Background and Legal Considerations

Several countries have adopted provisions that allow the acquisition of citizenship on the basis of an investment and/or a direct contribution to the state as a means of development of the country. In Austria, Section 10 paragraph 6 of the Austrian Citizenship Act states that the government can reward foreign persons with citizenship in case of extraordinary merits. Such extraordinary merits can be in different forms, including in an economic form, and can include investment or other economic benefit brought to Austria. However citizenship will not be granted based only on investment. It has to be a qualified investment and the foreign investor has to bring an extraordinary personal achievement alongside his investment, like bringing to the country new technologies, or creating a substantial number of new jobs.

Parliament Buildings, Vienna

Requirements

Under the citizenship-by-investment provisions, an applicant is required to actively invest in the Austrian economy, for example in the form of a joint venture or a direct investment in a business creating jobs or generating new export sales. Generally a significant direct investment is required. Passive investments in government bonds, real estate, etc. do not qualify.

In addition to standard documentary requirements (passports, birth and marriage certificates, etc.) a completely clean personal record (certificate of no criminal record), a comprehensive CV and business background information as well as impeccable references must be provided by all applicants.

The Austrian Citizenship Act generally requires the abandonment of the current citizenship of an applicant as a prerequisite to the grant of Austrian citizenship. However, in case of a grant of citizenship under the provisions of § 10 (6) of the Citizenship Act, the former citizenship can legally be maintained, i.e. the applicant is not required to give up his present citizenship.

Procedure

The grant of citizenship on the basis of an investment involves various procedures and requires Government approval at the highest level. It is therefore essential that the applicant is properly advised from the beginning, that the individual case is carefully prepared and that informal approvals from the key ministries are obtained before the investment is made and the formal application process is started.

Henley & Partners advises on suitable investment possibilities, will liase with the various government agencies and ministries, and then prepare and lodge your application with the Government. As with other citizenship programmes, there is a thorough background check, and ap plicants are required to attend an interview in Austria. After approval of the citizenship application citizenship documents are issued.

The average time frame of an application is about 12 months. An application results in citizenship for one family (applicant, spouse and two unmarried dependant children under 18 years of age). Successful applicants receive full citizenship of the Republic of Austria by decision of the Government of Austria, and a passport can be applied for immediately afterwards. Passports are issued within a few days.

The grant of citizenship is not published and not reported to any other country as it falls within the Government privacy/official secret provisions.

Benefits

As a citizen of Austria you can live and work in the country as well as anywhere in the European Union at any time. In addition, as a EU citizen you also have the right to live in Switzerland, which is a very attractive place for tax-advantaged residence. Unless you decide to actually reside in Austria, you are not subject to tax in Austria .

The Austrian passport enjoys an excellent reputation and offers the most comprehensive visa-free travel, including visa-free access to the USA. The Austrian passport is no doubt among the very best travel documents in the world.

Performance Guarantee

Since the granting of citizenship is at the sole discretion of the Government of the Republic of Austria, we are not able to guarantee that applications will be approved. However, great care has been taken to provide the best possible safeguards for persons entering the programme. Prior to taking on any mandate, a written agreement is made between the applicant and Henley & Partners defining the responsibilities of both parties.

Further Information

For further information on the programme and on how to apply - or to arrange a private consultation - please contact us today.

The specialised services of Henley & Partners are also a resource and complement to other consulting and law firms. We can help other firms and their clients with the unique and specific details required by the acquisition of citizenship under the citizenship programme.

Individual clients as well as other consulting and law firms worldwide rely on us for professional advice and assistance in this delicate area where our expertise and experience are second to none.

Some of the many advantages of Austrian citizenship

	Possibility to become a EU citizen immediately upon making a substantial investment
	Austrian passport gives visa-free access to most countries world-wide
	Austrian passport gives the right to reside anywhere in the EU as well as in Switzerland
	There is no need to spend any particular time actually residing in Austria
	There are no tax consequences unless main (tax) residence is moved to Austria

Further Information

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