St. Julians, Malta
Dragonara Business Centre, Office 506, Dragonara Road,
Paceville, St Julian’s, STJ 3141 Malta
+356 (277) 811-04
Vienna, Austria
Doblhoffgasse 9, 1010
+43 (650) 540-49-79
All offices

Austria Residence Permit

For financially independent persons, without the right to work in the country

Download the guide Calculate the cost
3+ months
Obtaining period
Beginning of January
Application deadline
183+ days a year
Mandatory residing
in the country

Wealthy foreigners can get an Austria residence permit for financially independent persons. 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 readiness to spend more than 183 days a year in the country. Another condition is to have basic proficiency in the German language.

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. The deadline is 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; after that, it can be extended. An investor can apply for a lifetime permanent residence permit after five years of living in Austria.

Benefits of the Austria residence permit

1
Relocation to Austria

Residence permits allow investors and their family members to live in Austria, a developed country with high living standards, beautiful architecture and nature, and good ecology. To maintain residency, one must spend at least 183 days a year in Austria.

2
Visa-free travel to the Schengen countries

Austrian residents can use their residence permit cards to enter the Schengen countries without visas and spend up to 90 days out of 180 in the region. The time spent in Austria doesn’t count.

3
Access to quality education and healthcare

Austria is consistently in the top 10 countries regarding the quality of healthcare services. Investors and their family members can get insurance treatment at Austrian clinics.

Graduation from Austrian schools paves the way to European universities. Besides, diplomas from Austrian universities are highly valued around the world. Minor children can get residence permits with the investor; thus, they won’t need a separate visa to study in the country.

4
Prospect of the Austria permanent residence permit and citizenship

After five years of living in the country with a residence permit, an investor can apply for Austria permanent residency. This lifetime status allows the holder to be employed and do business in Austria.

The next possible step after the Austria permanent residence permit is citizenship. Permanent residents can apply for passports in 6–10 years if they meet several requirements. For example, they have succeeded in science, arts or business while living in Austria or shown a high level of integration into the Austrian society. In other cases, one can apply for citizenship after 30 years of residing in the country.

Austria doesn’t allow dual citizenship. Thus, applicants must give up their other passports.

Get maximum information about the process

  • Step-by-step procedure
  • Requirements for applicants
  • Required documents
  • Answers to frequently asked questions
Download the guide
PDF, 36 pages, 2 MB

Who can get an Austria residence permit

Investor
  • Over 18
  • No criminal records
  • A legal source of income outside Austria
  • Owned or rented housing in Austria
  • Medical insurance
  • Proficiency in German at the A1 level or higher
Spouse
  • No criminal records
  • Medical insurance
  • Proficiency in German at the A1 level or higher
Children up to 14
Children aged 14 to 18
  • No criminal records
  • Medical insurance
  • Proficiency in German at the A1 level or higher
I will answer your questions

I will tell you in more detail how it is possible to obtain quotas, what documents are needed and about life in Austria.

Zlata Erlach, Vienna office director, investment program expert

Expenses for obtaining an Austria residence permit

The family composition defines costs for obtaining Austria residence permits as applicants get medical insurance and pay government fees.

Here is a sample calculation; expense items might change over time. If you seek advice from Immigrant Invest, we will calculate the cost of obtaining residency in Austria for your family.

1 option

Expense item Approximate amount
Renting housing There are no set requirements for the property price, and the area depends on the family composition
Services of a realtor An amount equal to a two-month rent payment
Medical insurance €400+ per month per family member
Application processing fee

€75 per child under 6

Personal data processing fee €20 per family member
Issuance fee for residence permit cards

€20 per family member over 6

€50 per child under 6

Individual cost calculation
for the Austria residence
permit

Get an individual calculation for your family with all associated costs and government fees

Get the cost calculation
We will send you a quote by email within 1 hour.

Step-by-step procedure for obtaining an Austria residence permit for financially independent persons

Getting an Austria residence permit takes at least three months after application. Besides, at least two more months are required to prepare all the documents, find and rent housing in Austria, and get medical insurance.

1 day Preliminary Due Diligence

Preliminary Due Diligence

1 day

A preliminary check is conducted to prepare for the main Due Diligence. The check is completely confidential and takes one business day.

A certified Anti Money Laundering Officer conducts the check at Immigrant Invest. The Officer knows the nuances of Due Diligence procedures in different countries. Thus, the results of the preliminary check help make a list of all required documents and reduce the rejection risk when applying for an Austria residence permit.

Pass a quick test and learn the nuances that can prevent you from obtaining a residence permit
2 to 12 weeks Preparation of documents

Preparation of documents

2 to 12 weeks

Immigrant Invest lawyers provide an applicant with a list of documents. The list is compiled individually for the applicant’s family.

All family members over 14 prove their proficiency in German at a level no lower than A1. They can provide certificates from the Goethe-Institut (Goethe-Zertifikat), TELC, or the Austrian Integration Fund (ÖIF).

Confirming diplomas of higher education is an alternative option. However, it is a lengthy procedure. If the preparation of documents for a residence permit usually takes 2 to 4 weeks, this period will be prolonged up to 12 weeks with diploma confirmation.

2 to 4 weeks Renting housing

Renting housing

2 to 4 weeks

Immigrant Invest real estate experts select housing options in Austria to meet the area requirements and investors’ wishes. The investor chooses the best-suited property. After that, a lease agreement is concluded. Under Austrian law, the agreement term must be at least a year.

The prepaid rent is made for 6–12 months. A security deposit is the amount of rent for at least three months. A realtor must be paid with an amount equal to a two-month rent payment.

2—3 weeks Getting medical insurance and final collection of documents

Getting medical insurance and final collection of documents

2—3 weeks

All family members must get medical insurance with full coverage. Its cost depends on the age and state of health. By law, the contract is concluded for three years minimum.

After getting medical insurance, lawyers prepare the final package of documents and fill out an application form for a residence permit in Austria. The process takes about a week.

4 to 6 weeks Applying for a residence permit

Applying for a residence permit

4 to 6 weeks

Immigrant Invest lawyers book an appointment for the investor to apply at an Austrian consulate. The appointment time defines whether the applicants will get quotas: the earlier they apply, the higher chances of obtaining residence permits.

On the appointed day, the investor and their family members visit the consulate, accompanied by lawyers, to apply and submit biometric data.

The submitted documents are transferred to Austria, which takes up to six weeks.

Up to 8 weeks Getting a quota and approval

Getting a quota and approval

Up to 8 weeks

An Austrian authorised authority distributes quotas and notifies applicants. After that, the documents are forwarded for processing, which usually takes 4 to 8 weeks. Additional documents might be needed upon request.

A document confirming the application approval is forwarded to an Austrian consulate in the applicant’s country of residence.

2—3 days Getting a D visa

Getting a D visa

2—3 days

The applicant receives an invitation to the consulate to get a D visa. The required documents are financial records and copies of passports, medical insurance policies, and a lease agreement.

After getting visas, applicants must enter Austria and get residence permit cards within three months.

2 to 4 days Registration and opening a bank account in Austria

Registration and opening a bank account in Austria

2 to 4 days

Austrian lawyers help the investor get a registration certificate and open a bank account in the country. The investor must be present at the opening of a bank account.

The investor transfers money for living in Austria to the local bank and gets an account statement.

2—3 days Receiving residence permit cards

Receiving residence permit cards

2—3 days

All family members personally collect residence permit cards on the appointed day at a Municipal Department of Immigration and Citizenship in Austria.

In 1 year and then in 3 years Renewal of the residence permit

Renewal of the residence permit

In 1 year and then in 3 years

The first and the second Austrian residence permit cards are valid for a year. After two years of living in the country, a resident can get a card valid for three years.

The investor and their family members can apply for Austria permanent residence permit after five years of living in the country.

Austria residence permit and Immigrant Invest stay with you

After getting a residence permit and moving to Austria, new issues and needs may arise, such as purchasing a property, finding a school for children, opening another bank account, or getting answers to questions. Here is how we can help you.

Residence permit renewal

We help investors get new residence permit cards: first, in a year and three years afterwards.

Obtaining permanent residency

We prepare the required documents and help to apply.

Replacement of a lost residence permit card

We prepare an application and accompany you until you get a new residence permit card.

Selecting real estate

We help investors choose residential and commercial properties in Austria, check the selected property and accompany the transaction.

Opening bank accounts

We help choose a bank, collect all the required documents, and open an account.

Answering questions about life in Austria

If you have any questions, you can call or message us and get answers. Immigrant Invest lawyers and other experts are always ready to help.

Selecting kindergartens, schools, and training courses

We provide information about Austrian educational institutions and their pros and cons. We offer options based on your and your family’s requirements.

Schedule a meeting

Let’s discuss the details

Schedule a meeting at one of the offices or online. A lawyer will analyze the situation, calculate the cost and help you find a solution based on your goals.

Zlata Erlach
Caribbean Investment Program Expert
Schedule a meeting
Prefer messengers? WhatsAppTelegram

Answers to frequently asked questions

How can I get a residence permit in Austria?

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.

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.

How much does it cost to get residency in Austria?

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.

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.

Can I do business or get employed in Austria with a residence permit for financially independent persons?

No, you cannot. You should switch to another residence permit to open a company or find a job in Austria.

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.

Is it easy to immigrate to Austria?

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.

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.

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.

Is Austria good for immigrants and expats?

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.

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.

How long does it take to get Austrian permanent residency?

Five years is the mandatory period of residing in Austria before applying for permanent residency.

To get the right to live in the country for so long, one must get a residence permit first. Residence permits are issued to international specialists employed by Austrian companies, businessmen, students, and family members of Austrian citizens and residents. Wealthy non-EU citizens can get a special residence permit for financially independent people.

Can I have dual citizenship in Austria?

No, you cannot. Austria doesn’t allow dual citizenship; therefore, an applicant for an Austrian passport must renounce their first citizenship.

Schedule a meeting

Let’s discuss the details

Schedule a meeting at one of the offices or online. A lawyer will analyze the situation, calculate the cost and help you find a solution based on your goals.

Zlata Erlach
Caribbean Investment Program Expert
Schedule a meeting
Prefer messengers? WhatsAppTelegram