The descents of holocaust survivors who resided in Austria can get Austrian citizenship. But what are the other options for obtaining Austrian citizenship? One of the options is getting from Austria citizenship by investment. Other options can be obtaining citizenship through marriage or through a work visa. Those who manage to get a job in Austria with a salary of at least 2500 Euro or more, can become legal residents in Austria, which in due time will open the possibility of obtaining an Austrian passport by naturalization.
Austria wishes to enrich its economy by allowing entrepreneurs to come and make an investment in the country. In the article, we will review this path to Austrian citizenship.
Our law offices in the obtainment of foreign citizenship such as German citizenship, Portuguese citizenship, and of course Austrian citizenship. We will be happy to guide you through the process from beginning to end.
What visa is granted to entrepreneurs in Austria?
What visa is granted to entrepreneurs in Austria?Many countries wish to develop their economy by welcoming entrepreneurs into their midst. These countries grant foreign citizens the option to make an investment with a unique visa. Wealthy individuals with adequate funds can help the country’s economy grow by creating new companies. Countries like Portugal, Poland, Ireland, and Israel, all offer a golden or entrepreneurship visa for those wealthy individuals.
Of course, every country sets its own criteria to establish who will be eligible for this kind of visa. Austria is no different. In the next section of this article, we will review the requirements for getting an entrepreneurship visa in Austria.
What are the requirements for Austrian citizenship by investment?
In Austria, the visa for entrepreneurs is known as “Red-White-Red”. It is relevant for startup founders from foreign countries. There is a specific criteria required to be eligible for this visa.
The first criterion is the establishment of a company with the purpose of launching innovative technology, product, or processing method in the Austrian market. A consistent business plan for the company must be submitted as well. The plan must include both the establishment and the run of the company.
There is a need to prove a controlling influence on the startup company’s management. The startup must have a capital of at least 50,000 Euro and a minimum of 50% equity share.
Attaining a minimum score of 50 points is contingent upon meeting specific eligibility criteria, encompassing:
Educational Attainment – Successful completion of a vocational training program with specialized skills relevant to the startup domain or a three-year course at a higher education institution qualifies for 20 points. Completing a doctoral, master’s, bachelor’s degree or other similar diploma within Austria yields 30 points.
Professional Experience – Each year of pertinent work experience contributes 2 points, with a ceiling of 10 points in this category.
Linguistic Proficiency – Proficiency in the German language warrants 15 points, while independent command of both English and German garners 10 points each. Basic proficiency in German is rewarded with 5 points.
Additional points are granted if an extra investment of €50,000 is made or if the startup secures funding from an Austrian agency. Those aged 35 or younger can acquire 10 bonus points.
Although the cumulative points can reach a maximum of 85, a minimum of 50 points is obligatory to qualify for the application of the startup visa category in Austria.
How to file the visa request?
The application for a Red-White-Red Card must be filed personally with a competent Austrian representative, whether it is an embassy or a consulate in your country of residence or home country. If you have entered legally or are staying in Austria legally, you may submit the request to the competent residence authority in Austria.
The request must be submitted with various documents, such as evidence of special skills, evidence of work experience, evidence of investment capital, and more. If all general requirements are fulfilled the application will be approved within three weeks. The visa will be issued for 24 months maximum and it entitles the requestor to settle in Austria and to pursue a self-employed occupation.
Our emigration experts are here to help
Our law offices specialize in different emigration processes to various EU countries. We can help to have a streamlined visa request process to get Austrian citizenship by investment. We can guide you through the process of obtaining the correct documentation and the request submission, to ensure a smooth application as possible.