Comments on: Banking, Citizenship, and Tax Residency in Austria

By: Gerardo

Gerardo — Mon, 16 Aug 2010 03:54:06 +0000

Can you recommend any Austrian banks, Simon?

By: Ckeutgen

Ckeutgen — Thu, 05 Aug 2010 17:12:24 +0000

Autria is interesting because they “sell” passports. With an Austrian passport you can then ask for Swiss residency and negociate a lump-sum taxation…

By: Jim

Jim — Thu, 29 Jul 2010 21:30:12 +0000

My grandparents were born in the old Austro-Hungarian Empire in the late 1890's. Three of my grandparents native language was German, however two were born in present day Romania and one as far as I can determine was born in Poland (Wygoda). What citizenship can I qualify for, if any?

By: Chris

Chris — Thu, 29 Jul 2010 16:30:34 +0000

Simon,

While Austria has a high headline rate there are a couple of significant concessions. Shares held for more than 12 months are not subject to capital gains, and dividends are taxed at 25% with a credit for foreign tax already paid at source.

So if you were retired with an income which came mainly from dividends and long term capital gains on shares, Austria would be a place to consider.

Please correct me if you've heard anything different.

By: msc

msc — Thu, 29 Jul 2010 10:59:40 +0000

Each new citizen applying for permanent residence needs to register with Municipal Department 35, based in Dresdner Strasse. When traveling to Dresdner Strasse for registration, one feels like a pilgrim in 17th century visiting a church. Let me explain what I mean.
Architecture has a language, it is not a dead thing. It speaks about people who build it, people who inhabit it. What a church says? A typical European church is based on a hill. One has to approach it from the bottom of the hill. Man has to rise with a bit of effort, as if fighting to reach a goal. Once in, man is stuck by its high ceilings and crafty interior. Man feels small, as if lost. Sure, he is coming closer to God.
Traveling to Dresdner Strasse feels a bit similar. If I take a tube from Kagran station, I have to change 3x and I travel just a short distance. A public building not easily accessible from public transport.
I arrive earlier before opening hours and feel like eating a little snack. I walk 1.5 km along Dresdner Strasse and there is not a single shop selling food there. Strange urban arrangement for such a high density of building structures. All I notice around me are huge, modern, expensive government buildings with restaurants below. I enter the Municipal department and there is a huge entrance hall there – wow, volume of that space as if it was a church. But wait a minute – registration of new Viennese residents is through the back doors at the corner, not through that huge entrance hall. So I go outside, it rains, I join the queue and feel a bit like as if I was applying for an asylum. I am coming from neighboring EU country, holder of a German passport. The officers seem arrogant to me. Maybe they feel like little Gods. Well I would, if residents were paying me 50% in taxes….
Yes, Simon, you are right. Vienna is really a great place to stay, but not a good place to reside in.

By: SovSerena

SovSerena — Thu, 29 Jul 2010 07:29:31 +0000

Great.. all good news, right in line with many other books and web sites.. and confirmation of all that i have read and heard from reputable sources.. so makes me even feel more confident to have an account there.. safe, solid, reputable country… for the long term.. thanks for keeping us all so well informed.

By: Coniuzelac

Coniuzelac — Thu, 29 Jul 2010 02:59:27 +0000

have you visited Graz? nice place to go and convenient banking