The Austria Golden Visa program allows international applicants to earn Austrian residency and citizenship by actively investing in the economy. Such an investment must be considerable, contribute to the economy, and create jobs in exchange for Austrian citizenship and a subsequent second passport. If put directly into a business, the investment is normally €10 million, or €3 million if made as a contribution to the government development fund.
The Austrian passport will grant you visa-free travel to 199 countries across the world, including visa-free travel to the United States and the United Kingdom. You will be able to live, work, travel, and study anywhere in the European Schengen zone if you invest in Austrian citizenship.
You cannot obtain an Austrian Golden Visa by acquiring real estate or other non-active investments, as in Switzerland. You must invest in something that will create jobs and have an impact on the Austrian economy in order to get residency by investment in Austria.
Documents Required When Applying for a Golden Visa in Austria
Due to the rigorous annual quota of roughly 300 people, only a small number of candidates will be picked. Applicants must meet all of the following conditions to be eligible for the Austria Private Residence Program:
- Possess financial independence: A bank account with a minimum of EUR 40,000 in liquid funds, with the amount increasing based on the size of their family.
- Provide documentation of permanent residential real estate (bought or leased) in which they and their dependents will dwell.
- Have comprehensive health insurance.
- Have German language skills that are documented (at A1 level).
- In their current country of residence, they must personally submit the required papers to the Austrian consular or diplomatic mission.
- Once their residence application has been approved, they must obtain a special visa from the Austrian embassy, which will allow them to go to Austria and collect their residence permit from the appropriate official.
Due to severe quota restrictions for particular residence permits, the time of the application submission is critical. The minimum processing time is one month, however applications are typically accepted in three months. The residency permit must be picked up in person from the granting body in Austria once it has been issued. In addition, all non-EU and non-EFTA citizens who plan to stay in Austria for more than 24 months must sign an integration agreement. The residence and settlement licenses come in the form of a card, which can be renewed every year.