About the Residence Permit for Financial Independent in Austria

 

Nestled in the heart of Europe, Austria is a land of cultural richness, stunning Alpine beauty, and a high standard of living. The Austrian residence permit for financially independent persons caters to those who wish to enjoy Austria’s lifestyle without local employment. This permit is particularly appealing to retirees, digital nomads, or individuals with substantial passive income who seek a serene and high-quality European life.

 

Requirements for Residence Permit Applicants

 

To be eligible for an Austrian residence permit for financial independent persons, applicants must:​

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• Demonstrating a Stable Income: Applicants are required to verify their yearly income using a bank statement. A monthly disposable income should be available: at least €1,934 for an individual, €2,944 for a couple, and €299 for each child.

• Health Insurance Coverage: A three-year insurance contract covering all risks must be secured with an Austrian insurance provider for every family member. The cost of this insurance for a family of four typically ranges between €1,200 and €1,600 per month, varying based on the ages of the applicants.

• Proof of Accommodation: The property's dimensions should appropriately accommodate the family's size. For an applicant with a spouse and two children, a residence of at least 80 square meters is required. In cases where the children are grown and of different genders, a separate room for each child is necessary.

• German Language Skills: Demonstrating proficiency at a basic A1 level is adequate. Acceptable proofs include a diploma from the Goethe Institute, a certificate from TELC GmbH, or a language test diploma from ÖIF, provided the document is no more than one year old. Exemptions from this requirement apply to children up to 14 years old and adults with health conditions that impede learning.

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Applicant’s Expenses

 

The cost of acquiring a residence permit in Austria varies depending on the family size, as it affects expenses such as medical insurance and government fees.

 

Below is an example calculation; please note that these costs may vary over time. For a precise estimate tailored to your family's needs, you can consult with AMS Europe, who can provide a detailed cost analysis for obtaining Austrian residency for your family.

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• Housing Rent: There is no fixed price or size requirement for housing; it depends on the number of family members.

• Realtor Services: Equivalent to two months' rent.

• Medical Insurance: Around €400 or more each month for every family member.

• Application Processing Fee: €75 for each child under 6 years old.

• Personal Data Processing Fee: €20 for each family member.

• Residence Permit Card Issuance Fee: €20 for each family member over 6 and €50 for each child under 6.

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Timeframe for Processing

 

The average processing duration for an Austrian residence permit is upwards of 3 months, contingent upon the promptness of document submission and the government's processing capacity at the time the application is made.

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Step-by-Step Procedure for Obtaining a Residence Permit in Austria for Financial Independent 

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

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1. Preliminary Check: Before the main Due Diligence process, a preliminary examination is carried out to ensure readiness. This evaluation, which is entirely confidential, is completed within one business day. At AMS Europe, a qualified Anti-Money Laundering Officer, well-versed in the subtleties of Due Diligence processes across various countries, conducts this check. The findings from this initial check are instrumental in compiling a comprehensive list of necessary documents, thereby minimizing the possibility of rejection during the application for an Austria residence permit.

2. Document Preparation: Our legal team tailors a document checklist specifically for each applicant's family. Every family member aged 14 and above is required to demonstrate German language proficiency at a minimum of A1 level. This can be validated through certificates from institutions like the Goethe-Institut (Goethe-Zertifikat), TELC, or the Austrian Integration Fund (ÖIF). An alternative is to provide validated higher education diplomas, although this is a more time-consuming process. Typically, preparing documents for a residence permit takes between 2 to 4 weeks, but if it includes diploma confirmation, this timeframe may extend to as long as 12 weeks. 

3. Renting Housing: The real estate specialists carefully choose housing options in Austria that align with both the area prerequisites and the preferences of the applicants. The applicant then selects the property that best fits their needs. Subsequently, a lease agreement is executed, which, as per Austrian regulations, must have a minimum duration of one year. The rent is typically prepaid for a period ranging from 6 to 12 months. Additionally, a security deposit equivalent to at least three months' rent is required. The services of a realtor are compensated with a fee amounting to the value of two months' rent.

4. Medical Insurance and Final Documents Collection: Every member of the family is required to secure comprehensive medical insurance. The cost of this insurance varies based on each individual's age and health condition. Legally, the insurance policy must be agreed upon for a minimum duration of three years. Once medical insurance is in place, our legal team proceeds to compile the final set of documents and completes the application form for an Austrian residence permit. This stage of the process typically spans approximately one week.

5. Applying for a Residence Permit: Attorneys schedule a consulate appointment for the applicant to submit their application in Austria. The timing of this appointment is crucial as it influences the likelihood of securing quotas - earlier applications typically have a better chance of resulting in residence permits. On the designated day, the applicant, along with their family, visits the consulate, escorted by our lawyers, to formally apply and provide biometric data. The documents submitted are then sent to Austria, a process that can take as long as six weeks.

6. Getting a Quota and Approval: An authorized Austrian body allocates quotas and informs the applicants accordingly. Subsequently, the documents are sent for processing, a step that typically spans 4 to 8 weeks. Additional documents may be requested if needed. Once the application is approved, a confirmation document is sent to the Austrian consulate in the applicant's country of residence.

7. Getting a D Visa: The applicant is summoned to the consulate to obtain D visas. Essential documents for this stage include financial statements, passport copies, medical insurance policies, and a copy of the lease agreement. Upon receiving their visas, the applicants are required to enter Austria and secure their residence permit cards within a three-month period.

8. Registration and Opening Bank Account: Attorneys assist the applicant in obtaining a registration certificate and setting up a bank account in Austria. It is mandatory for the applicant to be physically present for the bank account opening. Once the account is active, the applicant transfers funds for their living expenses in Austria into this account and subsequently receives a bank account statement.

9. Receiving Residence Permit Cards: On the designated day, each family member must personally visit the Municipal Department of Immigration and Citizenship in Austria to collect their residence permit cards.

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Dual Citizenship in Austria

 

Dual citizenship in Austria is generally restricted and only allowed in specific circumstances.