Austria Residency by Investment

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.

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