Austria Overview
The Republic of Austria offers one of the highest living standards in the world. Although one of the smaller states of Europe, it has a world-class capital, Vienna, with a rich cultural and historic heritage. But Austria also boasts beautiful countryside with Alpine peaks and spectacular scenery. It is an excellent place to establish residence within the European Union and is the only EU country besides Slovakia with an established practice of offering citizenship and a passport to substantial investors without prior residence requirements on the basis of investment in the country.
Citizenship-by-Investment
Section 10 (6) of the Austrian Citizenship Act states that the government can reward foreign persons with citizenship in cases of extraordinary merit. This may take various forms, including economic ones, and can include investment or other economic benefit brought to Austria. However, citizenship is not granted on the basis of investment alone. The foreign investor must make an extraordinary contribution alongside his investment, such as bringing new technologies to the country or creating a substantial number of new jobs. Significant direct investment is generally required. Passive investments in government bonds, real estate, etc. do not qualify. Each case is handled on an individual basis.
Key Advantages of Austria
- Possibility of establishing residence as a person of independent means
- Austrian residence permit gives visa-free access to all Schengen States
- Under Citizenship-by-Investment no need to spend any particular time actually residing in Austria
- Citizenship may be available after 10 years of residence
- Citizenship-by-Investment possible without prior residence for substantial investors
- Attractive lifestyle and healthy environment
- Excellent transport and communications
Citizenship in Austria
Background and Legal Considerations
Several countries have adopted provisions that allow the acquisition of citizenship on the basis of an investment and/or a direct contribution to the state as a means of development of the country. In Austria, Art. 10 (6) of the Austrian Citizenship Act states that the government can reward foreign persons with citizenship in the event of extraordinary merit. This may take various forms, including economic ones, and can include investment or other economic benefit brought to Austria. However, citizenship is not granted on the basis of investment alone. The foreign investor must make an extraordinary contribution alongside his investment, such as bringing new technologies to the country or creating a substantial number of new jobs.
Requirements
Under the citizenship-by-investment provisions, an applicant is required to invest actively in the Austrian economy, for example in the form of a joint venture or direct investment in a business that creates jobs or generates new export sales. Significant direct investment is generally required. Passive investments in government bonds, real estate, etc. do not qualify.
In addition to standard documentary requirements (passports, birth and marriage certificates, etc.), a completely clean personal record (certificate of no criminal record), a comprehensive CV and business background information as well as impeccable references must be provided by all applicants.
The Austrian Citizenship Act generally requires the applicant to abandon his current citizenship as a precondition for being granted Austrian citizenship. However, in case of a grant of citizenship under the provisions of Art. 10 (6) of the Citizenship Act, the former citizenship can be legally maintained, i.e. the applicant is not required to give up his present citizenship.
Procedure
The grant of citizenship on the basis of an investment involves various procedures and requires Government approval at several levels. It is therefore essential that the applicant is properly 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 made and the formal application process is started.
As with other citizenship programs, the procedure involves a thorough background check, and applicants are normally required to attend an interview in Austria. Citizenship documents are issued after the citizenship application has been approved.
The average time frame for an application is 24 – 36 months. Successful applicants receive full citizenship of the Republic of Austria by 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, as it falls within the Government provisions relating to privacy/official secrets.
Benefits
As a citizen of Austria you can live and work in the country as well as anywhere in the European Union at any time.
The Austrian passport enjoys an excellent reputation and offers very comprehensive visa-free travel, including visa-free access to the USA. The Austrian passport is without a doubt among the very best travel documents in the world.
When you acquire citizenship under the Austrian Citizenship Act, you and your family enjoy full citizenship for life, which can be passed on to future generations by descent.
Performance Guarantee
The granting of citizenship is at the sole discretion of the Government of the Republic of Austria, and we are unable to guarantee that applications will be approved. However, great care has been taken to provide the best possible safeguards for persons entering the program.
Key advantages of Austrian citizenship
- Opportunity to become an EU citizen upon making a substantial investment
- Austrian passport gives visa-free access to most countries worldwide
- Austrian passport gives the right to reside anywhere in the EU as well as in Switzerland
- There is no need to spend any particular time actually residing in Austria