject to an “Alert” status within the Schengen area, or if there is a warrant for their arrest in Hungary, and as long as these checks are cleared, acceptance is automatically given.
Wealth management consultancy company PT Imperium Capital Indonesia has been selected by the Hungarian government as the partner to oversee and verify applications from Indonesian residents, and a dedicated office in Marina Bay Singapore has been established to manage the full process for applicants from South East Asia.