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Labour Law
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The need for a visa and work permit depends on nationality. EU citizens do not require a work permit but must register for stays longer than 90 days. Non-EU citizens generally need a work permit and a long-term residence permit, which can be obtained with the help of the Hungarian employer.
Hungary has a flat 15% personal income tax rate, and workers must contribute to social security, including health insurance and pension contributions. Foreign workers are subject to the same rates and regulations, although tax exemptions or reductions may apply based on international agreements.
Foreign workers registered in the Hungarian social security system are entitled to state healthcare, which includes basic medical services. In some cases, additional insurance may be recommended for comprehensive coverage.
Under Hungarian law, annual leave depends on the employee’s age, with a minimum of 20 working days per year. Additionally, special leave is granted for events such as marriage or the birth of a child.
In Hungary, employment can end by mutual agreement, regular notice, or immediate termination. The employer must justify the termination and observe the legally required notice period. For foreign employees, the residence permit may also be affected by the termination of employment.
Real Estate Law
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es, foreigners can buy property in Hungary, but certain cases require permission. EU/EEA citizens face fewer restrictions, while non-EU/EEA citizens need to apply for a permit from local authorities, typically issued by the government office.
Buyers generally pay a 4% transfer tax based on the purchase price. For sales within 5 years, capital gains tax applies, though this may also depend on foreign tax rules, particularly if the buyer is a tax resident in another country.
Several Hungarian banks offer mortgages to foreign buyers, though with specific requirements. Generally, a higher down payment and thorough credit assessment are required. Additionally, a mortgage guarantee or proof of income may also be necessary.
Foreigners selling property must have a purchase agreement prepared and certified by a Hungarian lawyer. Any profit from the sale may be subject to capital gains tax, particularly if sold within 5 years. It’s advisable to work with a local real estate agent and tax consultant for a smooth process.
In Hungary, property ownership is protected by the land registry, managed by the relevant land office. A lawyer checks the property deed, which lists all essential information about the owner, encumbrances, and legal conditions, ensuring a secure transaction.
Company Estabilishment
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Yes, foreigners are fully eligible to establish a company in Hungary. The process is legally straightforward and only requires a registered office in Hungary. It is advisable to involve a lawyer, as the founding documents need to be certified by one.
In Hungary, the most common types are the limited liability company (Kft.), joint-stock company (Rt.), sole proprietorship, and partnerships. The Kft. is the most popular among foreign investors, as it requires a relatively low capital investment (minimum 3 million HUF) and offers limited liability..
Establishing a company in Hungary typically takes 1-2 weeks, provided all documents are ready. After the articles of association are prepared, the company is registered by the court, and it can start operating once a tax number is issued. The process requires a lawyer’s assistance.
Hungary has a low corporate tax rate of only 9%, which is attractive to foreign investors. Additionally, the value-added tax (VAT) is 27%. Certain sectors, like research and development or technology, also offer specific tax incentives and grants.
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