Buying property in Hungary
Buying property in Hungary has become much simpler in recent years, with only restrictions on location preventing international buyers from having the same rights as Hungarian citizens. Currently, expats looking to purchase property can only buy what are considered urban or residential homes, with the rural property market largely reserved for citizens. But this still leaves expats with a huge market choice when searching for property in Hungary.
Currently all that is needed to purchase property in Hungary is a permit, which is easily obtained from the district council and costs about €200. This is often considered just a formality and you will likely be approved in roughly six weeks.
Purchase by EU nationals
Since joining the EU in 2004, EU citizens have found it much easier to purchase property in Hungary. Although no longer needing a visa to enter the country, if you plan on remaining in the country for more than 90 days you must get a residence permit. This is a simple process and can be applied for after entering the country, although it must be done within the first 30 days. These permits are typically valid for a year and allow expats to apply for tax and social security cards and purchase property.
Those who are from a non-EU country and need a visa to enter Hungary can apply for a residence permit before their arrival. This can be done at your nearest embassy or consulate. Typically people will apply for a working visa to initially enter the country and then change it to a residence permit after arrival. The expiry date on your permit will depend on the circumstances of your visa, but can typically be extended for long-term relocation.
After receiving the permit, the prospective buyer can apply for permission to buy property in Hungary from the local authority. Applications are usually approved, but can take up to three months to process.
Buying as a company
Typically, expats looking to buy property in Hungary would purchase as a company. However, in recent years, this has become unnecessary and it is now only beneficial to do this when purchasing multiple properties. To avoid the fees associated with this, you should buy as an individual. However, if you are looking to relocate due to business reasons, you are still able to choose this option, but be aware that there are overheads and accountant’s fees involved.