Austrian residence permit for financially independent persons (without the right to work)

Austrian residence permit for financially independent persons (without the right to work)
21.12.2018 Светлана Громова

Case Studies

Austrian residence permit for financially independent persons (without the right to work)

Austria

Austrian residence permit option is suitable for the clients who are ready to live in this country permanently. Usually, such people relocate to Austria with their families with very specific goals in mind, such as to improve their living conditions and to give their children a good education. The Austrian high quality of life are very attractive to successful people who wish to settle and reside in this country permanently.

Our Protagonists

We were approached by a married couple with four children:

  • Leonid, 48, entrepreneur
  • Tatiana, 37, entrepreneur

Their children:

  • Aglaya, 12, attends a school in Switzerland.
  • Philip, 10, elementary school pupil.
  • Maria, 8, elementary school pupil.
  • Evlalia, 4, goes to a kindergarten.

The Challenge

The goal of any parents is to ensure the safety of their children and give them a good future, which often starts with a good education. For the protagonists of this Case, these tasks were at the top of their priorities. In planning their future life, they had a clear image in mind: comfortable living conditions, in an ecologically and mentally beneficial environment.

Unfortunately, many of these conditions were hard to achieve in their home-country. So Leonid and Tatiana concentrated all their efforts on looking for suitable options in Europe and the US. The family traveled a lot, lived in different countries for long periods of time, trying them on for size. So after some careful and informed deliberation, the family settled on the idea of moving to Austria - a country that met all their requirements.

Goals and Objectives

Austrian residence permit for financially independent persons (without the right to work)

Austria is ideal for those who want to live in a safe state with a strong rule of law and high level of medical and educational services. Residents of this country can travel without visas to all Schengen countries.

The family came to us in April 2017. After reviewing all the options for obtaining residence permits in Austria, the couple chose a program for financially independent persons, as this program fully met the needs and desire of the family.

In Russia, our clients own a substantial number of residential and commercial real estate properties. In Austria, Leonid and Tatiana wanted to devote themselves to raising their children and did not plan to work. They would live and support their family on the income from renting real estate in Russia.

In addition, Russia and Austria have an agreement on the avoidance double taxation, so the income tax on real estate rent is paid in the country of location of the property. In this case, in Russia. This was a very pleasant discovery for our clients, since Austria has a progressive tax system with the rates reaching as high as 55%.

The Cooperation

The family chose to live in Vienna, close to the private school they chose for their children with our help.

The selected program and our clients were a perfect fit for each other. As independently wealthy individuals from a non-EU country, our clients perfectly satisfied the conditions of not intending to work in Austria, and of having at their disposal at least 1,766 Euros per person per month (for a married couple: 2648 Euros, plus 273 Euros per each child).

More about the conditions:

  • The income must be confirmed by a certificate or a bank statement.
  • Minimum knowledge of the German language is required for all family members over the age of 14. Knowledge of the language at the most basic A1 level must be confirmed by an appropriate certificate, such as one issued by the Goethe-Institut, a TELC GmbH certificate, an ÖSD language test diploma, or an ÖIF test.
  • Mandatory private health insurance that covers all insurance claims. There are no additional social insurance obligations.
  • A statement of absence of a criminal record.
  • The real estate property in Austria, where the prospective residents intend to live, must be rented or owned.

For the formation of application package we involved an austrian attorney. At the same time, we quickly collected full package of documents, and in December the family arrived in Vienna, where we accompanied them to select a perfect apartment. After that, we organised and helped sign up for a medical insurance.

Documents were filled in Moscow, on 2 January 2018. This date was chosen by us on purpose, in order to maximize the chances of successfully entering the quota set annually for such applications. On 2 March the clients received an approval from the Magistrate for Foreigners of Vienna. And on 2 May the whole family came to Austria and received their residence permit cards.

The Results

The same month, in May, the children attended a trial day at school, were interviewed and were all successfully accepted to the school, and Eulalia - to the kindergarten. In June, the family moved to Vienna and on 1 September the children had their first day at the new school.

If you also looking for ways to improve your quality of life and move to a country with a reliable economic climate, excellent medicine, and high level of security - we will help you to cope with all issues of relocation and settlement while our partner - austrian attorney will guide you in terms of all legal issues!

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