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Posted by admin on March 15, 2023
Austria Residence Permit
For financially independent persons, without the right to work in the country
3+ months
Obtaining period
Beginning of January
Application deadline
183+ days a year
Mandatory residing in the country
A residence permit in Austria allows one to live in the country and travel the Schengen Area visa-free for 90 days in any 180. With this status, foreigners can reach a new quality of life and access better education and healthcare.
Financially independent persons may apply for an Austria residence permit without searching for a job or proving other significant reasons to relocate to the country. The permit allows its holder to live but not work in the country. The main requirements for applicants are a stable income, owned or rented housing in Austria and basic proficiency in German.
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. One family member gets one quota.
Applications are submitted to an Austrian consulate in any country or a magistrate in Austria by appointment on the first working days of the year. The earlier your appointment, the higher the chance of getting a residence permit. Quotas are usually assigned within the first two days.
The first residence permit is valid for a year and can be extended. One must spend 183+ days a year in Austria to retain the status. After five years of living in the country, one can apply for a lifetime permanent residence permit.
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Help with the choice
Second citizenship helps register a business abroad, open a corporate bank account, avoid currency control restrictions and expedite money transfers. Some jurisdictions also do not reveal beneficiaries’ personal data, protecting the investor’s privacy.
FAQS
Frequently Asked Questions About Austria Residence Permit:
Non-EU citizens can get a residence permit in Austria for employment, business, study, or other purposes. Wealthy people can get Austria residence permits for financially independent persons
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In 2022, European countries have toughened Due Diligence for applicants for residence permits, and applications are more often rejected. Therefore, it is essential to prepare for the application, for example, pass a preliminary Due Diligence to define and assess all possible risks in advance.
In the case of the Austria residence permit for financially independent persons, applicants must rent housing, buy medical insurance with full coverage, and pay government fees. The total expenses amount depends on the family composition
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Applicant must also prove their financial solvency: as the Austria residence permit for financially independent persons doesn’t grant the right to work in the country, the applicant must receive income from abroad. The minimum annual income for one applicant is €23,208. The amount must be transferred to an Austrian bank account after the application for a residence permit has been approved
No, you cannot. You should switch to another residence permit to open a company or find a job in Austria.
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After five years of living in Austria, a financially independent person can apply for an EU long-term residence permit. The lifelong Austria permanent residence permit allows the holder to work or do business in the country
It’s not quite easy as there are many applicants per few quotas. If we talk about the Austria residence permit for financially independent persons, only 450 quotas are allocated per year, where one applicant gets one quota.
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One applies for a residence permit at an Austrian consulate on the first working days of January. The documents must be submitted as early as possible to increase the chance of getting a quota.
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The documents are prepared in advance; it usually takes at least 2-3 months. That’s why it is recommended to contact a law or consulting company in September or even earlier.
Yes, it might be. Austria is a developed EU country with a high standard of a living, stable economy, quality healthcare and education, beautiful nature, and good ecology.
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Besides, new Austrian residents get the right to travel across the Schengen countries without visas, open accounts at reliable local banks, and get permanent residency or EU citizenship in future.