Table of Contents
Hungarian Golden Visa Property Investment
The Process of Buying Real Estate for Guest Investors
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Making an Offer
- The buyer can make an offer, which the seller must accept.
- The buyer can provide an advance or deposit as a commitment.
- Typically, the deposit is 10% of the purchase price.
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Conclusion of the Contract
- The contract requires a lawyer or notary public to countersign.
- The lawyer must check the property's title deed and ensure it meets the requirements.
- The contract must include specific details about the parties and the property.
- The purchase price must be fixed in the contract.
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Licensing at the Government Office
- Foreign nationals require permission from the government office to acquire real estate.
- The application must include required documents and the government office has a 45-day deadline.
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Land Registry Procedure
- The buyer's ownership is registered by the land registry after the contract is submitted.
- The registration process has a maximum of 60 days.
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Entry Phase
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- The parties sign a handover protocol, exchanging keys and recording meter readings.
- The new owner is responsible for utility bills from the date of possession.
Taxation
- VAT is 5% on the purchase of a newly built property.
- A 4% transfer tax must be paid based on the property's market value.
- Rental income is taxed at 15% personal income tax, with a 10% deduction for expenses.
- After 5 years, the sale of the property is tax-free.
- Construction tax is a local tax determined by the municipality.