How to Get a Residence Permit in Austria as a Financially Independent Person

Tram goes along a street in Vienna, Austria
Tram goes along a street in Vienna, Austria

One way to move to Austria is to obtain a residence permit for financially independent people. It is suitable for those who do not plan to work in the country.

This path assumes that the applicant has personal savings or income received outside the country.

How to get a residence permit card for financially independent people, how long it will take and what conditions must be met will be explained in the article.

Benefits of a residence permit in Austria

A residence permit in Austria is suitable for clients who want to live in a calm and economically developed country. At the same time, it is not necessary to obtain citizenship as the permanent resident status of the country already gives many rights and opportunities:

  1. Enter the Schengen countries without a visa and stay there for up to 90 days in half a year.
  2. Keep your savings in a reliable bank: Austria is in the top 10 countries according to the international rating agencies Standard & Poor’s and Fitch.
  3. Living in a country that cares about the environment: Austria ranks sixth in the Environmental Performance Index. The country monitors hazardous waste emissions, water quality and invests in infrastructure for sustainable waste disposal.
  4. Live in a prosperous country: Austria ranks 15th in the world in the social progress index. This means that medicine is developed, everyone has the opportunity to get a higher education, and the state respects the rights and freedoms of citizens.
  5. Obtain citizenship in five years. The only thing, in this case, you will have to renounce the first citizenship, therefore, many continue to live in the country with the status of permanent residence.

Under what conditions Austria issues a residence permit

In order to obtain a residence permit in Austria, the applicant must meet several conditions; relating to his financial well-being, living conditions, knowledge of German and health insurance.

Income level. The financial independence of the applicant is a mandatory requirement by law. It can be proven with a bank statement at the rate of €1,933 per month for a single applicant or €2,944 per month for a married couple, as well as €298 per month for each child. Renting an apartment, medical insurance or car costs are not included in this amount.

Example of calculating the budget for a family of four

Expenses Amount per month
🧔👩Expenses for a married couple €2,944
👧👦Expenses for two children €596
🏡Home rental €1,700
💊Medical insurance for all family members €1,600
Total €6,840

Residing in the country. In Austria, you need to live at least 183 days a year, this is a prerequisite for the program. The rest of the time you can travel around Europe and live in the Schengen countries for up to 90 days in half a year.

Housing. Before receiving a residence permit card, a foreigner can rent real estate in Austria, and then buy. The area of housing should correspond to the number of family members. For example, the desired area for a family of four is at least 80 m².

A four-bedroom apartment in the center of Vienna

A four-bedroom apartment in the center of Vienna
Source: WillHaben

A four-bedroom apartment in the center of Vienna

A four-bedroom apartment in the center of Vienna
Source: WillHaben

A four-bedroom apartment in the center of Vienna

A four-bedroom apartment in the center of Vienna
Source: WillHaben

A four-bedroom apartment in the center of Vienna

A four-bedroom apartment in the center of Vienna
Source: WillHaben

A four-bedroom apartment in the center of Vienna

A four-bedroom apartment in the center of Vienna
Source: WillHaben

A four-bedroom apartment in the center of Vienna
A four-bedroom apartment in the center of Vienna
A four-bedroom apartment in the center of Vienna
A four-bedroom apartment in the center of Vienna
A four-bedroom apartment in the center of Vienna
140 m²

total area

5 minutes

to the city center

€1,990

price

Medical insurance. Insurance is issued for all family members at once for at least three years. For example, a forty-year-old man without chronic diseases, VHI will cost around €400 per month or €4,800 per year.

Language proficiency. It is enough to know German at the basic A1 level and confirm it with a certificate from the Goethe-Institut, the Austrian Integration Fund or TELC GmbH.

A residence permit for financially independent people is suitable for those who do not plan to work in Austria and have substantial savings
A residence permit for financially independent people is suitable for those who do not plan to work in Austria and have substantial savings

How to get an Austrian residence permit

A residence permit Austria for financially independent people is received according to a quota — about 450 places are allocated annually for all nine states of Austria. To obtain a residence permit, you need to register on the website of the consulate and get the submission date of documents. The earlier the date of document submission, the more chances there are to get into the quota. By this time, all documents must be collected, translated and certified.

450 quotas

is provided annually for financially independent people

We help clients with everything related to an Austrian residence permit. We answer questions, prepare and translate a package of documents, book a date on the consulate’s website, accompany you during the application process, help you find real estate and arrange insurance.

We also understand that it is difficult at first to navigate your way in a new country. Therefore, after the move, we support the client for a year. We are contacted for housing, school, electricity, medicine, dog transportation, driver’s license, furniture, and even grocery shopping.

Злата Эрлах - Иммигрант Инвест
Zlata Erlach,

Head of the Immigrant Invest office in Vienna

1. Preliminary Due Diligence check — 1 day
Immigrant Invest lawyers conduct a confidential Due Diligence check. It helps to identify the likelihood of failure and find a solution. If there are risks due to which the client’s application may be rejected, the investor is offered other programs.

2. Conclusion of an agreement with Immigrant Invest — 1 day
To sign documents, it is not necessary to come, you can send scans.

3. Collection and preparation of documents — 10 weeks
You need to prepare a birth certificate, diplomas of higher education and a bank statement, which confirms the money in the account. Our experts will help you to apostille them and get a certified legal translation.

4. Selection of real estate and conclusion of a lease agreement — from 2 to 4 weeks
We will find out the preferences of housing from the client: city, area, house or apartment and the number of rooms. Then we send the options to the mail with photos, prices and detailed information. If you wish, you can go to Austria and personally view the object. If you like everything, we help you to conclude a lease agreement lasting for at least a year.

5. Registration of insurance — from 1 to 2 weeks
To obtain insurance, you need to fill out a questionnaire with questions about the state of health. Then conclude a health insurance contract for at least three years.

6. Registration at the consulate and filing an application – from 4 to 6 weeks
Documents for a residence permit can be submitted only by appointment and with the personal presence of the applicant and his family members. A lawyer from Immigrant Invest will be with the client helping throughout the procedure.

7. Obtaining a place on a quota — from 4 to 8 weeks
During this period, additional documents may be requested from the applicant. The result will be reported personally or to an authorized person.

8. Obtaining a D visa — from 2 to 3 days
The applicant is sent an official invitation for a short-stay D visa at the consulate of his country. After that, you need to go to Austria in order to receive a residence permit card within three months.

9. Registration at the place of residency in Austria
You can obtain a residence permit using a lease agreement. To do this, you will need the passports of all family members, a copy of the lease agreement and an application for registration with the signature of the homeowner.

10. Obtaining a residence permit card
The applicant and his family personally receive residence permit cards at the Municipal Department of Immigration and Citizenship of Austria. The residence permit card is valid for a year, then it must be renewed after a year, and then after three.

An Austrian city: colourful houses in front of a river and with mountains on the background
After five years of living in Austria with a residence permit card, you can apply for Austrian permanent residence status

How and when to renew the residence permit card

Before obtaining permanent residence status, you need to renew the residence permit card twice: first after a year, and then after three years. The residence permit is renewed no earlier than three months and no later than a week before the card expires. Both times, experts from Immigrant Invest help the client with card renewal.

For everything to be successful, the applicant needs to live in the country for 183 days a year, submit an application on time and submit biometric data. After five years of continuous residence in Austria, you can apply for permanent residence status and we also help with this.

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