Temporary residence permit in Austria for financially independent persons

Due to its reputation and high standard of living, Austria is an attractive destination for wealthy foreigners who emigrate there to enjoy life. Moreover, Austrian law provides for a special residence permit in such cases – the so-called residence permit without the right to work (Niederlassungsbewilligung – ausgenommen Erwerbstätigkeit), more commonly known as a residence permit for financially independent persons.

This type of residence permit is issued to third-country nationals and allows them to reside in Austria but does not give them the right to work and earn income. Therefore, this type of residence permit is suitable for applicants who do not plan to work in Austria and at the same time have significant savings or receive income outside the country. Thus, you can live in Austria without paying income tax.

Features of obtaining residence permit in Austria for financially independent persons

A special feature and at the same time a difficulty in obtaining a residence permit for financially independent persons is the quota. Each year 450 places are allocated for obtaining this permit. On the first business day of the year, the quotas are distributed among the federal states of Austria. As a rule, Vienna receives the largest number of quotas, but there are also more applicants for residence permits in Vienna. It is worth noting that along with the main applicant, his/her spouse and children can obtain a temporary residence permit. Each family member is allocated a separate place under the quota.

Obtaining this type of residence permit requires the applicant to fulfil several conditions:

Stable and sufficient income

The monthly income must be at least twice the basic rate set out in the General Social Security Act (Allgemeines Sozialversicherungsgezetz). The amount of the double basic rate for 2023:

For a single person – 2220.52 €;

For a married couple – € 3503.12;

Additionally for each child – € 342.62.

These data can be confirmed by a bank statement, a certificate from a tax authority, etc. It is recommended to have at least €40,000 in your account for each adult and €10,000 for each child.

Accommodation

The applicant needs to purchase or rent (for at least a year) an accommodation in Austria, the size of which depends on the number of family members who will live with him/her. If the property has already been purchased, supporting documents must be provided.

Health insurance

Insurance should be taken out for all family members for a period of at least 3 years. It should cover 100% of the costs of treatment.

Knowledge of the German language

The applicant must provide a document (diploma, certificate) confirming the level of German language proficiency not lower than A1 (obtained no later than 1 year before applying). This can be a Goethe Institute diploma (Goethe-Zertifikat), a TELC GmbH certificate, a certificate of passing the ÖSD or ÖIF test. Children under the age of 14 do not need a certificate.

A background check – the so-called Due Diligence

This means that a person who has not violated EU visa rules, has no outstanding convictions and can confirm the legality of the origin of his or her funds can apply for a residence permit.

Related documents for obtaining a residence permit for financially independent persons in Austria

In addition to the documents mentioned above, you should also prepare

  • two 35×45 mm color photos (taken no later than 6 months prior to submitting the documents);
  • your internal and foreign passports;
  • birth certificate;
  • if necessary, documents confirming family ties (marriage certificate, divorce certificate, adoption certificate).

It should be noted that the originals of all documents submitted by the applicant must be translated into German and apostilled.

First, the package of documents is submitted to the Austrian embassy or consulate. After checking the completeness and correctness of the documents, they are submitted to the competent authorities in Austria.

In certain cases, the applicant will also need to obtain a type D visa (depending on the visa regime between the applicant’s country and Austria). After obtaining it, the person must come to Austria within three months and personally obtain a residence permit. However, it should be noted that even fulfilment of all the conditions does not guarantee the result, as there are many applicants for this type of residence permit, and the number of places, as mentioned above, is limited.

VigoLex’s residence permit services for financially independent persons in Austria

The process of preparing, collecting and processing all the necessary documents for obtaining a residence permit is quite lengthy, so we recommend that you take care of it in advance. On average, the whole process takes about 6 months, although there are cases of obtaining a residence permit in 2-3 months. Ideally, it is better to have all the documents ready in September. Thus, in January, you can be among the first applicants, thereby increasing your chances of getting the desired result.

VigoLex legal team will help you to collect, translate and certify all the necessary documents, provide support throughout the process and assist you in obtaining a residence permit in every possible way.

+38 097 215 66 70