Dateline: Vienna, Austria

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

Perhaps the thrill of living in rough cities adds the extra kick of excitement. But for others, an easy-going, well-organized, and stable environment will do the trick. To live in Austria, you’d also want to consider if economic citizenship is the path you’d want to take.

Austria is the country with one of the best 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.

In addition, there exist benefits for those looking for safe banking options, viable property deals, and beautiful views to top it all off. For the well-traveled, nothing feels better than coming back to civilization, especially when it offers benefits to put you in a more financially secure situation. Is living in Austria sounding more appealing to you by the minute?

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 in satisfaction with their lives.

To put it in numbers, 82 percent of people said they feel more positive experiences (success, rest, enjoyment etc.) in a single day than negative ones (pain, unhappiness, depression, boredom, etc.) in comparison to the 76 percent average of all members.

Among Austria’s highest OECD ratings is a 9.7 out of 10 in the area of a community. Nearly every respondent on quality of life survey say 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. Europe’s Capital Cities Nearby

Austria finds itself smack in the middle of continental Europe.

From Italy to the Czech Republic to Hungary, you can run yourself wild with the possibilities of travel from your home base in Vienna.

Don’t feel like driving on dizzying mountain paths? No reason to fret, 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 on the globe.

The dazzling capital cities of Prague, Geneva, and Rome 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 opportunity.

Living an eternal resort-style life can easily be done here, with just as many mountain activities in the summer as in winter. Austria stands out an affordable resort destination for French, Germans, and Italians seeking luxury lifestyles year-round.

4. Low-Cost Luxury Property

We’ve all heard of the cheap-as-dirt housing prices across less fortunate parts of America following the housing crisis.

But what comes with that? Some cheaply made home that will have to be completely remodeled in a span of five years? Why pay distressed housing prices for low-quality homes?

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. And it’s incredibly stable, especially in mountain towns such as Zell am See.

Buying that luxury chalet you’ve lusted over in ski magazines has never been cheaper.

You don’t have to buy commercial real estate either. Hundreds of coworking spaces have opened up in the past three years in Austria, setting them as one of the most recent business trends. 

Do you want to own a luxury home but you don’t want to splurge on an office too? No problem.

Here are the top two coworking spaces in Austria to cater your needs.

1. 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.

2. 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.

5. Secure Banking

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

The HSBC leaks of accounts that are knowingly evading taxes are no surprise at all, and the continued exposure of illegal activity is bad press, for you and your company.

So why bank internationally in Austria?

Asset protection is a key reason, and Austria’s system offered one of the most private banking institutions until 2009 when the system opened up under OECD pressure.

Nevertheless, Austria won’t be in the position anytime soon to grab your money and run like the government of Cyprus pulled off in 2012 and 2013. In any case we’re dealing with customer satisfaction here and your capital, whether cash or gold, will be in the right place.

There’s A Catch

Are you curious about making the move to Austria?

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

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 you’ve picked up a little German along the way.

I say qualified, as there is no guarantee you’ll get it.

The Austrian government handpicks who gets it and who does not.

In reflection, to live in Austria is a privilege and a pretty good one at that.

Andrew Henderson
Last updated: Oct 5, 2021 at 11:29AM