How do I get residency in Austria? (as a financially independent person)

Published at: 27/03/2023 08:16 am

How do I get residency in Austria? (as a financially independent person)

Austria offers one of the most affordable residency solutions in the European Union for financially independent individuals.

The process of obtaining residency in Austria varies depending on your nationality, the purpose of your stay, your financial or professional situation and the length of time you plan to stay there.

Our colleagues at Discus Holdings Ltd have more than two decades of experience providing immigration services related to obtaining resident status and citizenship in Austria. Our clients usually prefer the official scheme for financially independent individuals. 

To obtain residency in Austria as a financially independent person, you must apply for a "Red-White-Red Card". This residence permit allows non-EU citizens to live and work in Austria.

How much does it cost to get a residency in Austria?

To be eligible for a Red-White-Red Card as a financially independent person, you must meet specific criteria. These include:

  • Proof of sufficient financial means: You must provide evidence that you have enough financial resources to support yourself and any dependents without needing to work in Austria. The amount now is at least 1,900 euros per month, or you must show a bank deposit if 12 times this amount equals 22,800 euros.
  • Health insurance: You must have adequate health insurance coverage for yourself and your dependents.
  • Clean criminal record: You must not have a criminal record.
  • Accommodation: You must have a place to live in Austria.
  • Other requirements: You may also need to provide additional documents, such as proof of education or work experience.

The application process can take several months, so creating a plan with our experts is essential. Please read here the details of the Austrian residency program for financially individual applicants.

If your application is approved, you will receive a residence permit valid for two years. After this time, you can apply for a renewal or a permanent residence permit, depending on your circumstances.


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