Important factors to consider in residence planning
Austria is one of the most attractive countries in the world to live in. An ideal combination of economic stability, a clean and safe environment, and an excellent infrastructure makes the country an outstanding place of residence. For persons of independent means as well as those who can qualify under the ‘key manager’ category, Austria offers the opportunity to become resident in an EU and Europe’s Schengen Area member country with minimal bureaucratic requirements.
An Austrian residence permit allows you to travel to all Europe’s Schengen Area states without a visa. A residence permit is initially issued for one year and can then be renewed without problems or interruptions. After 10 years of legal residence, and in certain circumstances after six years, it is possible to apply for Austrian citizenship.
Under the category of persons of independent means, 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, permanent accommodation in Austria, and health insurance that provides full cover in Austria. (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).
A spouse and children under 18 years can be included in an application. This residence permit is subject to a very low annual quota of approximately 300 applications per year.
Under the category of ‘key manager', the main criteria are that you must have been appointed as a manager of an Austria-based company and are employed at a minimum salary of EUR 2,500 per month. This amount corresponds to approximately EUR 800 per month in effective costs for taxes and social security contributions.
The processing time for applications under this category is normally not more than about three months. A spouse and children under 18 years can also be included in an application under this category.
For both categories, the residence permits can easily be renewed.
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 personal consultation.