Last updated: 3 September 2026
Hungary is one of the European countries with a dedicated long-term investment-account regime. A qualifying Tartós Befektetési Számla (TBSZ) can reduce personal income tax on investment returns after three years and eliminate it after five years. For contracts opened or renewed after 31 December 2024, early access can also trigger social contribution tax.
Hungarian residents can invest through domestic banks, local investment firms and international EEA brokers. They generally have access to Hungarian and international shares, bonds, investment funds and UCITS ETFs.
This guide is intended for individuals who are tax-resident in Hungary and invest privately. Broker availability, TBSZ support, fees and tax treatment can change, so the current terms and legal entity should be verified before opening an account.
The Investment Landscape in Hungary
Hungarian retail investors commonly use:
- ordinary securities accounts;
- TBSZ long-term investment accounts;
- domestic bank and investment-firm platforms;
- international online brokers;
- Hungarian government securities;
- UCITS ETFs and investment funds; and
- NYESZ pension savings accounts, which have separate conditions not covered in detail here.
The Magyar Nemzeti Bank (MNB) regulates and supervises the Hungarian financial system and provides consumer guidance. The National Tax and Customs Administration (NAV) administers personal taxation and TBSZ reporting.
Calculate Your Investment Taxes
Estimate a possible taxable result with the Hungary Capital Gains Tax Calculator.
The result is educational. Actual Hungarian tax depends on the type of income, whether a transaction qualifies as a controlled capital-market transaction, TBSZ age, social-contribution rules, foreign withholding and available tax equalisation.
Available Brokers for Hungary Residents
Hungarian residents can choose from international brokers, domestic platforms, traditional bank brokers and leveraged-product providers.
International Investment Brokers
| Broker | General availability | Stocks | ETFs | Fractional investing | Main point to verify |
|---|---|---|---|---|---|
| Interactive Brokers | Generally available | Yes | Yes | Yes, for eligible securities | Hungarian TBSZ and tax reporting |
| Trading 212 | Generally available | Yes | Yes | Yes | Invest account versus CFD account |
| XTB | Generally available | Product-dependent | Product-dependent | Product-dependent | Underlying securities versus CFDs |
| eToro | Generally available | Product-dependent | Product-dependent | Yes, for eligible instruments | Ownership versus CFD exposure |
| Saxo | Generally available | Yes | Yes | Limited | Entity, costs and TBSZ availability |
| Swissquote | Generally available through eligible EU service | Yes | Yes | Limited | Hungarian onboarding and protection scheme |
| Freedom24 | Generally available | Yes | Yes | Limited | Fees, custody and tax documentation |
| DEGIRO | Not currently confirmed | No reliable current onboarding | No reliable current onboarding | No | Hungary is absent from the published residence list reviewed |
| LYNX | Not currently confirmed | Verify | Verify | Verify | Current acceptance of Hungarian residents |
| Trade Republic | Not currently confirmed | Verify | Verify | Verify | Hungary is not among the confirmed markets reviewed |
“Generally available” does not guarantee acceptance of every applicant. Residence, citizenship, tax status and the provider’s compliance policy can affect onboarding.
Interactive Brokers
Interactive Brokers provides broad international market access and offers a Hungarian TBSZ solution for eligible residents. Users should confirm the TBSZ opening year, NAV reporting responsibilities, available products and whether specific fractional positions are eligible for transfer or TBSZ treatment.
Trading 212
Trading 212 offers an Invest account for eligible underlying shares and ETFs and a separate CFD service. The legal product shown in the order ticket determines whether the client owns a security or has derivative exposure.
XTB
XTB’s offering depends on the client entity and jurisdiction. Some instruments can be underlying shares or ETFs, while others are CFDs. Hungarian tax treatment should be based on the actual contract, not the name of the referenced asset.
eToro
eToro offers both securities exposure and CFDs. Ownership can depend on the instrument, leverage, order direction and serving entity. Investors should verify the position type and tax documentation before trading.
Saxo
Saxo provides international access to shares, ETFs, bonds and other instruments. Hungarian clients should confirm the contracting entity, currency and custody charges, and whether any advertised account qualifies as a Hungarian TBSZ.
Swissquote
Swissquote provides multi-market trading through regulated group entities. Hungarian applicants should verify the entity serving them, current onboarding, total costs and applicable compensation scheme.
Freedom24
Freedom24 offers international shares and ETFs. Prospective clients should review execution venues, custody, withdrawal and transfer fees and responsibility for Hungarian tax calculations.
DEGIRO, LYNX and Trade Republic
These providers should not be presented as reliably available to Hungarian residents without current confirmation. Country coverage changes, so a prospective applicant should use the provider’s official residence selector rather than an independent availability list.
Domestic Investment Platforms
| Provider | Type | Typical offering | Main point to verify |
|---|---|---|---|
| Equilor | Hungarian investment firm | Shares, bonds, funds, TBSZ and NYESZ | Minimums, tariff and market coverage |
| Lightyear | Digital investment platform with Hungarian TBSZ | Shares, ETFs and TBSZ functionality | Instrument availability and transfer rules |
| Concorde Securities | Hungarian investment firm | Brokerage, investment services and portfolio solutions | Retail service level and fees |
| Erste Befektetési Zrt. | Hungarian investment firm within Erste Group | Domestic and international securities, TBSZ and NYESZ | Account pricing and Erste integration |
| K&H Értékpapír | Hungarian branch investment service | Securities, ETFs and account services | Belgian protection scheme and TBSZ terms |
Equilor
Equilor is a Hungarian investment firm offering domestic and international securities services and tax-advantaged account types. Investors should review the current minimum opening amount, custody fees and trading-market coverage.
Lightyear
Lightyear provides app-based investing and a Hungarian TBSZ product. A foreign or digitally delivered TBSZ must still satisfy Hungarian statutory and notification requirements; users should keep the contract and NAV confirmation.
Concorde Securities
Concorde provides Hungarian brokerage and broader investment services. Prospective retail clients should verify the available account types, execution access, advisory status and current tariff.
Erste Befektetési Zrt.
Erste’s Hungarian investment firm offers securities accounts, TBSZ and NYESZ services with access to domestic and foreign markets. Account, custody and transaction charges vary by service.
K&H Értékpapír
K&H Értékpapír operates through the Hungarian branch of KBC Securities. Investors should note that compensation arrangements can follow the Belgian home-state scheme rather than Hungary’s BEVA and should verify the precise contractual documents.
Traditional Bank Brokers
| Bank or banking group | Brokerage model | Typical investment access | Main point to verify |
|---|---|---|---|
| OTP Bank / OTP securities services | Brokerage integrated with Hungarian banking | Hungarian and international securities, funds and TBSZ | Tariff, custody and available exchanges |
| Erste Bank / Erste Befektetési Zrt. | Bank group with specialist investment firm | Shares, bonds, funds, TBSZ and NYESZ | Which group company holds the account |
| K&H Bank / K&H Értékpapír | Bank group and investment-services branch | Securities, ETFs, funds and TBSZ | Home-state compensation arrangement |
| UniCredit Bank Hungary | Bank-based securities service | Shares, bonds, funds and TBSZ | Product range and custody fees |
| MBH Bank | Integrated bank investment service | Domestic securities, funds and savings products | Direct brokerage scope and pricing |
Traditional bank brokers can simplify cash transfers, Hungarian-language service and domestic tax paperwork. Convenience should be compared with order commissions, custody charges, foreign-market access, currency conversion and TBSZ fees.
CFD and Forex Brokers
| Provider | General availability | Main point to verify |
|---|---|---|
| XTB | Generally available | CFDs versus underlying securities |
| IG | Generally available | Primarily leveraged products |
| CMC Markets | Generally available | CFD-focused service |
| Plus500 | Generally available | CFD-focused service |
| Pepperstone | Generally available | Forex and CFD focus |
| AvaTrade | Generally available | Forex and CFD focus |
| Admirals | Generally available | Products depend on entity |
| FP Markets | Verify onboarding | Entity and cross-border permission |
| Trading.com | Verify onboarding | EEA entity and Hungarian product availability |
| eToro | Generally available | CFD versus underlying exposure |
CFDs are leveraged derivatives rather than ownership of the referenced shares or ETFs. EU retail measures include leverage limits, margin close-out, negative-balance protection and standardised warnings, but losses can occur rapidly.
ETF Investing from Hungary
Which ETFs Are Available?
Hungarian residents generally have access to:
- Ireland- and Luxembourg-domiciled UCITS ETFs;
- accumulating and distributing share classes;
- global, regional, bond, sector and thematic ETFs;
- ETFs through ordinary securities accounts; and
- eligible ETFs inside a provider’s TBSZ product range.
UCITS status does not guarantee capital or favourable tax by itself. Investors should assess index construction, domicile, replication, fund size, costs, spread, currency exposure and distribution policy.
Can Hungarian Residents Buy US-Domiciled ETFs?
Most Hungarian retail investors cannot purchase most US-domiciled ETFs through an EU-regulated broker. The EU PRIIPs Regulation generally requires a Key Information Document before a packaged product is offered to a retail client. The distributor must also satisfy the applicable language requirement; for the Hungarian market that normally means Hungarian-language retail documentation.
Many US ETF issuers do not produce a compliant KID. Investors can instead use UCITS funds tracking comparable indices. Professional-client access can differ, but professional classification is subject to regulatory criteria.
Examples of Broad-Market UCITS ETFs
| ETF | ISIN | Exposure |
|---|---|---|
| iShares Core MSCI World UCITS ETF | IE00B4L5Y983 | Developed markets |
| Vanguard FTSE All-World UCITS ETF Acc | IE00BK5BQT80 | Global developed and emerging markets |
| Vanguard FTSE All-World UCITS ETF Dist | IE00B3RBWM25 | Global developed and emerging markets |
| iShares Core S&P 500 UCITS ETF | IE00B5BMR087 | Large US companies |
| Xtrackers MSCI Emerging Markets UCITS ETF | IE00BTJRMP35 | Emerging markets |
These are examples, not recommendations or a verified ranking of Hungarian investor ownership. Confirm the exact share class by ISIN and check whether the provider permits it inside the chosen TBSZ.
Tax Treatment of ETFs
Ordinary Taxable Account
The tax result depends on how the return is classified. A sale through a qualifying broker and market may be a controlled capital-market transaction (ellenőrzött tőkepiaci ügylet, ETÜ), in which annual net profit is generally subject to 15% personal income tax. It is incorrect to add 13% social contribution tax automatically to every share or ETF capital gain.
ETF cash distributions require classification as dividends, interest income or another income type. The classification determines whether social contribution tax and any cap apply.
Accumulating ETFs
An accumulating ETF reinvests fund income. An investor generally has no cash distribution merely because the fund reinvests income, but a later disposal can create taxable ETÜ income or another form of capital gain depending on the transaction and provider.
Distributing ETFs
A distributing ETF pays cash to the investor. The payment is not automatically treated the same way as a share-sale gain. The fund’s legal form, domicile, documentation and payment character should be checked.
ETF Held in a TBSZ
Eligible ETF income and disposal gains retained within a correctly operated TBSZ can benefit from the TBSZ rates. Foreign withholding suffered before income reaches the account is not erased by the Hungarian TBSZ exemption and may not always be recoverable.
Opening an Investment Account
1. Choose an Ordinary Account or TBSZ
A TBSZ is designed for money that can remain committed for several years. An ordinary account offers greater withdrawal flexibility but does not receive the TBSZ maturity exemption.
2. Compare Providers
Consider TBSZ support, available markets, eligible ETFs, custody, transaction and currency costs, Hungarian tax reports, account transfer rules and investor protection.
3. Prepare Documents
Providers generally request identity documents, proof of address, Hungarian tax identification, tax-residence information, contact details and a linked bank account.
4. Complete Verification and Fund the Account
The provider performs identity and anti-money-laundering checks. A TBSZ requires an initial contribution of at least HUF 25,000 or the foreign-currency equivalent. Additional contributions are possible only during the collection year.
5. Keep Tax and Account Records
Retain the TBSZ contract, opening and contribution records, NAV notification, statements, trade confirmations, distribution data and evidence of foreign tax.
Tax Implications for Investors
Controlled Capital-Market Transactions
Where the statutory ETÜ requirements are met, taxable income is the year’s aggregate realised transaction profits minus aggregate realised transaction losses and eligible broker fees. The positive annual result is generally taxed at 15% personal income tax.
The provider, transaction and information-exchange conditions matter. A trade should not be assumed to qualify merely because it occurred through an online broker.
ETÜ Losses and Tax Equalisation
If properly declared, an annual ETÜ loss can support tax equalisation against ETÜ tax for the loss year or the following two years under the applicable calculation. NAV’s return guidance confirms the two-year lookback mechanism.
This is not a general deduction against salary or unrelated income. Losses must be reported in the relevant annual return to preserve their use.
Dividends
Dividend income is generally subject to 15% personal income tax. A 13% social contribution tax (szocho) can also apply until the individual reaches the annual statutory contribution ceiling from income counted toward that ceiling.
Foreign tax can be credited only within Hungarian statutory and treaty limits. Excess withholding is not necessarily recoverable through the Hungarian return.
Interest Income
Interest income is generally subject to 15% personal income tax. Under the rules introduced from 1 July 2023 and still described in NAV’s 2026 guidance, many covered interest returns also bear 13% szocho, generally without the annual ceiling that applies to certain other income. Exceptions include specified Hungarian retail government securities and other legislatively excluded returns.
NAV explains the additional charge in its interest-income szocho guidance.
US Dividends After Treaty Termination
The United States–Hungary income-tax treaty no longer applies to withholding payments made from 1 January 2024. The US Internal Revenue Service states that withholding agents may not accept treaty claims for payments made on or after that date.
Consequently, a Hungarian resident receiving a direct US-source dividend can face the US statutory 30% withholding rate rather than the former treaty rate. Hungarian credit and additional-tax treatment must be assessed under domestic law, and the inability to use the former treaty can make direct US dividend shares less tax-efficient.
Worldwide Income and Foreign Brokers
Hungarian tax residents are generally taxable on worldwide income. A foreign broker may provide statements without calculating the Hungarian ETÜ result, szocho, tax credits or TBSZ consequences. Missing items must be added to NAV’s draft return.
The annual personal income-tax filing and payment deadline is generally 20 May following the tax year. The draft return must still be reviewed and supplemented where foreign investment information is absent.
For a broader overview, see the Hungary Tax Guide.
TBSZ: Hungary’s Long-Term Investment Account
Collection Year and Holding Period
The calendar year in which a TBSZ is opened is the collection year. Contributions can be made until 31 December of that year; new external contributions cannot normally be added during the later holding period.
For a TBSZ opened in 2026:
| Stage | Date | Consequence if conditions are met |
|---|---|---|
| Collection year ends | 31 December 2026 | External contribution window closes |
| Three-year holding point | 31 December 2029 | Reduced tax may apply; statutory partial continuation is possible |
| Five-year maturity | 31 December 2031 | Qualifying TBSZ return can become tax-free |
This means “five-year TBSZ” can involve almost six calendar years for money contributed early in the collection year.
Tax Rates for a Post-2024 TBSZ
For a TBSZ contract opened or renewed after 31 December 2024, the general rates on qualifying TBSZ return are:
| When the commitment ends | Personal income tax | Szocho | Combined headline rate |
|---|---|---|---|
| Before the three-year point | 15% | 13% | 28% |
| At or after three years but before five-year maturity | 10% | 8% | 18% |
| At five-year maturity | 0% | 0% | 0% |
NAV confirms that the new szocho obligation applies to contracts entered into or renewed after 31 December 2024 in its official TBSZ szocho guidance.
TBSZ contracts opened or renewed by 31 December 2024 are not automatically subject to the new early-access szocho rule. The account vintage must therefore be identified before calculating tax.
Withdrawals and Partial Continuation
Removing cash or securities before an allowed point generally breaks the commitment and crystallises the TBSZ return. At the three-year point, the holder can generally withdraw part and continue the remainder if the statutory and provider procedures are followed. A casual partial withdrawal at another time should not be assumed permissible.
Foreign-Provider TBSZ Notification
A TBSZ held with a foreign investment provider must be reported to NAV. NAV states that the contract and amount initially contributed must be notified within 30 days of the first contribution. A qualifying TBSZ transfer involving a foreign provider also has a 30-day notification requirement.
The current electronic route is available through NAV’s TBSZ notification page. Failure to notify correctly can jeopardise the intended treatment, so evidence of submission should be retained.
TBSZ Does Not Eliminate Foreign Withholding
The Hungarian exemption applies to qualifying TBSZ return. It does not force a foreign country to refund tax withheld before a dividend reaches the account. This is particularly relevant to US dividends after treaty termination.
Regulation and Investor Protection
Magyar Nemzeti Bank
The MNB supervises Hungarian banks, investment firms and markets and maintains an institution search. EEA firms operating cross-border are generally primarily supervised by their home authority.
The legal entity and compensation scheme should be checked, not inferred from a Hungarian-language interface or local marketing.
BEVA Investor Compensation
For eligible claims where a BEVA-member provider cannot return client money or securities, compensation is available up to €100,000 per investor per member. MNB explains that the first HUF 1 million is compensated at 100%, with 90% compensation above that amount up to the overall ceiling. See MNB’s investor-protection guidance.
BEVA does not cover market-price losses or issuer insolvency. An EEA broker or Hungarian branch can belong to a home-state scheme instead of BEVA.
Deposit Protection
Eligible bank deposits are generally protected up to €100,000 per depositor per bank through the National Deposit Insurance Fund (OBA). This protection concerns covered deposits, not the market value of shares, ETFs or bonds.
Asset Segregation
Regulated investment providers must safeguard client assets under applicable rules. Segregation reduces the risk that securities become part of the firm’s own estate but does not eliminate custody, fraud, reconciliation or recovery risk.
Is Hungary a Good Base for Investors?
Hungary can be highly attractive to long-term investors who can use a TBSZ correctly, but ordinary-account income classification and foreign withholding require care.
Advantages
- TBSZ exemption after five years;
- reduced TBSZ rates after the three-year point;
- access to domestic and international brokers;
- broad availability of UCITS ETFs;
- Hungarian bank and independent investment platforms;
- 15% tax on qualifying ETÜ net income; and
- BEVA investor compensation up to €100,000 for eligible claims.
Disadvantages
- post-2024 TBSZ contracts face szocho on early access;
- the collection-year structure extends the practical commitment period;
- foreign TBSZ notification is time-sensitive;
- ordinary dividends and many interest returns can bear szocho;
- US treaty termination creates high withholding on direct US dividends;
- some major European neo-brokers are not confirmed as available; and
- most US-domiciled ETFs remain unavailable to retail clients.
Suitable Investor Types
Hungary may suit long-term ETF and share investors who can leave assets within a TBSZ, residents using Hungarian providers for easier reporting and investors willing to manage the collection-year and maturity rules. It is less suitable for money likely to be withdrawn early or for strategies heavily dependent on direct US dividends.
Compare Hungary With Other Countries
Use the EU Cost of Living Comparison to compare household costs or the European Relocation Calculator to examine wider country trade-offs.
Conclusion
Hungary’s TBSZ is one of Europe’s strongest long-term retail investment incentives, potentially reducing qualifying Hungarian tax to zero at maturity. That benefit depends on correct opening, notification, contribution timing and withdrawal discipline.
Outside a TBSZ, not every investment return is taxed at a simple combined 28%. Controlled capital-market gains, dividends and interest have different rules, while foreign withholding—especially on US dividends—can materially alter the result.
Related Hungary Guides and Calculators
Hungary Guides
Hungary Calculators
European Tools
Disclaimer
This guide is for general educational information only and is not investment, tax, legal or financial advice. Hungarian tax treatment depends on tax residence, income classification, broker and market status, TBSZ vintage, foreign withholding and individual circumstances. Broker availability, products, fees and regulations can change. Verify current information with the provider, MNB, NAV or a qualified adviser before acting.
Matias Buće has a formal background in administrative law and more than ten years of experience studying global markets, forex trading, and personal finance. His legal training shapes his approach to investing — with a focus on regulation, structure, and risk management. At Finorum, he writes about a broad range of financial topics, from European ETFs to practical personal finance strategies for everyday investors.
Sources & References
EU regulations & taxation
- European Commission / Taxation & Customs — PRIIPs Regulation
- Irs.gov — US Internal Revenue Service
- Nav.gov.hu — National Tax and Customs Administration (NAV)
