Hungary’s government has presented the framework of a fresh “golden visa” initiative to parliament, embedded within a draft bill aimed at regulating immigration from third countries into Hungary.

Outlined on Tuesday, the bill introduces the concept of a “guest-investor visa” targeted at individuals associated with projects designated as “strategically important investments” by the government. Attaining this visa becomes a prerequisite for applying for a residence permit, permitting a stay of 10 years, extendable by another 10, as stipulated in the draft.

This initiative follows the discontinuation of a previous “golden visa scheme” in 2017, prompted by the controversy surrounding the granting of residency status to a Syrian individual sanctioned by the U.S.

Originally launched in 2013, the former scheme mandated the purchase of Hungarian bonds worth up to 300,000 euros to secure the permit.

Under the new proposal, the designation of a project as “strategically important” can also be obtained through an investor’s acquisition of a Hungarian real estate fund share valued at 250,000 euros or real estate worth a minimum of 500,000 euros within Hungary.

Furthermore, investors could attain the “strategic importance” label by donating 1 million euros to public interest asset management foundations, although these have faced EU scrutiny over potential conflicts of interest with the government. Such designation opens the door for investors to qualify for the “guest-investor” status.

In recent years, Hungary has witnessed an uptick in eastern investors, particularly as Asian battery manufacturers like CATL and Eve-Power plan to establish factories near German automakers.