Wealthy foreigners can get an Austrian residence permit for financially independent persons. The permit allows its holder to live but not work in the country.
The main requirements for applicants are stable income, owned or rented housing in Austria and readiness to spend more than 183 days a year in the country. Another condition is to have basic proficiency in the German language.
Article 44 of the Settlement and Residence Act (Niederlassungs – und Aufenthaltsgesetz, NAG) regulates the issuance of residence permits for financially independent persons. There are quotas for this type of permit – about 450 per year. Once a family member gets one quota.
Applications are submitted to an Austrian consulate in any country or a magistrate in Austria by appointment. The deadline is the first working week of the year. The earlier your appointment, the higher your chance of getting a residence permit. Quotas are usually assigned within the first two days.
The first residence permit is valid for a year; after that, it can be extended. An investor can apply for a lifetime permanent residence permit after five years of living in Austria.
- Relocation to Austria
Residence permits allow investors and their family members to live in Austria, a developed country with high living standards, beautiful architecture and nature, and good ecology. To maintain residency, one must spend at least 183 days a year in Austria.
- Visa-free travel to Schengen countries
Austrian residents can use their residence permit cards to enter the Schengen countries without visas and spend up to 90 days out of 180 in the region. The time spent in Austria doesn’t count.
- Access to quality education and healthcare
Austria is consistently in the top 10 countries regarding the quality of healthcare services. Investors and their family members can get insurance treatment at Austrian clinics.
Graduation from an Austrian school paves the way to European universities. Besides, diplomas from Austrian universities are highly valued around the world. Minor children can get residence permits with the investor; thus, they won’t need a separate visa to study in the country.
- Prospect of Austria permanent residence permit and citizenship
After five years of living in the country with a residence permit, an investor can apply for Austria permanent residency. This lifetime status allows the holder to be employed and do business in Austria.
The next possible step after Austria’s permanent residence permit is citizenship. Permanent residents can apply for passports in 6-10 years if they meet several requirements. For example, they have succeeded in science, arts or business while living in Austria or shown a high level of integration into Austrian society. In other cases, one can apply for citizenship after 30 years of residing in the country.
Austria doesn’t allow dual citizenship. Thus, applicants must give up their other passports.
The family composition defines costs for obtaining Austrian residence permits as applicants get medical insurance and pay government fees.
The process takes 4-8 months.
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