LOCATION: Central Europe
LANGUAGES SPOKEN: English, German
NEAREST AIRPORT: Vienna International Airport
MAJOR INDUSTRIES: Food, Tourism
Austria is one of the richest nations in the world and a prime destination for entrepreneurs, investors, educated professionals from across the world. Austria routinely records the highest levels of immigration every year. For those arriving in Austria to live and work, the country promises a safe, clean, and stable environment. An excellent infrastructure makes Austria an outstanding place of residence. Austria’s economy relies on its export market, with main exports including machinery and equipment, motor vehicles and parts, paper and paperboard, metal goods, chemicals, iron and steel, textiles, and food stuffs.
Austria’s Residence-by-Investment program is among the most attractive programs in the European Union. As a centrally located Schengen area member country, Austria offers easy access to the European continent. A residence permit is initially issued for one year and can then be renewed annually without problems or interruptions. After 10 years of legal residence, and in certain circumstances after seven years, it is possible to apply for Austrian citizenship.
AUSTRIA RESIDENCE BY INVESTMENT PROGRAM
This route to immigration depends on an applicant’s ability to support themselves with their liquid funds, have a university degree that is recognized in Austria or knowledge of the German language at A1 level, permanent accommodation in Austria, health insurance that provides full cover in Austria and no criminal record. (Under the sufficient funds criterion, you must be able to show liquid assets at your disposal of about EUR 40,000 per adult and EUR 10,000 per child below 18 years. These assets should be in the form of a statement of account from an Austrian or major international bank). Applicants do not receive a work permit under this program and must rely on their independent means to support their livelihood.
Immigrant entrepreneurs can live and work in Austria if they can prove their ability to set up a viable business in the country. Austrian immigration authorities decide each application on a caseby-case basis. There is no fixed quote or set criteria, which means the viability and value of the business proposition must be explained in negotiations with authorities. The higher the investment the better the chances of approval. A potential for job creation is also an integral part of the application. New applicants have to invest at least €150,000 in their new venture. English and/or German language skills are required. Holding a university diploma increases the chances and young entrepreneurs have better prospects for a successful application. A meticulous and thorough business plan is required as part of this application. Many potential applicants prefer hiring an expert business consultant with local expertise to develop this business plan to maximize success.
Conditions to obtain Austrian Residency:
No criminal record
A property to live in
Knowledge of the German language
Key Advantages of Austrian Residence by Investment:
Austrian residency gives the right to live year-round in Austria, and also visit other countries in the Schengen area visa-free.
A residency permit is granted at the same time to both the main investor and members of his/her family, including dependent children.
Austrian residency for financial independent applicants does not oblige him to reside in Austria year-round, and thus he can choose in which country he wish to be a tax resident.
Living in Austria on the basis of a residency permit will give an opportunity to later apply for permanent residency and Austrian citizenship.