Austria offers third country nationals a number of avenues for obtaining permanent residency. In essence, you and your family can gain lawful residency in Austria by making a meaningful investment or otherwise significant economic or intellectual property contribution to the country. Alternatively, economic self-sufficiency can also be used as a basis upon which to apply for Austrian temporary residency and eventual PR status.

• The Self-Employed Key Workers Residence Visa Programme: Applicants can obtain Austrian residency on the basis of self-employment within a self-owned and managed Austrian company. A key criterion for this route is that the applicant, through his or her business, must create macro-economic benefit that transcends the company’s operational and financial benefit.

In order to apply for the so-called Red-White-Red residency card, you’ll need to:

• Make a capital investment of no less than €100,000 into a business which you’ll work in as the owner-manager, or;

• Be able to prove that your business is creating new jobs for Austrian nationals, or preserving existing jobs for Austrians, or;

• Your business will facilitate in-demand skills and know-how, or the introduction of new technologies, as per governmental guidelines, or;

• Your business will deliver significant benefit to the entire Austrian region in which it is situated, beyond the operational and financial benefit created for the company.

You will be required to pay yourself a minimum salary of €2,500 per month, which should see you spending approximately €900 per month in effective costs on social security contributions and taxes. In addition, you’ll be expected to have an internationally recognised university degree (minimum 4-year qualification), and German language proficiency at A1 level. Comprehensive all-risk health insurance is also a prerequisite.

Also be sure to compare the Slovenian and Hungarian Residency By Business Investment Programmes, both with viable investments starting from €150,000.

• The Startup Founders Residence Visa Programme: In order to apply for this residency visa category, you’ll have to establish an Austrian company with a view to develop and launch innovative, technology focussed products, processes or services. You’ll be expected to personally manage the startup company, after having made a capital investment of no less than €50,000 in this new business, with an equity share of no less than 50%.

Additionally, you’ll be expected to score at least 50 points on the programme’s points-based scoring system for prospective applicants.

• The Financial Self-Sufficiency Residence Visa Programme: This route is formally referred to as the Austrian Settlement Permit – Gainful Employment Excepted, though it is also known as the Austrian Residency for Private Purposes. This residency programme allows retired or financially independent individuals to obtain Austrian residency without being employed, provided that they are able to prove monthly income equal to at least twice the minimum amount prescribed by the Austrian General Social Insurance Act (ASVG).

You will be expected to prove having liquid assets of at least €40,000 per adult, and €10,000 per child under the age of 18 years. In addition, you’ll have to buy comprehensive health insurance, covering all risks, and you’ll have to be domiciled in Austria. Your spouse and children under the age of 18 can be included in the application. Please note, however, that this programme is subject to very low annual quotas.

These immigration programmes are administered by the Department of Migration of Austria, and is regulated by the Settlement and Residency Act.

STRATEGIC LOCATION: Centrally situated in continental Europe, Austria is the perfect location for launching your startup venture or new business. Air and rail connectivity is excellent, with picturesque cities such as Prague, Rome and Geneva only a short trip away.

QUALITY OF LIFE: In terms of quality of life, Austria is consistently ranked as one of the top countries in the world. Boasting stunning natural scenery, excellent air quality and affordable, state of the art public transport, the country is ranked highly as a place to live by expats and locals alike. Vienna is a cosmopolitan melting pot, and in terms of things to see and do, there is no shortage in the city and surrounds. In addition, it has a reputation as one of the safest countries in the world.

LOW COST OF LIVING: Rental costs in its capital, Vienna, can be up to 75% cheaper than in cities such as London, and the overall cost of living is low.

AFFORDABLE PROPERTY: Compared with a number of other popular European retirement destinations, property in Austria is relatively affordable.

DISCLAIMER: The above information is intended as general guidance only. While every reasonable step has been taken to ensure the accuracy, this cannot be guaranteed. Always consult an area specialist before making any decisions pertaining to your residency by investment application. Neither the above information, nor any other information published on this site, constitutes an offer to sell securities of any kind. Prospective investors should familiarise themselves with the potential risks and implications associated with foreign citizenship. Furthermore, past market performance cannot not be treated as reliably indicative of future performance. Neither the publishers of this site, nor their associates and affiliates, will be liable for any losses, whatsoever, suffered as a result of reliance on the above information. All rights reserved.