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Hungary approves new immigration law to go into effect on 1 January 2024
Hungary’s new immigration bill has been approved by the parliament and signed by the president, and it is now set to go into effect on 1 January 2024, nine months earlier than initially expected. The new bill introduces major changes to the existing regulations for third-country nationals, including separate categories of work permits for skilled workers and guest workers and the introduction of a new permit for investors that will be valid for 10 years. The immigration authorities will not accept new permit applications between 1 January 2024 and 29 February 2024, except those involving residence permits of national interest based on ministerial approval. Processing of applications submitted before 1 January 2024 will also be suspended during this period. Permits that are set to expire during this period will automatically be extended to 30 April 2024.
A Tax Alert prepared by EY's People Advisory Services group, and attached below, provides additional details.