Interesting video Michael. Hungary also has one of the most liberal citizenship by descent regimes in all of Europe, if not the world, as there is NO generational limit on how near your Hungarian ancestor has to be. There will be presumably hundreds of thousands and maybe millions in the US who may not even know they're of partial Hungarian ancestry. The big caveat is that you have to know Hungarian to be approved (Simplified Hungarian naturalization) and "Hi, how are you?" doesn't cut it. From what I'm seeing, it's taking dedicated learners about 6-12 months from scratch to an acceptable language level. Learn a tough language and gather ancestral documents for an EU passport with minimal capital outlay? It's attractive for a lot of people who don't mind putting in the time.
Ah I hadn't looked that deep into their citizenship by descent options that's very interesting. Hungarian is a pretty tough language for sure it's basically like almost nothing else (Estonian and Finnish being the exceptions). Very weird how it developed geographically. I'm also always surprised how Romanian, which shares almost 80% with Italian developed amid these Slavic languages. Yeah for the right person Hungary could be worth it. Spain and Portugal have some pretty good programs too.
@@MichaelRosmer Yep Spain and Portugal have some interesting options. Spain is a good option for young latin born entrepreneurs looking for access to Europe. As you may know, Spain allows naturalization after only 2 years for native born citizens of iberoamerican countries so if they can grit out two years possibly paying taxes in Spain, they can get that EU passport. Whether it be in sweat, time or money, one always pays for the second passport.
I've been living in BP for 3 years now. It is a beautiful city indeed. However, Hungarian administration is bureaucratic and low efficient. I don't like that here.
You forgot to mention very low crime and a policy of keeping certain types of asylum seekers (potential troublemakers aka religious economical refugees) out, but the language is unworkable.
@@MichaelRosmer .....i suspect Hungarians have not forgotten the terrible time they had under Ottoman rule. There are reasons why Hungarians do not like people from the middle east . Thanks for sharing and all the best to you setting up your Business in Hungary !
Hey ! Good video and thank you for you work! Can anyone tell me what is the cost of Opening an LLC - KFT - in hungary ? I plan to go and live there around June 2024 so it would be nice to budget ahead for everything :) Any help will be highly appreciated
Nice video although Budapest is commonly understood as being in Central Europe as opposed to Eastern Europe. Do you think it could make sense for a consultant with a limited company (I employ nobody and currently live in the UK, but have had an apartment in Budapest since 2007) to relocate there, while delivering assignments for companies in the UK and further afield?
Yeah technically, the geographic center of Europe is around somewhere like Ukraine but from a western perspective I'd say we think of the former communist states as being eastern Europe. As for your situation that depends on a lot of details. The best for specific questions is to book a call calendly.com/michael-rosmer/offshore-citizen-30-min?back=1&month=2021-03
Really interested in relocating back to my mother’s homeland... after she left in ‘56! I have a smattering of Magyar. Life long IBM ITer but I’ve been dabbling with Video production for the last couple of years and I’m starting to do online training videos for PluralSight so I could do that from anywhere... anywhere where I could shoot more theatrical videos too.... Have a pretty heavy “foot print” ie books, theater equipment, costumes... BMW motorcycle... wonder what/if a container ship would be worth while??? And, at 62, I’m flirting with US Social Security and Medicare but - honestly - I could easily see the day when those programs go the way of the Soviet Pensions... so I would never want to be dependent on them as anything more than a backstop between gigs. No concept of “retiring” EVER!
Very informative video. Do you have any information about the it-sector in the country? How developed is it? You see potential in the future? An operational company for software developement is what I am looking for. Till now I found a lot about ukrains it-sector, but hungary would be a better fit because of the distance and the eu membership.
Hi, i am trying to figure out how Hungary taxations works with dividend income, you mentioned in the video that there is no dividend reduction. did you mean there is no treaty ? as in, for both individuals and companies, whatever you need to pay for divided coming from say the US, you will have to add on taxes to it in Hungary ?
I see the video is pretty old. Are you still taking care of opening companies there and updated on all most recent tax laws? If yes id love to talk about it
Usually you can form a business for less than €1k but for industry specific registrations and start up costs I'm not sure as we don't deal specifically with restaurants.
All depend what kind of business you start. KFT= LTD KATA is private business. In Hungary they want you to pay your tax in advance. Means: you go to a lawyer and set up a LTD, 700-1100 euro Than you need 3 Million HUF on your bank. On the moment from registration you give a list from all you will sell in your restaurant. If you forget the Hamburgers, and you start to sell Hamburgers? It can cost you 3-5-10.000 EURO fine. depending how long you did sell them. You need to give a business volume for the first year, 20-30.000 euro? than you pay 12x all the taxes and premie for that year. YES OR NO Income!! And you pay tax over everything. like: website carreclame or promotion. the sorry most stupid thing you need to pay. The Business administration is the most complicated in EU. Bookkeepers and Tax people give you information what to do.....but most times it is wrong. And you the owner. So you pay. And the fines are very very high. for the most simple things they let you pay a lot. And than, Do you speak Hungarian? if not start to learn it. 80% do not speak good English in the big City's and outside the City 98% not. Kein Deutsch, Geen Nederlands. Non French, Csak Magyar tudom.
Great video. Fantastic data. I thought you are in still Bulgaria which turned out to be wrong. 😉 How much is the property tax in Hungary? If you hold your property for a couple of years would be CGT exempted?
@@amir5593 I haven't been to Slovakia yet but plan on visiting later this year. I also plan on going to Moldova, Ukraine, Belarus, Lithuania, Liechtenstein, Albania, Macedonia and a few others this year.
Sorry your info is not correct. and to tell us 6-8x how good the banks are. They are not. Bank employee is not allowed to speak English, Germany to a client. IF they speak it?? So there you Solid bank go already wrong. A NOT Hungarian will never get 1 HUF to invest in his or her company. And Not for private cost. Just Nothing. Immigration if you not white, blue eyes And speak 101% Hungarian they discriminate you. IF you speak Hungarian, they will still say they do not understand you! WHY Because they don't want!! Hungarians are always right, if Hungarians fuck up, they walk away and let the damage for you. You need to babysit them: let say: you buy a house ask a company to renovate give the plan how you want it, if you not every day 8 hours there to control? They do it the way They like it. You have problems with that? Don't be in a shock if they walk away. They come with 4 man, 1 is working 3 drill their nose. and look how nr.1 is working. If you say something about it? Next day they won't come back. There is a max. on the land size. you can own. If you want to buy houses or flat and renovate them, try to sell them in less than 5 years? 25% tax need to be paid over sellings price. So if you want to give good information about a country and how things go and work in that country. Than sorry you need to do better than this. There are companies that help foreigners to get a business and so on. 3000 euro if the owner speaks Hungarian. if not it cost 7-10.000 euro or more. I don't know your pricelist. but for 500 euro you won't get out the bed?
If that's the experience you're having you're dealing with the wrong people. You should get in touch with us. €3k for a company set up of the owner speaks Hungarian and €7-10k if not? Someone is screwing you over. We and our contacts have the same pricing regardless of what language you speak and where you're from and it's a lot lower than that. That being said of course €500 is too low so if that's your expectation you'll be disappointed in most places. As for getting investment money from banks for non-Hungarians, that could be true getting bank financing in almost any foreign country is very tough unless you're big so if that's your expectation your expectations are the issue not Hungary. Immigration you don't need to speak Hungarian at all that's completely untrue though it is true that they descriminate against certain ethnicities. Hungary is the most xenophobic country in the EU. That being said it's quite a business friendly place overall and especially in a world where banking is a nightmare they've got some good options.
"If you want to buy houses or flat and renovate them, try to sell them in less than 5 years? 25% tax need to be paid over sellings price." That's not correct. 25% is the VAT for new houses. Used houses only have 4% tax (ingatlan illeték).
Hungary 🇭🇺 is awesome.
Interesting video Michael. Hungary also has one of the most liberal citizenship by descent regimes in all of Europe, if not the world, as there is NO generational limit on how near your Hungarian ancestor has to be. There will be presumably hundreds of thousands and maybe millions in the US who may not even know they're of partial Hungarian ancestry. The big caveat is that you have to know Hungarian to be approved (Simplified Hungarian naturalization) and "Hi, how are you?" doesn't cut it. From what I'm seeing, it's taking dedicated learners about 6-12 months from scratch to an acceptable language level. Learn a tough language and gather ancestral documents for an EU passport with minimal capital outlay? It's attractive for a lot of people who don't mind putting in the time.
Ah I hadn't looked that deep into their citizenship by descent options that's very interesting.
Hungarian is a pretty tough language for sure it's basically like almost nothing else (Estonian and Finnish being the exceptions). Very weird how it developed geographically. I'm also always surprised how Romanian, which shares almost 80% with Italian developed amid these Slavic languages.
Yeah for the right person Hungary could be worth it.
Spain and Portugal have some pretty good programs too.
@@MichaelRosmer Yep Spain and Portugal have some interesting options. Spain is a good option for young latin born entrepreneurs looking for access to Europe. As you may know, Spain allows naturalization after only 2 years for native born citizens of iberoamerican countries so if they can grit out two years possibly paying taxes in Spain, they can get that EU passport.
Whether it be in sweat, time or money, one always pays for the second passport.
@@ParvizMalakouti yeah great thing to invest in
My husband is from Hungary. We are thinking to move there. I wish to open a business. This video helped lots. Thank you forthe information.
Good to hear! Feel free in case you need any assistance with that :)
I've been living in BP for 3 years now. It is a beautiful city indeed. However, Hungarian administration is bureaucratic and low efficient. I don't like that here.
Yeah that tends to be the situation around much of eastern Europe.
Oh
You forgot to mention very low crime and a policy of keeping certain types of asylum seekers (potential troublemakers aka religious economical refugees) out, but the language is unworkable.
Yeah crazy language. And yes they aren't big on foreigners in Hungary.
@@MichaelRosmer .....i suspect Hungarians have not forgotten the terrible time they had under Ottoman rule. There are reasons why Hungarians do not like people from the middle east . Thanks for sharing and all the best to you setting up your Business in Hungary !
You ever heard of gypsies bro?
Hey ! Good video and thank you for you work! Can anyone tell me what is the cost of Opening an LLC - KFT - in hungary ? I plan to go and live there around June 2024 so it would be nice to budget ahead for everything :) Any help will be highly appreciated
I like it.👌
Nice video although Budapest is commonly understood as being in Central Europe as opposed to Eastern Europe. Do you think it could make sense for a consultant with a limited company (I employ nobody and currently live in the UK, but have had an apartment in Budapest since 2007) to relocate there, while delivering assignments for companies in the UK and further afield?
Yeah technically, the geographic center of Europe is around somewhere like Ukraine but from a western perspective I'd say we think of the former communist states as being eastern Europe.
As for your situation that depends on a lot of details. The best for specific questions is to book a call
calendly.com/michael-rosmer/offshore-citizen-30-min?back=1&month=2021-03
Really interested in relocating back to my mother’s homeland... after she left in ‘56!
I have a smattering of Magyar. Life long IBM ITer but I’ve been dabbling with Video production for the last couple of years and I’m starting to do online training videos for PluralSight so I could do that from anywhere... anywhere where I could shoot more theatrical videos too....
Have a pretty heavy “foot print” ie books, theater equipment, costumes... BMW motorcycle... wonder what/if a container ship would be worth while??? And, at 62, I’m flirting with US Social Security and Medicare but - honestly - I could easily see the day when those programs go the way of the Soviet Pensions... so I would never want to be dependent on them as anything more than a backstop between gigs. No concept of “retiring” EVER!
Good call on not retiring we should probably do away with the whole concept.
loved indeed ..interested
Very informative video. Do you have any information about the it-sector in the country? How developed is it? You see potential in the future? An operational company for software developement is what I am looking for. Till now I found a lot about ukrains it-sector, but hungary would be a better fit because of the distance and the eu membership.
Hi, i am trying to figure out how Hungary taxations works with dividend income, you mentioned in the video that there is no dividend reduction. did you mean there is no treaty ? as in, for both individuals and companies, whatever you need to pay for divided coming from say the US, you will have to add on taxes to it in Hungary ?
You made an interesting comment about Hungarian government being corrupt. How would you consider this a benefit?
I see the video is pretty old. Are you still taking care of opening companies there and updated on all most recent tax laws? If yes id love to talk about it
Very good information. How much will it cost to set up a small restaurant business , the registration process and start off
Usually you can form a business for less than €1k but for industry specific registrations and start up costs I'm not sure as we don't deal specifically with restaurants.
All depend what kind of business you start. KFT= LTD KATA is private business. In Hungary they want you to pay your tax in advance. Means: you go to a lawyer and set up a LTD, 700-1100 euro Than you need 3 Million HUF on your bank. On the moment from registration you give a list from all you will sell in your restaurant. If you forget the Hamburgers, and you start to sell Hamburgers? It can cost you 3-5-10.000 EURO fine. depending how long you did sell them. You need to give a business volume for the first year, 20-30.000 euro? than you pay 12x all the taxes and premie for that year. YES OR NO Income!! And you pay tax over everything. like: website carreclame or promotion. the sorry most stupid thing you need to pay. The Business administration is the most complicated in EU. Bookkeepers and Tax people give you information what to do.....but most times it is wrong. And you the owner. So you pay. And the fines are very very high. for the most simple things they let you pay a lot. And than, Do you speak Hungarian? if not start to learn it. 80% do not speak good English in the big City's and outside the City 98% not. Kein Deutsch, Geen Nederlands. Non French, Csak Magyar tudom.
I live in Budapest 8 years. As a chef. If you interested for restaurant business is very good you can start just 12 lakh indian money
I have a question can if i have office expense for remote work in Italy then will 9% and 15% dividend be appled after adjusting tax
Kiva company tax is around 11% quite attractive
Can foreigners invest in the Hungarian stock market from overseas?
Sure so long ad you can get a brokerage account that supports it. Often what you'll do is buy an EFT of a local market such as Hungary.
Great video. Fantastic data.
I thought you are in still Bulgaria which turned out to be wrong. 😉
How much is the property tax in Hungary? If you hold your property for a couple of years would be CGT exempted?
Property tax varies by the area but is fairly high, up to around 3%.
There is a capital gains reduction of you hold for more than five years or is exempt if you own for more than 15 years.
@@MichaelRosmer Wow. Ok. Thanks.
Have you ever been in Slovakia or plan to be to explore opportunities there?
I think many would love to have your views on this country.😊
@@amir5593 I haven't been to Slovakia yet but plan on visiting later this year. I also plan on going to Moldova, Ukraine, Belarus, Lithuania, Liechtenstein, Albania, Macedonia and a few others this year.
❤❤
شكرا لك كثيرا
Can you make an updated video for 2022 ?
Will do, stay tuned! :)
how about taking out loans? for real estate - i have a european passport
Please reach out so we can discuss the details offshorecitizen.net/contact/
I am a Doctor ophthalmologist my hubby orthopaedic surgeon can v get job in hungary and then settle down there
Apply for a work visa and see how it goes for you....
Can I start restaurant in Hungary as foreigner
How can I reach you?
calendly.com/michael-rosmer
offshorecitizen.net/
Hi sir, i can process for PR from hungary to portugal PR??
Why not Canada?
Please use a good microphone
Sorry your info is not correct. and to tell us 6-8x how good the banks are. They are not. Bank employee is not allowed to speak English, Germany to a client.
IF they speak it?? So there you Solid bank go already wrong.
A NOT Hungarian will never get 1 HUF to invest in his or her company. And Not for private cost. Just Nothing. Immigration if you not white, blue eyes And speak 101% Hungarian they discriminate you. IF you speak Hungarian, they will still say they do not understand you! WHY Because they don't want!!
Hungarians are always right, if Hungarians fuck up, they walk away and let the damage for you. You need to babysit them: let say: you buy a house ask a company to renovate give the plan how you want it, if you not every day 8 hours there to control? They do it the way They like it. You have problems with that? Don't be in a shock if they walk away. They come with 4 man, 1 is working 3 drill their nose. and look how nr.1 is working. If you say something about it? Next day they won't come back.
There is a max. on the land size. you can own. If you want to buy houses or flat and renovate them, try to sell them in less than 5 years? 25% tax need to be paid over sellings price.
So if you want to give good information about a country and how things go and work in that country. Than sorry you need to do better than this. There are companies that help foreigners to get a business and so on. 3000 euro if the owner speaks Hungarian. if not it cost 7-10.000 euro or more. I don't know your pricelist. but for 500 euro you won't get out the bed?
If that's the experience you're having you're dealing with the wrong people. You should get in touch with us.
€3k for a company set up of the owner speaks Hungarian and €7-10k if not? Someone is screwing you over. We and our contacts have the same pricing regardless of what language you speak and where you're from and it's a lot lower than that. That being said of course €500 is too low so if that's your expectation you'll be disappointed in most places.
As for getting investment money from banks for non-Hungarians, that could be true getting bank financing in almost any foreign country is very tough unless you're big so if that's your expectation your expectations are the issue not Hungary.
Immigration you don't need to speak Hungarian at all that's completely untrue though it is true that they descriminate against certain ethnicities. Hungary is the most xenophobic country in the EU.
That being said it's quite a business friendly place overall and especially in a world where banking is a nightmare they've got some good options.
"If you want to buy houses or flat and renovate them, try to sell them in less than 5 years? 25% tax need to be paid over sellings price." That's not correct. 25% is the VAT for new houses. Used houses only have 4% tax (ingatlan illeték).