The latest edition of Hungary’s Golden Visa will provide non-European Union (EU) and non-European Economic Area (EEA) citizens a route to residency through investing in Hungary’s education system or real estate. In addition to bolstering the nation, the applicant will gain access to free travel throughout the EU.

Travel And Tour World reports the new version of the Golden Visa is rolling out as the Guest Investor program. Via the latter, global investors can start applying this July. One of the perks is that applicants’ families can be included in their applications. That way, if accepted, an applicant, their spouse, their young children, and their parents can all possibly gain residency in Hungary and easy access to the EU.

To apply, investors seeking Hungarian residency must pick the type of investment they’ll make. Their options are donating to a higher education institution in the country, investing in a residential property, or purchasing units within a Hungarian real estate fund.

From 2013 to 2017, Hungary’s Golden Visa program reportedly garnered 1.4 billion euros in investments and doled out nearly 4,800 residencies.

What Are The Requirements For Applying?

This way to residency isn’t for the average traveler. If donating to higher education, the amount given has to be at least 1 million euros. A residential purchase would have to be upwards of 500,000 euros, or an investment in real estate fund units would have to be 250,000 euros minimum. The nation’s official currency is the Hungarian forint, but euros were the currency outlined.

Applicants cannot be EU or EEA citizens. They have to be over 18 with no criminal history. Also, they must provide information regarding proof of their income and ability to invest and live in Hungary.

Within the application process, applicants must send the relevant paperwork and apply for a residency permit. Also, they’ll need to provide the Hungarian government with some biometric information. If their application is successful, investors will get their residency permit in the mail or electronically.