The Austrian Residence Program for Persons of Independent Means is a program that has a yearly quota published annually by parliament with only about 450 applications approved per year. This means that individuals wanting to acquire an Austrian residence permit through this program must be prepared to apply as soon as possible since the program’s application period is soon coming to a close. Only a limited number of residence permits will be issued, and it is to be noted that this program does not provide nor include a work permit for applicants.

Due to the limited quota, we, at Citizen Lane started compiling applications for this program in Summer 2020, and are now coming to the final stage of accepting applications for next year’s quota which begins on the 1st of January 2021. Applications must be finalised by the middle of December latest, due to authorities not working between the Christmas and New Year periods.  

Once the applications are complete, we process and submit them to the government accordingly within the first two weeks of January, offering the best opportunity to have the applications accepted and residence permits issued for our clients. The waiting time for the government to process the applications following submission is typically between a three and six-month duration.

Austrian residence permit requirements for persons of independent means 

There are a few conditions that our clients must be aware of and provide when applying for an Austrian residence permit for persons of independent means. These include:

• Proof of sufficient annual income to be able to reside in Austria

• Austrian Health Insurance

• Proof of residence through the purchase or rental of property in Austria

• University or High School Diploma or German Language A1 Level Certificate 

To apply successfully for a residence permit under this program, you need to have an income of circa EUR 23,200 if applying alone, and EUR 43,750 if applying for a family of four persons. This income may be derived from dividends, rental income or even work income from abroad. Another option that applicants have is to provide proof of assets instead of property, however, this is not accepted automatically and would need to be negotiated with the authorities on an individual basis. Our team of consultants and lawyers at Citizen Lane will advise you in detail about the financial conditions, as well as, any other conditions to secure your residence permit application in Austria.

Please note that the Austrian residence program for persons of independent means does not grant a work permit in Austria. Nevertheless, after five years of residency in Austria, a resident can apply for an EU permanent residence permit, which entitles them to work in Austria and even to move to any other EU country.

Through our dedicated experience in the field and building our dependable network-base over the years, we are confident in our abilities to successfully apply for a residency under this residence program. We will be taking every action and precaution necessary to have the best chance of securing a space in the limited quota number for our clients.

Let us know if you require further information or assistance and we will gladly help you. Citizen Lane respects every client’s unique situation and needs and will be able to discuss details discreetly in confidence. Citizen Lane will provide you with comprehensive advice and find the appropriate solution for you or your family. Meet us in our offices in Switzerland, Germany, Austria and Malta, or contact us via our online contact form and you can arrange a WhatsApp, Skype or Zoom call with our team.

Here you can read more about the conditions and how to apply for a residence permit for financially independent persons in Austria.