Hungary and Latvia: two ways to establish a European base

European residency by investment in Hungary and Latvia

Both programs give a residence permit, not citizenship: Hungary's Guest Investor Program, in force since 1 July 2024, and Latvia's temporary residence permit for company equity, under the Immigration Law in force since 15 September 2026. This comparison covers only the two European residence programs Wealthy Expat lists, the Hungary golden visa and the Latvia golden visa; other countries' rules need their own check.

The lowest stated minimum and the conditions behind it

Latvia's equity route has the lowest stated minimum of the two: EUR 50,000 in a company's share capital plus a one-time EUR 10,000 government fee, so EUR 60,000 at entry before professional fees, company costs and insurance. The permit rests on the company. It must have no more than 50 employees and a turnover or balance sheet total of no more than EUR 10 million, and it must pay at least EUR 40,000 in taxes every year. Up to 10 foreign investors can hold permits through one such company, and failing the tax condition can affect the permit.

Hungary's lower route is EUR 250,000 in units of a real estate fund registered with the Hungarian National Bank, held for at least five years in a blocked securities sub-account and still held when the permit is extended. The alternative, a EUR 1,000,000 donation to an eligible higher-education institution, is non-refundable. A company share, a fund holding and a donation are different uses of capital: compare what you own afterwards, not only the entry amount.

Schengen travel, work rights and where you can live

A Schengen golden visa, in the sense of one permit for the whole area, exists in neither program: each permit is issued by one country under its own law. With a valid passport, the holder of a residence permit issued by a Schengen state may move within the other Schengen states for up to 90 days in any 180-day period. The right to live and work stays in the issuing country: Hungary's permit allows employment and self-employment in Hungary without a separate work permit, and Latvia's allows work and business in Latvia. Neither gives a right to settle or work in another member state.

Nor does a permit settle your tax position. Hungary treats a third-country national as tax resident automatically only with a long-term residence entitlement, which a guest investor permit is not; Wealthy Expat's Latvia program page notes that tax residency depends on personal circumstances, including days present. Take tax advice separately.

Family members and government fees

Hungary treats each family member as a separate applicant: a spouse and children under 18 each file a family reunification permit, valid for up to 10 years, with its own fee. Dependent parents can also apply; an adult child or other direct-line relative qualifies only if unable to take care of themselves because of their state of health. Hungary asks every applicant for health insurance or the means to pay for care. Wealthy Expat's Latvia program page lists a spouse and children under 18, health insurance for each and the other parent's notarised consent for a child, but does not price a family member's permit.

Property routes and the rules that changed

Neither program now gives residence for buying property. Latvia's Immigration Law, in force since 15 September 2026, provides no permit for a real estate purchase; the closed route also required a government fee of 5% of the purchase price. Applications filed earlier are examined under the previous law, and holders may apply, while their permit is valid, for a repeat permit of up to five years on the same basis, if the investment still qualifies, no ground for refusal applies and they pay EUR 1,000 for each year of the previous and the new permit, less amounts already paid. The subordinated-liabilities route closed at the same time; the government-bonds route had been removed from 20 May 2026.

Hungary's EUR 500,000 property route never opened: announced for January 2025, it was removed by Act LXXXIV of 2024, published on 20 December 2024. Only the fund and the donation remain. Where property is the point, read the real estate golden visa due diligence questions first.

Keeping the permit and the road to permanent residence

Neither permit sets a minimum stay. Hungary exempts the guest investor permit and the linked family permits from its rule that an extension needs more than 90 days' stay in any 180-day period; the extension is filed through Enter Hungary at least 30 days before expiry, with the fund units still held. Latvia asks for one visit for biometrics, then a repeat permit with the investment maintained.

Absence has a price later. In Hungary, time on the guest investor permit does not count toward citizenship: the eight years run only with a long-term status such as a national residence card, which needs at least three years of lawful, uninterrupted stay first (each absence under four months, no more than 270 days in total) and is granted only if the stay is consistent with Hungary's interests. About 11 years is the earliest realistic date. Hungary permits dual citizenship.

In Latvia, PMLP states that permanent residence requires at least five years of residence with a temporary residence permit; Wealthy Expat's Latvia program page states that dual citizenship is allowed only for citizens of EU, EFTA and NATO states, Australia, Brazil or New Zealand, or with Cabinet permission. See also residence and citizenship planning and golden visa minimum stay.

Applying and choosing a European residence route

In Hungary, a national who needs a visa applies at a Hungarian consulate for a guest investor visa, valid for up to six months. The permit application is due within 30 days of entry, the investment must be made within the visa's validity, and NDGAP's stated processing time is 21 days, excluding the period for proving the investment. In Latvia, the investment and the state fee come first, then the application to PMLP. Both ask for a documented lawful source of funds; Latvia also asks for police clearance certificates.

Choose by what the permit must do. Latvia's route needs a company that meets its tax condition every year; Hungary's needs capital you can leave in a regulated fund for five years, or give away, for a permit of up to 10 years. Set the capital, every person's fees, the ongoing conditions and the presence you can accept side by side, then compare other golden visa programs and residency by investment routes; for citizenship rather than residence, the lowest cost citizenship by investment comparison sets out each program's costs. Wealthy Expat's strategy assessment brings your route, family and budget questions together.