What “VIP status” is

On the stage of initial investment including the construction, It requires a permit, and the permit has been designated as the legal review period. Building permit is under control of jurisdiction by the local government, but usually 60 days after application is deemed as the deliberation period.

Hence VIP Status is a fast track system implementing to reduce the idle time for expediting whole procedure and support of overseas investment. The project are being managed by the central government are selection for VIP project are being stipulated through deliberation for each individual project.

When designated as a VIP Status Project, it is announced through the media including official Youtube of HIPA(https://www.youtube.com/c/HungarianInvestmentPromotionAgencyHIPA) and homepage, then deliberation period for obtaining permit is significantly shortened. So generally, the construction period can be shortened as by special treatment – Fast track However, VIP Status only shortens the deliberation period under administrative officers, It does not simplify either omit certain step for permits. Sometimes VIP Status is not necessarily considered advantage always because central government perform intensive review so that it may occur another submission for supplementary documents or modification of permits.

Therefore, it is necessary to decide whether to apply for VIP status by judging if the investment has a strict process of legal regulation such as environmental impact assessment, or whether there is a problem even if it is carried out easier by local government authority and relationship from beginning stage