What You Should Know About Austrian Citizenship By Investment Program

Austria is a peaceful, democratic country with a highly advanced economy, exciting history, thriving socio-cultural atmosphere, and an upscale lifestyle. Regarding the Human Development Index, it performs exceptionally well and presently offers one of the world’s strongest passports. With so much in its basket, anyone would be tempted to pick a few fruits from it. But you are not allowed to pick and choose just like that; you have to show that you can contribute like a citizen.

Now, there are several ways one can become an Austrian citizen. But, we will talk about the one that is faster than the other methods. Citizenship by Investment programs is already gaining traction in most parts of the world. Austria also operates one and has attracted several investors through it. But, before anything else, let us explore a little more about what one gets under the famed program. Here are a few things you should know about the Austrian Citizenship by Investment Program: 

What is it all about?

Let us start with the basics: Austria’s program is enforced under Article 10(6) of the Austrian Citizenship Act, which states that the national government has the discretion to grant citizenship to foreigners based on ‘extraordinary merit.’ Within the definition of ‘extraordinary merit’ comes those who are amenable to making certain investments in the Austrian economy and contributing to its overall growth. Of course, and as evident from earlier, these investments do not automatically assure citizenship, but they certainly serve as a solid foundation for the same. 

What are the levels of investment?

The next question may be the levels of investment required to be made under the program. Like most citizenship-by-investment programs worldwide, this program provides multiple avenues for investment. The applicant is required to invest in an active business or public project. You can take the route of a joint venture to make such investments, and your investments must accentuate the process of job creation and technological innovation in the country. Usually, the qualifying amount falls between EUR 800,000 and EUR 10 million. While many countries accept investments in government bonds or real estate, such is not the case with Austria. 

What other conditions need to be fulfilled?

I will jot down those conditions broadly, but you should note that there may be additional conditions stipulated depending on the case. Under the program, there is no restriction so far as the nationality of the applicant is concerned. Still, all of them are subject to a strict background check. The applicant must be at least 18 years of age and have a legal source of income for which documents will have to be submitted. He/she must not have any criminal antecedents and must be able to show excellent references in their application. It should be noted, however, that Austria does not recognize dual citizenship; that being said, it makes an exception under Article 10(6). 

Documents you will have to furnish

It is obvious that the applicant will have to submit a range of documents to satisfy the eligibility conditions. To name a few, applicants are required to submit a recent professional reference letter, an authenticated copy of passport and ID card, copies of academic credentials, documents evidencing business investment, a statement on source of income, curriculum vitae, original police clearance certificate, and medical certificate. Additional requirements may be imposed on certain applicants. For example, those bringing along family members will have to furnish their documents under the program. Your family members will be subject to as much scrutiny as you will. 

What benefits are accrued?

Once you become a citizen of Austria, you are an indispensable part of it. You will have all the rights and privileges which an Austrian citizen ordinarily has. These include the right to vote, accessibility to public services such as education, visa-free travel to as many as 173 countries, including those in the European Union and Schengen Area, a strong passport, right to work, and citizenship in European Union. Moreover, the reputation of Austria as a place of residence is exceptional because of many reasons, such as low crime rate, political stability, cultural inclusivity, and modern lifestyle. 

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