One of Europe’s wealthiest countries, Austria offers supreme quality of life to the people there. With the breathtaking natural attractions and the architecturally designed buildings, the and stable economy, Austell is an outstanding place for a resident purpose.
An attractive country offering tons for everyone, Austria with its capital Vienna has been ranked for its very high quality of life. There is no quest about the economic stability of Austria as well as the clean and safe environment that it offers the residents, bringing people closer to their dream of living here. The country is known for its very vibrant culture and has therefore become a home to many world-class museums, musical festivals, and impressive architecture.
But that isn’t just enough, because Austria also claims all the beautiful natural attractions, from snow-capped mountains a lush green countryside and lakes. Ranking among Europe’s richest countries, Austria has a very well-developed economy, with the service sector contributing approximately two-thirds of the country’s GDP. Needless to say, the economy benefits a great deal from the strong commercial relations that they hold with Central, Eastern, and Southeastern Europe.
For anyone who wants to establish residence within the EU, Austria is the country to choose, and it is one of the only EU countries that has an established practice of offering citizenship and a passport to a considerable number of investors without the prior requirement of a resident based on a capital contribution to the country – something that further makes the country a favourable choice for everyone wishing for citizenship here.
For people of independent means, Austria proposes a tremendous opportunity to become residents in the EU country, with absolutely minimal requirements. The key criteria are that you should have sufficient funds, knowledge of the German language at A1 level, accommodation in Austria, and health insurance that provides full cover in the country.
What this means is that an Austrian residence will permit you to travel to all of Europe’s Schengen Area states without a need for a visa. Furthermore, after a decade of your legal residence in the country, you may even apply for Austrian citizenship.
For your information, the 10 (6) of the Austrian Citizenship Act states that the government can reward foreigners with citizenship in a case of extraordinary merit. While the said process may take various forms, including economic ones and may even include some capital contribution or other economic benefit brought to Austria, yet this is something that can be of consideration.
What you need to know is that in Austria the citizenship is not granted on the basis of any capital contribution alone and there are other factors involved too, such as the foreign investor must make an extraordinary contribution alongside their investment, like introducing a new technology to the country or creating a substantial number of new jobs for the already people there. Passive investments in government bonds or real estate, for example, do not qualify. Each case is handled on an individual basis and that is something to note.
If you are an Austrian citizen, you are free to live and work there and anywhere else in the EU at any time.
You may find it interesting to know that the Austrian passport seems to have a very high level of respect around the world and provides a very wide range of visa-free or visa-on-arrival travel options, including visa-free admission to the United States of America. The Austrian passport is undoubtedly one of the most reliable and significant travel papers in the entire globe.
When you acquire citizenship under the Austrian Citizenship Act, you and your family enjoy complete citizenship for life, which can be passed on to future generations by descent and allow them to lead the same quality of life as you.
Under the citizenship by investment provisions for Austria, a candidate must make substantial investments in the Austrian economy. This can be in the form of a joint venture or even a direct investment in any business that creates jobs or generates new export sales. Significant direct investment is generally required and that is something the applicants should keep in mind. Passive investments in government bonds or real estate, for example, do not qualify.
Furthermore, to standard documentary requirements (such as passports, birth, and marriage certificates), a completely clean personal record (certificate of no criminal record), a comprehensive CV, and business background information, as well as impeccable references must all be available and provided by all applicants at the time when asked for.
The Austrian Citizenship Act usually requires the primary applicant to abandon their current citizenship as a precondition before being granted Austrian citizenship. However, in the case of a grant of citizenship under the provisions of Article 10 (6) of the Citizenship Act, the former citizenship can be legally maintained, that is, the applicant may not be required to give up their present citizenship.
The grant of citizenship for Austria on the basis of a capital contribution consists of a range of procedures. Additionally, it requires the government’s approval at several levels for complete processing and a successful result. It is essential that the applicant is clearly advised from the beginning, that each individual case is carefully prepared, and that informal approvals from the key ministries are obtained before the investment is actually made and the formal application process is initiated.
Passport on Tap has been working in the field for a couple of years now and has professionals who not only carry out the process for you but also advise you on suitable capital contribution opportunities, liaise with the various government agencies and ministries, and, finally, prepare and lodge the documents that will help in making your application for citizenship a really strong one.
For a complete check, the procedure involves a thorough background check. Citizenship documents are issued only after the citizenship application has been approved.
Usually, the average time frame for an application to the process lies between 24 and 36 months, right from when the documentation is done to the final citizenship received. Successful applicants receive full citizenship of the Republic of Austria by the decision of the Government of Austria and can apply for a passport immediately afterwards. Passports are issued within a few days.
The grant of citizenship is not published and not reported to any other country because it falls within the government provisions relating to the privacy of official secrets of the individuals here.
Austria has forever been acclaimed as an outstanding destination to take up residence. As or the German-speaking persons of independent means (who cannot take up gainful employment in the country), Austria provides an additional opportunity to become resident in an EU member state and gain visa-free access to Europe’s Schengen Area through certain strict requirements.
What makes Austrian residence a great thing is that it permits you to travel to all of Europe’s Schengen Area states without the need for a visa. A residence permit is primarily issued for one year and can then be renewed without problems or interruptions as the need may arise. In addition, after 10 years of legal residence, and in certain circumstances, after six years), it is possible to apply for Austrian citizenship as well.
The thing about Austrian citizenship is this – only a select number of applicants will be chosen, due to the strict annual quota of around 300 individuals in place. This means in order to attain residence under the Austrian Private Residence Program, the applicants must fulfil all the following requirements.
Have Financial Independent Means: A minimum of EUR 40,000 in liquid funds on a bank account, the amount of which will increase depending on the size of the primary applicant’s family.
Proof of Permanent Residential Real Estate: Either purchased or leased, where the applicant and the dependents will live.
Full-cover health insurance
Documented German language skills (at A1 level).
These are definitely not all and the applicants will also be required to –
During the entire process of applying for the Austrian citizenship, the applicants are required to personally submit all the important documents to the Austrian consular or diplomatic representation in their current country of residence.
It is usually due to the strict quota constraints for some residence permits that the overall timeline of the submission may vary considerably. However, once the permit has been issued, the applicant is required to collect a special visa at the Austrian embassy, which will then allow the applicant to travel to Austria in order to collect the residence permit at the relevant authority.
While there is a minimum processing period of one month, yet it is imperative to be aware of the fact that the applications may take three months for the final approval. Once the residence permit is issued, the applicant needs to ensure that it is collected only in person from the issuing authority in Austria.
In addition, all non-EU and non-EFTA citizens are additionally required to sign an integration agreement if they will be residing in Austria for more than 24 months. The residence and settlement permits are issued in the form of a card and can be renewed each year.
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