Important factors to consider in residence planning
The Republic of Austria offers one of the highest standards of living in the world. Although one of the smaller states of Europe, it has a world-class capital Vienna, with a rich cultural and historic heritage. Austria also boasts a beautiful countryside with Alpine peaks and spectacular scenery. It is an excellent place to establish residence within the EU, and it is one of the only EU countries that have an established practice of offering citizenship and a passport to substantial investors without prior residence requirements, on the basis of a capital contribution in the country.
For persons of independent means, Austria offers the opportunity to become resident in the EU country, with minimal requirements. The key criteria are that you have sufficient funds, a university degree that is recognized in Austria or knowledge of the German language at A1 level, accommodation in Austria, and health insurance that provides full cover in the country. An Austrian residence permit allows you to travel to all Europe’s Schengen Area states without a visa. After ten years of legal residence, you may apply for Austrian citizenship.
§ 10 (6) of the Austrian Citizenship Act states that the government can reward foreign persons with citizenship in cases of extraordinary merit. This process may take various forms, including economic ones and can include capital contribution or other economic benefit brought to Austria. However, in Austria, citizenship is not granted on the basis of a capital contribution alone. The foreign investor must make an extraordinary contribution alongside their investment, such as bringing new technologies to the country or creating a substantial number of new jobs. Significant direct investment is generally required. Passive investments in government bonds or real estate, for example, do not qualify. Each case is handled on an individual basis. Click here to read more.
To establish yourself or your business in Austria, you will need to set up relationships with key partners such as lawyers, bankers, and government officials. As a client of our firm, you will be able to rely on us to provide you with the right advice but also to help you build a network of contacts, to take advantage of your new environment, and to achieve your goals.
The specialized services of Henley & Partners are a resource and a complement to other firms that advise international private clients. We regularly help law firms, private banks, family offices, and other wealth management professionals with the unique and specific details required by the relocation and immigration process for their clients.
Please contact us for more information on residence and citizenship in Austria for investors and financially independent individuals and their families or to arrange a private consultation.