A Comprehensive Guide to the Austrian Residency by Investment Program (Golden Visa)
The Austrian Residency by Investment program, also known as the Austrian Private Residence Program or Golden Visa, provides an Austrian residence permit enabling travel to all Schengen Area countries without requiring a visa. Initially, the residence permit is granted for one year and can be easily renewed. After ten years of legal residence, or after six years under specific circumstances, individuals may apply for Austrian citizenship.
Key Advantages to an Austrian Golden Visa
Benefits of an Austrian Golden Visa include:
- The opportunity to establish residence as an individual of independent means.
- Visa-free access to all Schengen Area countries in Europe.
- Eligibility for citizenship after 10 years of residency.
- An attractive lifestyle and a healthy living environment.
- Outstanding transport and communication infrastructure.
Key Requirements for the Austrian Golden Visa
Due to a strict annual quota of approximately 300 applicants, only a limited number will be selected. To obtain residence under the Austria Private Residence Program, applicants must meet the following criteria:
- Maintain a minimum of EUR 40,000 in liquid funds in a bank account, with the amount increasing based on family size.
- Provide evidence of permanent residential real estate (either purchased or leased) where they and their dependents will reside.
- Hold private healthcare insurance.
- Demonstrate German language proficiency at the A1 level.
Additionally, applicants must:
- Personally submit the required documentation to the Austrian consular or diplomatic representation in their current country of residence.
- Obtain a special visa from the Austrian embassy after their residence application is approved, allowing them to travel to Austria and collect their residence permit from the relevant authority.
Procedures and Timeframes for the Austrian Golden Visa
Given the strict quota limits for such residence permits, the timing of the application submission is crucial. During the application process, applicants must personally submit the required documentation to the Austrian consular or diplomatic representation in their current country of residence. Once the permit is approved, the applicant must obtain a special visa from the Austrian embassy, which permits them to travel to Austria and collect the residence permit from the appropriate authority.
There is a minimum processing time of one month, but approvals typically take about three months. After the residence permit is issued, it must be collected in person from the issuing authority in Austria. Additionally, all non-EU and non-EFTA citizens who plan to reside in Austria for more than 24 months are required to sign an integration agreement. The residence and settlement permits are issued in card form and can be renewed annually.
Frequently Asked Questions (FAQ)
What is the Austrian Residence by Investment, or Golden Visa program?
A limited program open to 300 applicants who can demonstrate EUR 40,000 in liquid funds, German language proficiency to the A1 level, private health insurance with full coverage across Austria and proof of residence.
What Investment options are available to obtain the Austrian Residence by Investment?
There are no investment requirements, however applicants must demonstrate a minimum of EUR 40,000 in liquid funds at their disposal.
What are the advantages to obtaining the Austrian Residence by Investment?
Benefits include the right to live and study in Austria, visa-free access to the Schengen Area in Europe, and access to high-quality healthcare and education.
Is there a minimum investment requirement for obtaining the Austrian Residence by Investment?
Applicants must demonstrate access to EUR 40,000 in liquid funds at their disposal in a personal bank account (though this figure may increase depending on family size).
What is the timeframe for processing an application?
Typically between 1-3 months from submitting the application to approval.
Can I include my family in the application?
Yes, applicants can include their spouse and dependent children in their application.
Are there any residency requirements for Austrian Residence by Investment?
Yes, applicants must reside within Austria for a minimum of 6 months per year to maintain their residency status.
What documentation will be required for the application process?
Requirements include:
- A valid passport
- Proof of health insurance
- Proficiency in German to A1 level
- Certificate of no criminal record
- Other supporting documents
Can you obtain Austrian Citizenship through the Private Residence Program?
Yes, after maintaining residence for a typically ten years (although in special circumstances this may be lower to six years), investors may be eligible to apply for Austrian citizenship.
What is the procedure for applying to the Austrian Residence by Investment Program?
Applicants are required to submit the necessary documents to the Austrian consulate or embassy. Once their application is approved, they must obtain a special visa and travel to Austria to collect their residence permit.