Austrian Residence Permit for Financially Independent Persons

Today, we’re sharing another successful case of obtaining residency in a European country—Austria.

In October 2022, Antonina (42) and Oleg (44), a married couple, contacted our agency with their daughter Ivanna (17). Their main concern was that Ivanna, currently in her final year at a Moscow lyceum, planned to apply to a European university. Oleg and Antonina own several apartments in the city and suburbs, office spaces, and a minor share in a beauty salon. They were interested in obtaining a new immigration status in Europe under the category of financially independent individuals, as their rental income met their financial needs, and they had no plans to run a business abroad.

Our specialists reviewed the available residency options for financially independent individuals, outlining various requirements, and Oleg and Antonina ultimately chose Austria. This would allow Ivanna to attend the University of Vienna.

Austrian Residency Documentation

Obtaining this type of residency is challenging, as only 450 spots for financially independent individuals are granted annually. Applications open in January, giving us 2.5 months to prepare. Key requirements for applicants included:

1. Stable income – We prepared all necessary statements, certifications, and rental agreements.

2. Housing (either rental or purchase) – Our agent presented several housing options in the suburbs of Vienna.

3. Commitment to spend at least 183 days in the country per year – Since the family intended to make Austria their primary residence while Ivanna studies at the university, this requirement posed no issues.

4. Basic proficiency in German – Antonina encountered a language barrier as Oleg and Ivanna were already proficient in German. She urgently found a tutor and dedicated two months to intensive language study.

5. Comprehensive medical insurance for each family member.

By early January, we had received, notarized, and submitted all client documents, including a police clearance certificate, to the consulate. After approval, we secured national visas for the family, allowing them to enter Austria. Once in Austria, Oleg and Antonina signed housing documents, paid the rental fees, opened bank accounts to receive their foreign income, submitted medical examination results, completed their residency interview, and submitted their residency application.

On April 10, Oleg and Antonina received their residency cards. Ivanna also obtained residency with her parents, so there was no need for a separate student visa. Additional tasks the couple requested include:

• Collecting and notarizing Ivanna’s university application documents.
• Assisting Oleg with obtaining international driver’s licenses.

They plan to resolve these matters by May-June as they prepare for their move to Austria, addressing many final details.

Benefits of Austrian Residency

Our clients now enjoy several advantages from their Austrian residency:

• Legal residency in Austria.
• Visa-free travel within the Schengen zone for up to 90 days in any 180-day period.
• Eligibility for permanent residency after five years in Austria, with the option to apply for citizenship later. Since Austria does not permit dual citizenship, and our clients wish to retain their current passports, they are not considering this option in the future.
• Access to Austria’s high quality of life, social security, and advanced healthcare system.

If you need assistance with any immigration questions, feel free to contact the licensed agency GARANT.IN. We handle legal complexities to save you time, money, and resources.