Austria Country Profile

Passport Ranking
21/198
Passport Score
176.4
Visa-free Countries
158
Show More
Region
Europe
Capital City
Vienna

Largest City
Vienna
Currency
Euro

Languages
German
Population
9.1 million

Life Expectancy
82.3 years
GDP (nominal)
$468 billion

GDP/Capita
$51,650
Cost of Living
Climate
Safety
Pollution
English Proficiency
Expensive (5/7)
Comfortable (2/5)
The Safest (1/7)
Very clean (1/5)
High (2/5)

Taxation Type: Residence-based

Sovereign Research's take:

Austria is part of the European Economic Area (EEA), allowing its citizens to live and work in any other EEA country, plus Switzerland. (The EEA consists of 27 European Union countries plus Iceland, Norway and Liechtenstein.)
Nearly one hundred years after the American Revolution, a lesser known revolution took place in Austria.

But unlike its American counterpart, the Vienna revolution was peaceful. It’s known as the Marginalist Revolution, led by the great economist Carl Menger, who overturned the way we understand economics and entrepreneurship.

Menger opposed the in-vogue Marxist ideas on capital and interest, and laid foundation to what is now known as the Austrian School of Economics – economic theory underlying the importance of sound (not fiat) money. 

This attitude has trickled down into Austrian society. Austrians tend to understand the value of gold. Walk around Vienna and ask the average person what the price of gold is and they’ll likely be able to tell you. (And then compare it to the responses in this video.)

In general, you’ll never see us bullish on European banks. They have pitiful capitalization levels, pitiful liquidity levels, and they’re loaning money to bankrupt governments at negative interest rates.

But, private banking – and especially private banking as developed by the Swiss and Austrians (add Liechtenstein there too) – tend to be different. We like all of these jurisdictions for private banking. (Private banks mostly serve high-net-worth individuals.)

Austria also received high marks as a destination for student expats. Its universities are inexpensive, and the education is superb.

And for retirees who do not need to watch every penny, Austria is a great destination in the heart of Europe. Austrians have an eye (and ear) for value and beauty that many enjoy – Mozart, Beethoven, the Baroque-style architecture of Salzburg and, of course, magnificent Vienna. 

It’s a great place to be, especially during the summer, and has a formality and civility often lacking in other societies. We find that appealing..

Service Providers available in Austria in Sovereign Research's Rolodex:

  • Immigration (residency, citizenship)
  • Private vault
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