The official term for this officially sanctioned program is : Residence Permit for the Pursuit of Gainful Activity. This program provides an amazing opportunity to acquire residency, based upon business related investment, in the heart of Central Europe. here below is the official outlined introduction, covering this program.

Residence Permit for the Pursuit of Gainful Activity

A residence permit may be issued for the pursuit of gainful activity to third-country nationals whose purpose of residence is:
·        to lawfully perform work in a self-employed capacity for remuneration;
·        to engage in any activity in the capacity of being the owner or manager of a for-profit business association, cooperative or some other legal entity, or as a member of the executive, representative or supervisory board of such entity.
If the third-country national is engaged in any activity in the capacity of being the owner or manager of a for-profit business association, cooperative or some other legal entity, or as a member of the executive, representative or supervisory board of such entity, and – apart from such activity – he/she plans to perform actual work (in any traditional job or position) in that company, an application for residence permit for the purpose of employment has to be submitted, that will be assessed in a single application procedure.

Please refer to the official Hungarian government department website page for the full information outline and eligibility, under the National Office of Immigration and Nationality. http://www.bmbah.hu/index.php?option=com_k2&view=item&id=943:residence-permit-for-the-pursuit-of-gainful-activity&Itemid=1564&lang=en

Every moment of your Life is a second chance.- Nick Price

Basic Introduction

Hungary’s Residence Permit for the Pursuit of Gainful Activity (HBRP) program, provides the opportunity for foreign nationals to establish viable business enterprises in the country, so as to obtain provisional Hungarian residence. Nationals of Non-European Union (EU) member states are eligible to participate in this program. Provision is of course provided for citizens of EU member countries, who are automatically eligible to pursue specific avenues of entrepreneurship in the country. This HBRP program is very attractive to potential business investors, because amongst other factors, Hungary’s commercial enterprise registration process is quite straight-forward and relatively quick to process; when compared to other business – investment based residency programs, offered by other countries. In addition to this, the required minimum investment amount under this program is reasonably moderate. This program provides entrepreneurs, businessman and industrialists the chance to re-establish themselves and their family, in a beautiful safe stable environment, and the opportunity to ‘start over afresh’.

If somebody is gracious enough to give me a second chance, I won’t need a third.- Pete Rose

What’s Required

Required Documents / Certificates
• Relevant Application Form and the relevant Appendix
• Valid passport
• Two photographs
• Insurance (travel and health)
• Proof of accommodation in Hungary (title deed –  needs to be attached in case of staying in private / rental accommodation)
• Hungarian OFFI (offi.hu/hiteles-forditas) Official translation of diplomas and certificates necessary for the position
• Company documents (Outlined below):
– Certificate on the character of the gainful activity (the articles of association)
– The resolution on the Registry Court’s registration of the company
– Document certifying occupation in Hungary
– Certificate on the acquisition of the qualification necessary for filling the position in the Company
– Declaration, certificate on the expected yearly income  
– Certificate of the amount of financial means at the person’s disposal in Hungary
– In the case of an already operational Enterprise – the simplified balance sheet of the previous year for the firm
– In the case of an already operational Enterprise – Certificate that the firm has no public debt
– Business plan
– Invoices / buyer and supplier
– Partner contracts
– Contract of employees
• SGK document, which can be obtained from E-devlet or SSI directorates and it must have a barcode (QR code)

How long does the residence permit procedure typically take?
• in case of gainful activity: about 21 days

The Application Forms and Appendix required for application

http://www.bmbah.hu/index.php?option=com_docman&task=cat_view&lang=en&gid=400

Sometimes life gives you a second chance, or even two! Not always, but sometimes. It’s what you do with those second chances that counts.- Dave Wilson

Application for Temporary Residence

Once the entrepreneur has established the commercial enterprise and finalized the business plan, the foreign national (Non EU citizen) can proceed to apply for Hungarian temporary residence. The foreign national’s spouse and children may also receive these temporary permits. These residence permits are valid for 3 years, and can be extended. These temporary residence permits allow the holders (Foreign Businessman and their family) to travel throughout the European Schengen Area (including the EU of course) without the need for any additional visas.

Miracles were just second chances if you really thought about it — second chances when all hope was lost.- Kaya McLaren

Applying for Permanent Residence

Once the Non-EU citizen entrepreneur / businessman and their family have been temporary residents for 3 years, they can proceed to apply for Hungarian permanent residence. In this case the entrepreneur must be able to provide enough supporting evidence that their business is a sustainable, profitable commercial enterprise, that can provide sufficient income to support the entrepreneur and their family. Other important qualification requirements for permanent residence, is that each applicant must have a clean criminal record, and should have basic elementary proficiency in comprehending, writing, reading and speaking Hungarian.

Then – Becoming a Hungarian Citizen

The process would then be as follows: – Once the foreign (Non-EU Citizen) entrepreneur (together with their family) have been continuous Hungarian residents for 8 years, they will be in a position to apply for citizenship, through a legal ‘naturalisation’ process. Naturalisation will require 8 years of continuous Hungarian residence, a stable and verifiable livelihood, demonstrable good moral character, a clean criminal record, and finally an examination of each applicant’s basic command of Hungarian (Magyar), together with some knowledge of the Hungarian Constitution.