Important factors to consider in residence planning
Located in Central Europe, Austria borders Germany and the Czech Republic to the north, Slovakia and Hungary to the east, Slovenia and Italy to the south, and Switzerland and Liechtenstein to the west. The total area of this landlocked country is 84,000 km2 with only a quarter that is low-lying. The official language, German, is also the first language of 88.6 % of the population.
Austria is a parliamentary representative democracy consisting of nine federal states. It is one of six European countries that have declared permanent neutrality and includes the concept of everlasting neutrality in the constitution. Austria has been a member of the UN since 1955 and joined the EU in 1995. The country plays an active role in the Organization for Economic Co-operation and Development, the Organization for Security and Cooperation in Europe, and other international economic organizations.
Austria is the fourth wealthiest country within the EU, with a GDP per capita of approximately USD 51,559 (2018). Since becoming a member state of the EU, it has gained closer ties with other EU economies, reducing its economic dependence on Germany. Membership in the EU has also drawn an influx of foreign investors attracted by Austria’s access to the singular European market and proximity to EU aspirant economies. The country's service sector generates the vast majority of its GDP.
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.
Vienna has established itself as the gateway to the East and aims to expand trade and investment in the emerging markets of Central and Eastern Europe. Viennese law firms and banks are among the leading players in business with the new EU member states.
Henley & Partners Austria
Linke Wienzeile 8/14
T +43 1 361 6110