5 Reasons to Live in Austria

Who said the life of a nomad is supposed to be difficult?

Perhaps the thrill of living in rough cities adds a bit of extra excitement. But for others, an easy-going, well-organized, and stable environment is the preferred option. 

Austria has one of the highest qualities of life in the world, with its capital, Vienna, rated consistently in the top 10 of Mercer’s most livable cities in the past decade. However, becoming an Austrian citizen is harder than you think.

Choosing the country for your offshore plan can be challenging. 

The Nomad Capitalist team is here to help, creating personalized offshore strategies and ensuring you go where you are treated best. Apply here to become a Nomad Capitalist client and get started with your own Plan B. 

Austria offers benefits for those looking for safe banking options, viable property deals, and beautiful views. 

For the well-traveled, nothing feels better than coming back to civilization, especially when it offers a more financially secure situation. Does living in Austria appeal to you?

Here are the top five reasons to live in Austria:

1. Highly Satisfied Residents

The Organization for Economic Co-operation and Development reports that Austria rates higher than any other member country when it comes to satisfaction with life. 

82% of people said they feel more positive experiences (success, rest, enjoyment, etc.) in a single day than negative ones (pain, unhappiness, depression, boredom, etc.) compared to the 76% average of OECD members.

Among Austria’s highest OECD ratings is 9.7 out of 10 in the area of community. Nearly every respondent on the quality of life survey said they know at least one person they can count on if they need help. 

It is fair to say that the fresh mountain air, cultural richness, and diversity of its people also play a part in this statistic.

2. Central European Location

Austria finds itself smack in the middle of continental Europe. From Italy to the Czech Republic to Hungary, you can go wild with the possibilities of travel from your home base in Vienna.

Don’t feel like driving on dizzying mountain paths? No reason to worry, as Austria is crisscrossed with high-speed railways conveniently and comfortably, getting you where you need to be. Living in Austria will give you access to some of the most famous landmarks in the world.

Prague, Geneva, and Rome’s dazzling capital cities and business hubs are a short trip away.

3. Perpetual Resort Lifestyle

Everybody needs to break the routine once in a while, and Austria offers just that with its changing seasons and diversity of opportunities.

Living an eternal resort-style life can easily be done here, with just as many mountain activities in the summer as in winter. Austria is one of the top resort destinations for neighboring French, Germans, and Italians seeking year-round luxury lifestyles.

No wonder Austria is among the most luxurious places to get a second passport and dual citizenship. 

4. High-Quality Real Estate

Investing in higher-worth property will pay off in the end, even if you have to bite the bullet now.

Austria is an example of a place for high-quality real estate at a much lower price than its competitors. Real estate in this central European country also offers incredibly stable investments, especially in mountain towns such as Zell am See.

Buying that luxury chalet, you’ve lusted over in ski magazines is more affordable than properties within the capital. Although Austria offers luxury and quality, it may not be the best option for high yields. 

According to the Global Property Guide, gross rental yields are lacking n the likes of Vienna’s Old Town; luxury areas such as Floridsdorf are slightly better, with yields of around 3%.

Are you looking for the best real estate opportunities? Our Nomad Real Estate Yield Index offers insight into the highest real estate yield opportunities, some of which are more challenging than others. 

Without direction, choosing the best real estate market can be overwhelming. 

With a Nomad Capitalist Real Estate Plan, we empower high-net investors to navigate international markets like a local, avoid common pitfalls, and find the most profitable investments at real market prices. 

5. Secure Banking & Vaults

Austria’s banking is suitably modeled off of the Swiss template but lacks the stigma that often comes with owning Swiss numerated accounts.

So why bank internationally in Austria? Asset protection is a key reason, and Austria’s system offered one of the most private banking and valuing institutions when the system opened up under OECD pressure.

In any case, Austria is a good choice when it comes to customer satisfaction and your assets, whether cash or gold. 

Austria still values banking and financial privacy, and one of the few places where you can store assets anonymously. For example, at the likes of Das Safe in Vienna, you can rent a box and store gold anonymously. 

On top of privacy, Austria’s geographical location means it is also the ideal asset storage location for accessibility when needed. 

If you are looking to run a business while based in Austria, thankfully, there are also plenty of quality coworking spaces, including. 

Impact Hub Vienna

Impact Hub Vienna is a diverse community of founders, creatives, investors, established companies, and NGOs. You will be working with diverse people who are striving to leave a social impact.

Convo Coworking Space

Get 24/7 access to a modern, climate-friendly coworking space full of greenery with like-minded business-oriented people in Convo Coworking Space.

There’s A Catch

Are you curious about making a move to Austria?

To put it plainly, you must have more than five years of temporary residency in the country to earn permanent residence.

Add another ten years of permanent residency (four years if you’re an EU citizen), and you will qualify yourself for a passport, granted that is if you’ve picked up a little German along the way.

The Austrian government handpicks who gets it and who does not. Living in Austria is a privilege and a pretty good one.

If you want to pursue Austrian citizenship, there are residence options for ultra-wealthy individuals who are willing to spend the requisite amount of time there and deal with potential tax obligations. However, Austrian citizenship isn’t for most people. 

Would you like to pursue a less restrictive option for citizenship? Some more straightforward and far more attainable citizenship options include Antigua & Barbuda, St. Kitts and Nevis, and Malta. 

We have helped more than 1,500 high-net-worth investors and entrepreneurs secure the best citizenships, dealing with all the pitfalls and difficulties involved. Apply here to become a client, and we will do the same for you.