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residency in another EU country as an EU national

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bobo7991
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residency in another EU country as an EU national

Post by bobo7991 » Sat Dec 21, 2019 10:11 am

Hello, I recently acquired a Portuguese citizenship via naturalization. I want to move to another EU country and there's something I can't really understand.

Generally from what I'm seeing, as an EU national I can enter any other EU country for 3 months and after which I would need to apply for residency. Now I currently don't work, I'm starting a new online business which will likely take a while to become profitable. I wish to live off investment money I have which is around 2000 usd a month. I can mostly find information for EU nationals who wish to seek employment.

Would it be possible for me to move to another EU country and live off my investment money? The country I'm currently thinking of is Hungary.
I did find this site from Sweden which says free of movement of all is ensured and you only need to prove sufficient resources, which is something I saw being repeated in other places too.

Could I move to Hungary just by way of proving self sufficiency or do I have to seek employment in order to stay?

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ALKB
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Re: residency in another EU country as an EU national

Post by ALKB » Sat Dec 21, 2019 11:24 am

bobo7991 wrote:
Sat Dec 21, 2019 10:11 am
Hello, I recently acquired a Portuguese citizenship via naturalization. I want to move to another EU country and there's something I can't really understand.

Generally from what I'm seeing, as an EU national I can enter any other EU country for 3 months and after which I would need to apply for residency. Now I currently don't work, I'm starting a new online business which will likely take a while to become profitable. I wish to live off investment money I have which is around 2000 usd a month. I can mostly find information for EU nationals who wish to seek employment.

Would it be possible for me to move to another EU country and live off my investment money? The country I'm currently thinking of is Hungary.
I did find this site from Sweden which says free of movement of all is ensured and you only need to prove sufficient resources, which is something I saw being repeated in other places too.

Could I move to Hungary just by way of proving self sufficiency or do I have to seek employment in order to stay?
Being self-sufficient is a form of exercising treaty rights, as is self-employment.

Depending on how Hungary's health system is set up you may or may not have to get private health insurance or may or may not have to pay to join the state system.

Be careful not to fall afoul of local laws!

If you have your own business and reside in Hungary you will get tax resident either at registering your residence or at a certain point after moving. So you need to register your business with all the relevant authorities and pay whatever taxes/social contributions are due in Hungary.
I am not a regulated immigration advisor. I am offering an opinion and not advice.

bobo7991
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Re: residency in another EU country as an EU national

Post by bobo7991 » Sat Dec 21, 2019 2:25 pm

Great! thank you. You seem like you know what you're talking about so if you don't mind I'd like to ask a couple more questions. I'm having difficulty finding out the tax rate for someone in my situation, someone deriving income through a rental property (which is located outside of Hungary). Do you happen to know anything about this?

Also I can't really find which amount of money would be considered self sufficient for Hungarian authorities. I'm guessing it probably varies on a case by case basis, but still would be nice to get a general direction.

Anyhow, thanks again

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ALKB
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Re: residency in another EU country as an EU national

Post by ALKB » Sat Dec 21, 2019 5:48 pm

bobo7991 wrote:
Sat Dec 21, 2019 2:25 pm
Great! thank you. You seem like you know what you're talking about so if you don't mind I'd like to ask a couple more questions. I'm having difficulty finding out the tax rate for someone in my situation, someone deriving income through a rental property (which is located outside of Hungary). Do you happen to know anything about this?

Also I can't really find which amount of money would be considered self sufficient for Hungarian authorities. I'm guessing it probably varies on a case by case basis, but still would be nice to get a general direction.

Anyhow, thanks again
I am afraid I know nothing about Hungarian domestic laws. As self-employed and receiving rental income you'd need a Hungarian tax accountant for sure.

What I told you applies to all EU countries.

If you, as a single person, have an income of 2000 USD per month you'd be fine for self-sufficiency in Germany, which has a much higher cost of living than Hungary, so I'd assume that it would be plenty to satisfy the Hungarian authorities.
I am not a regulated immigration advisor. I am offering an opinion and not advice.

bobo7991
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Re: residency in another EU country as an EU national

Post by bobo7991 » Sun Dec 22, 2019 1:24 am

Wonderful, thank you! Sounds like I should start contacting tax planners

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ALKB
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Re: residency in another EU country as an EU national

Post by ALKB » Sun Dec 22, 2019 4:09 pm

bobo7991 wrote:
Sun Dec 22, 2019 1:24 am
Wonderful, thank you! Sounds like I should start contacting tax planners
Just out of curiosity - why Hungary?
I am not a regulated immigration advisor. I am offering an opinion and not advice.

bobo7991
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Re: residency in another EU country as an EU national

Post by bobo7991 » Mon Dec 23, 2019 12:45 am

The business I'm working on is online, so I can pretty much run it from wherever I wish. There's a bunch of different factors as to why I chose Budapest, from cheap rent in central locations, to the fact that it's still a very large, cosmopolitan and impressive city. Also I genuinely enjoyed my time there in the past.

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ALKB
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Re: residency in another EU country as an EU national

Post by ALKB » Fri Dec 27, 2019 5:49 pm

bobo7991 wrote:
Mon Dec 23, 2019 12:45 am
The business I'm working on is online, so I can pretty much run it from wherever I wish. There's a bunch of different factors as to why I chose Budapest, from cheap rent in central locations, to the fact that it's still a very large, cosmopolitan and impressive city. Also I genuinely enjoyed my time there in the past.
Excellent, good to know that you've visited before. I have seen quite a few posts online about moving to Hungary only due to low cost of living but without any clue about the culture there, which I find a bit risky to do.

I hope you have a great time in Budapest!
I am not a regulated immigration advisor. I am offering an opinion and not advice.

bobo7991
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Re: residency in another EU country as an EU national

Post by bobo7991 » Sat Dec 28, 2019 8:55 am

Thank you!

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