Austria is one of Europe’s wealthiest countries, offering a very high quality of life to its people. With awe-inspiring natural attractions and a well-developed and stable economy, Austria makes for an outstanding place of residence.
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The combination of economic stability, a clean and safe environment, and an excellent infrastructure makes Austria an outstanding place of residence.
Advanced and well-developed
Austria is an attractive country, with its capital Vienna regularly ranked as having a very high quality of life. The combination of economic stability, a clean and safe environment, and an excellent infrastructure makes it an outstanding place of residence. The country has a vibrant culture and is home to many world-class museums, musical festivals, and impressive architecture. Austria also lays claim to beautiful natural attractions, from snow-capped mountains to a lush green countryside and lakes. Austria ranks among the European community’s richest countries. It has a well-developed economy, with the service sector contributing approximately two-thirds of the country’s GDP. The economy benefits from strong commercial relations with Central, Eastern, and Southeastern Europe.
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 to 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, 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.
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