Officially known as the Republic of Austria, Austria is a landlocked country in the southern part of Central Europe. Member of the European Union (EU), Austria is also a highly developed country with high standards of living and high life expectancy. Anyone who loves energy drinks would be content to know that Red Bull originates from Austria.
High Political Stability = 88.57% (Trading Economics, 2019);
Economic Growth = 2.2% Gross Domestic Product Growth Change (World Bank, 2019);
Population = 25,499,000 million (World Bank 2020);
Currency = € (Euro);
Official Language: German.
OVERVIEW OF THE PROGRAM
Investors who have researched Citizenship by Investment programs worldwide can testify to the high costs associated with obtaining Austrian citizenship. There is no question about it: the Austrian Citizenship by Investment Program (ACIP) is one of the most expensive programs of its kind. However, this does not mean that Austrian citizenship is not valuable. Austrian nationals have the legal rights to live, work, study, or create a business in any EU country (including the UK), have one of the strongest passports worldwide, are exposed to a considerably strong economy, and live a politically stable environment. Despite the minimum investment of 3,000,000 euros, investors who obtain Austrian citizenship can expect to receive numerous benefits. Here are some of the key benefits:
- Visa-free to up to 189 countries, including Canada, the US, the Schengen Area, Russia, the UK and Hong Kong;
- Right to work, live, study or do business in the EU;
- Possibility to do business in the US on an E-2 Visa;
- Possibility for dependents between the ages of 18 and 30 to work in Canada;
- Austrian citizenship is usually obtained within 12 to 36 months;
- No prior residency in Austria is required;
- No tax on foreign income of non-resident citizens;
- No nationality is officially restricted;
- No physical residence is required;
- No necessary proof of language;
- Family members are included.
In spite of the numerous advantages that come with obtaining Austrian Citizenship, it is important to note that the ACIP has no official structure in its program and is less predictable. This means that applicants are assessed on a case-by-case analysis. Applicants or investors are, however, also required to meet specific requirements.
- Must make the required investments of no less than 3,000,000 million euros;
- Must provide standard documentation, such as birth/marriage certificates and passports;
- Must have a clean criminal record;
- Must invest actively in the Austrian economy;
- Must prove a resume with impeccable references.
Routes to Austrian Citizenship by Investment
With no official structure to the program, the ACIP requires investors/applicants who wish to obtain citizenship through investments to make a minimum of 3,000,000 million euros. There are two general routes to Austrian citizenship:
Route 1: Investment in the Austrian Development Fund
This option requires an investment of no less than 3,000,000 million euros. It is generally for applicants who simply wish to obtain Austrian citizenship.
Route 2: Investment in an Austrian business
This option is well suited for investors who wish to invest and do business in Austria. It requires a minimum investment of 10,000,000 million euros.
Although Austria’s citizenship comes with numerous advantages, it can be costly for some applicants/investors. Nevertheless, it is a worthwhile option for applicants/investors with the means and whose investments and personal needs are better met with ACIP.