Must – Know facts about Budapest, Hungary.
Budapest has a long history and some charming scenery
Budapest is the ancient capital of Hungary set on the banks of the mighty Danube. A UNESCO Heritage Site, the modern metropolis is cited as one of the most beautiful cities in Europe – Forbes ranked it Europe’s 7th most idyllic city - attracting over 4 million visitors per year. The 10th largest city in the EU, Budapest’s population is around 1.8 million people, with the metropolitan area home to over 3 million.
Transitioning to a market economy in the 1990’s Hungary is a high-income mixed economy, the 57th largest in the world with Budapest as its financial and business capital. Classed as an Alpha (-) world city, it is the 2nd fastest-developing urban economy in Europe. The country maintains its own currency the Hungarian Forint (HUF).
Market Liberalisation brought significant opportunities
Hungary’s transition from a centralised economy to a market economy has seen massive inward investment. The biggest beneficiary of this has been Budapest, which is home to a wide range of large employers – the city is a major centre for banking, finance and real estate. Moody’s and Bloomberg maintain a significant presence and the Central Bank of Hungary’s HQ can also be found in the city, meaning Budapest has numerous employment opportunities for Tax specialists and professionals. As well as employment opportunities, Hungary offers relatively strong remuneration packages for employees.
Hungary employs a flat rate of personal income tax
Part of Hungary’s appeals is its low rate of taxation, with a flat rate of 15% on personal income. The following contributions also apply generally:
Getting around the city
Getting around is easy and walking is probably the best option. However, there is a clean and efficient transport system in operation, connecting to surrounding areas.
Subway (Metro) – Budapest has three subway lines and the fourth one, Metro 4, is currently under construction. Most Budapestians travel by bus, with over 200 routes. Budapest is also served by urban train services and has many river boats and a ferry service across the Danube.
Standard of living in Hungary is constantly improving
Budapest ranks 227th for cost of living out of 378 global cities and a cost of living index of 45.59.
Average monthly rental price for a 1 bedroom city centre apartment is 460 EUR and a 3 bedroom is 860 EUR. Outside the city is cheaper, with a 1 bedroom averaging at 350 EUR and 600 EUR for a 3 bedroom.
There are numerous international schools for children of expats
Education in Hungary is predominantly public, run by the Ministry of Human resources. More information can be found here: https://www.ofi.hu/national-institute-of and here: http://www.oecd.org/education/Hungary-Profile.pdf
There are also numerous international schools for selection https://www.international-schools-database.com/in/budapest
With a vibrant nightlife, Budapest is one of Europe’s most visited cities
Budapest is a vibrant cultural hotspot, rich in history. Some notable attractions include the Hungarian state opera, Saint Stephen’s Basilica (named after the country’s first king) and the Hungarian national Gallery as well as the Danube palace.
The city also has a vibrant nightlife scene, with a significant student presence and annual influx of international visitors. A concentration of hotspots can be found in District 5, close to the administrative centre.
If you are interested in a move to Budapest or anywhere else in the world and would like to speak to Kingpin International about International Tax Opportunities, please contact a member of the team. Alternatively, please browse our current International Tax vacancies.