It affects those receiving more than 7.2 million forint ($26,000) a year from overseas, ordering them to declare their "foreign" status on their websites and in all press kits and publications.
Government-backed billboard and media campaigns have already targeted Soros, while a questionnaire sent to households nationwide pressed support for the registration of foreign-funded NGOs.
Hungary defied the European Union and human rights groups on Tuesday by approving strict new rules for non-governmental organizations with foreign funding that further escalates Budapest's conflict with billionaire philanthropist George Soros.
Hungarys parliament has approved a law regulating civic groups which receive foreign funding.
Non-governmental organizations will also have to list any foreign sponsors giving them more than 500,000 forints ($1,800) a year.
The government of populist premier Viktor Orban says the measures are aimed at improving transparency as well as fighting money laundering and terrorism funding.
Though the government says it is trying to ensure greater transparency and protect Hungary from foreign influence, NGOs and human rights groups say the bill stigmatises NGOs and is meant to stifle independent voices in the central European country.
At the heart of the issue is the conflict between Orban and Hungarian-American financier George Soros, whose ideal of an "open society" is at odds with Orban's desire to turn Hungary into an "illiberal state".
Mr Orban's allies passed the new law as the EU launched legal action against Hungary, Poland and the Czech Republic for their refusal to accept quotas of refugees, and amid global condemnation of legal changes that threaten the Soros-funded Central European University in Budapest.
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"Foreign interest groups strive to take advantage of civil organisations".
"We would not be democracies without strong and free civil societies", he said in the most recent European Parliament debate on Hungary.
Global human rights groups have said the legislation seeks to stifle critical voices.
One of the NGOs affected, the Hungarian Civil Liberties Union (TASZ), said it would not comply with the law and would take any legal challenge to global courts.
Russian President Vladimir Putin, whose country will build and finance a big new nuclear power plant in central Hungary, is expected to visit Hungary for the second time this year for a judo world championship in August, his third visit in as many years.
The Venice Commission, a legal advisory body to the Council of Europe, a rights watchdog, said in its preliminary opinion that the law imposes "excessive obligations" on NGOs and "disproportionate sanctions", despite pursing legitimate aims.
The Open Society Foundations said the legislation was a "serious attack on Hungarian democracy" and called for the law to be reversed.
The EU parliament passed a resolution that called for the launch of the Article 7 procedure (rule of law mechanism) against Hungary to stop its backslide on democratic values.
The law "attacks Hungarians who help fellow citizens challenge corruption and arbitrary power", OSF director Goran Buldioski said.
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