How To Avail From The Austrian Golden Visa Program

Austria has one of the strongest passports in the world. This very fact reflects a lot of positive attributes about the country. From a long, exciting history and distinct local culture to a high-powered economy and international standing, Austria is a brilliant choice to settle down with. Of course, there are the usual ways to go about it, but there are also ways that are faster, less hassle-ridden, and investment-oriented. We are talking about the Golden Visa Scheme that this country has to offer.

While most European Golden Schemes share similarities, you may find the Austrian scheme differing in certain aspects. For instance, one cannot be issued a visa through the acquisition of property in the country. So, make sure you read the scheme thoroughly. Below there is an outline of how to go about the Austrian Golden Visa Scheme. Here are a few things you should know about the Austrian Golden Visa Scheme: 

Basic Eligibility criteria

Like the other Golden Visa Schemes, you will have to invest in the local economy. However, before we talk about that, we should discuss the other equally important eligibility conditions you must satisfy.

• • You should be at least 18 years old to make the application. 
  • Must maintain good health; medical records may have to be submitted for the purpose of verification.
  • There must not be any criminal record; you will be required to submit a police clearance report in this regard. 
  • You must be able to furnish the necessary documents showing that there are sufficient funds for you to sustain yourself and your family during the period of residency. 
  • Must have full coverage health insurance. 
  • It is necessary to document your German language skills; the requisite level is A1.

Investment Requirements under the scheme

You will have to make certain investments to become eligible for the visa. You have the option to invest in select areas. You can invest a minimum of EUR 10 million in venture capital or inventive businesses in pre-approved industries or invest EUR 3 million in the government-approved development fund. Simply investing will not do as it is also required to show that your investments have made a considerable impact on the local economy, such as job generation. 

Other aspects of the application process

As an applicant for the scheme, you should know that there is a very strict quota. That means only a limited number of applications will be approved; the number stands at 300. Once you have made the requisite investment and satisfied the other eligibility conditions, you will have to personally submit the application and the documents to the Austrian Consular or embassy. Once your application is approved, you will have to apply for a special visa that permits the applicant to travel to the country to collect the residence permit. Generally, the applications take as many as three months to get processed. However, many have been processed in a matter of one month. 

Why should you apply for the scheme in the first place?

There are several benefits to avail of under the scheme. Some of them have been enumerated below: 

• • First of all, Austria has one of the world’s strongest passports, meaning its citizens and residents get access to several opportunities. 
  • You will get visa-free access to the EU and Schengen Area. More than 180 countries are accessible without visas on an Austrian passport. 
  • Family members can be added to the application, and the citizenship acquired is hereditary.
  •  Austria is known for its rich, friendly lifestyle and social security frameworks. 
  • It recognizes dual citizenship, so you will not have to give up your current citizenship.

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