We introduce a novel hybrid algorithm to simulate the real-time evolution of quantum systems using parameterized quantum circuits. The method, named "projected – Variational Quantum Dynamics" (p-VQD) realizes an iterative, global projection of the exact time evolution onto the parameterized manifold. In the small time-step limit, this is equivalent to the McLachlan's variational principle. Our approach is efficient in the sense that it exhibits an optimal linear scaling with the total number of variational parameters. Furthermore, it is global in the sense that it uses the variational principle to optimize all parameters at once. The global nature of our approach then significantly extends the scope of existing efficient variational methods...