1. WHO CAN APPLY FOR A RESIDENCE TITLE “RESIDENCE PERMIT FOR HIGH NET WORTH INDIVIDUALS”?
For this type of residence permit (official German title “Niederlassungsbewilligung – ausgenommen Erwerbstätigkeit”), third-country nationals, meaning people who are neither EU citizens nor Swiss nationals and who wish to settle in Austria without taking up gainful employment in Austria may apply. This means, you will not be allowed to work while holding this permit.
2. WHAT ARE THE REQUIREMENTS FOR THE GRANTING OF A RESIDENCE TITLE “RESIDENCE PERMIT FOR HIGH NET WORTH INDIVIDUALS”?
In order to qualify, you need to meet general prerequisites (for the granting of any residence title) as well as additional prerequisites specific to the residence permit for high net worth individuals (see below in item 3).
The general requirements are:
sufficient financial means
you must not pose a threat to public order or security in Austria
3. WHAT SPECIFIC CONDITIONS THEREFORE REMAIN TO BE MET?
Third-country nationals and their family members need to secure a quota place (see below) and their monthly income must correspond to a certain level. They must also provide proof of (basic) knowledge of proficiency in German (level A1). Third-country nationals and their relatives who already hold an “EU permanent residence permit” from another EU Member State, also need to secure a quota place.
4. WHAT IS A QUOTA PLACE?
When applying for such a permit for the first time, a quota place must be available in addition to the required documents. The Austrian government determines annually how many quota places each of the Austrian federal states receives for the residence permits. This means that the number of people who can attain such a permitted is strictly limited per year!
5. ARE THEIR GROUPS OF PEOPLE WHO DO NOT NEED A QUOTA SPACE?
Retired diplomatic personnel who were posted to Austria and held a “Legitimationskarte permit” do not need to fulfill the quota requirement.
6. WHAT IS THE MONTHLY INCOME THAT IS NEEDED TO MEET THE REQUIREMENTS?
The monthly income (e.g. domestic or foreign pensions, company profits earned abroad, savings, deposits or shares in companies) should meet at least the following thresholds:
For singles: EUR 1,933.30 per month.
For married couples or cohabiting couples: the standard value is: EUR 2,944.00 per months and an additional EUR 298.30 per child.
Please note that these are the figures for 2020. The new figures will be published by the Austrian authorities at the beginning of each new year. In addition to the figures above, applicants must have and show sufficient financial resources for housing, food and other small purchases.
7. AN EXAMPLE: WHAT MONTHLY INCOME DOES A FAMILY, CONSISTING OF MOTHER, FATHER AND TWO CHILDREN NEED TO SHOW TO MEET THE REQUIREMENTS?
As stated above, for parents living together the standard rate monthly totals: EUR 2,944.00 – adding two children (standard rate per child: EUR 298.30) equals to: EUR 3,540.60 monthly, for a family consisting of parents and two children. In addition, applicants must have and show sufficient financial resources for housing, food and other small purchases.
8. WHAT IS THE COMPETENT AUTHORITY FOR MY APPLICATION?
The application can be made at the respective embassy or consulate abroad. If your nationality allows you to enter Austria based on the visa on arrival system, you may also file your application with the authorities.
9. WHO CAN MAKE THE APPLICATION ON MY BEHALF?
The application must be filed in person when first granted and before entering Austria abroad at the Austrian consulate or embassy or (where possible) at the competent local authority in Austria.
Also worth knowing: After five years of continuous settlement in Austria under the it is possible to switch from the residence permit for high net worth individuals to a 5-year permit called “permanent residence EU” – provided you fulfil addtitional requirements such as German on proficiency level B1.
10. CAN LAW & BEYOND HELP ME MAKE AN APPLICATION FOR THE RESIDENCE PERMIT FOR HIGH NET WORTH INDIVIDUALS?
Of course. We would be happy to assist you in this matter. Please reach out to us to arrange for a consultation call.