< Disclaimer> < Return To Issue Article Index For This Issue >

December 2005 While you won’t find languid tropical nights or sunkissed beaches in Austria, you will discover that this history-drenched country is a very profitable place to invest, do business or take up residence. What’s more, it has the world’s most exclusive “economic citizenship” program. If you qualify, you can obtain instant Austrian citizenship—which would give you one of the world’s premier travel documents. Austria is in the very center of Europe, with ideal access to the “tiger” economies of Eastern Europe. That’s one reason why companies in Germany, Italy, France, and many other countries are converging on Austria: to set up joint-venture deals in Eastern Europe with Austrian companies. But it’s not only the location of Austria that makes it the key to doing business in the emerging Eastern European markets. It’s also Austria’s history. Until the end of World War I (1918), the Austro-Hungarian Empire encompassed much of what is now Hungary, Slovakia, Slovenia, and the Czech Republic. Doing business in Eastern Europe comes naturally to Austrians. They’ve been doing it for centuries! Austrian Banking: Low Profile, Professional And Very Secret The foundation for these joint ventures are solid relationships with Austria’s commercial banks, of which Bank Austria is the largest. But behind the retail counter, up the back stairs, and behind locked doors are the thriving private banking departments of Austria’s banks. Why consider Austria for banking at all with neighboring Switzerland beckoning? While Switzerland is a larger and much-better known private banking center, Austria’s banking tradition is itself more than 200 years old. Accounts and securities investments are available in all major markets and currencies. Austrian banks offer an impressive range of services: the ability to purchase foreign currencies and CDs, offshore stocks and bonds and options, precious metals, and (particularly for non-U.S. persons) offshore funds. In other words, you’ll find the same capabilities at Austrian banks as in Switzerland, but with somewhat lower fees and with a much lower profile. There’s just one catch—most of Austria’s private banking departments cater to investors in Austria and other German-speaking countries. But there’s one bank—Anglo-Irish Bank in Vienna—that caters to an international, English-speaking clientele. All Austrian banks are subject to Austria’s bank secrecy laws—some of the world’s most stringent. The practical consequence is that the small army of professional asset trackers, information brokers and corporate espionage specialists which advertise their ability to uncover assets in U.S. bank and securities accounts will be completely thwarted if they try to pry information out of an Austrian bank.

The Sovereign Society, headquartered in Waterford, Ireland, was founded in 1998 to provide proven legal strategies for individuals to protect their wealth and privacy, lower their taxes and to help improve their personal freedom and liberty. The Society's highly qualified contacts recommend only carefully chosen banks and investment advisors as well as financial and legal professionals located in select tax and asset haven jurisdictions around the world. The Society provides advice concerning the establishement and operation of offshore bank accounts, asset protection trusts, international business corporations (IBCs), private foundations, second citizenships and foreign residency, as well as practical safeguards for financial, Internet and personal privacy. The Sovereign Society stands alone in fulfilling this singular, international offshore service role for its members. To learn more about our organization and how you too can become a member, please click here.

Forbidden' Investments Four 'Taboo' money-makers, reserved for the wealthy and well connected only - and strictly off-limits to you... Until Now!  These and many of the other best investments and financial strategies in the world are HIDDEN from you by a cartel of regulators & special interests!  Yet one group has broken past the CENSORSHIP, seeing gains of 797% and 1,794% in the bear market... legally slashing their tax bills... building an iron wall of protection around their assets... and creating a lasting legacy of wealth for their families

Skinny-Dipping Along The Donauinsel…And Other Delights Of Living in Austria

When I arrived in Austria in the summer of 2003, I didn’t understand why Austrians were so crazy about the outdoors. On a warm day, the crowds on both sides of Vienna’s Donauinsel—a 40-kilometer long artificial island—are overwhelming.

Large stretches of the Donauinsel are “clothing optional.” No matter what you’ve read about Austrians being aloof or reserved, they love getting out of their clothes on a hot day!

It turns out that the tolerant attitude Austrians have toward nudity extends to many other aspects of life. Austrians are remarkably understanding of each other’s differences. That tolerance, combined with Austria’s extensive social safety net, rich cultural heritage, first class amenities and its relative affordability, make Austria a popular residence haven.

Citizens of the original 15 members of the EU have an automatic right to live and work in Austria, without obtaining a residence visa or work permit. Nationals of the 10 additional nations added to the EU in 2005 will qualify over the next few years.

Non-EU citizens must obtain a visa to live or work in Austria, although it’s possible for nationals of the USA, Canada and many other countries to spend up to 90 days annually in Austria without a residence visa. For longer stays, it’s relatively easy to obtain a visa if you don’t need to work in Austria and are in good health. It’s also possible to obtain a visa if you plan to open a business that will employ Austrian workers.

However, it’s more difficult to obtain a visa if you want to work for an Austrian company. The company must certify that you possess talents or skills not generally possessed by an Austrian resident. In all cases, if you plan on living in Austria long-term, you must pass an examination demonstrating proficiency in German.

While it’s possible to complete the applications, affidavits and provide the supporting materials required for Austrian residence yourself, it’s quite challenging unless you’re fluent in German. If not, you may wish to hire an Austrian immigration consultant for this purpose. One that I recommend is the Austrian office of Henley & Partners.

Instant Citizenship For Millionaires

A passport from neutral Austria is one of the world’s premier travel documents, giving you the right to live and work in any EU country and to travel visa-free in over 100 other countries. Another benefit is Austria’s traditional neutrality. The Austrian passport is welcome almost anywhere and is likely to raise much less political antagonism than, for instance, a U.S. or U.K. passport. Finally, you’ll be eligible to purchase real property, which is otherwise difficult for a foreigner residing in Austria.

After 10 years of residence in Austria (reduced to six years if you can demonstrate “substantial integration”), you are eligible to apply for Austrian citizenship and passport. But, there’s an important exception to the rule—Austria is one of only three countries that offer “instant” citizenship and passport to qualified applicants, and the only one in the EU.

The Austrian economic citizenship program offers a possibility to persons making a substantial contribution to Austria expedited consideration for citizenship. But, there are no guarantees. To qualify for instant citizenship and passport, you must provide extraordinary economic, cultural or scientific benefits to the Republic of Austria. Such benefits must be confirmed by all of the Ministries of the Austrian government.

If you are a famous professor or sports star, you don’t necessarily have to be wealthy to obtain instant citizenship. But if not, the alternative is to make a substantial investment in Austria that creates new jobs or exports. There is no statutory minimum, but as a practical matter, you should be prepared to invest US$2,000,000 or more. Moreover, the application itself can cost over US$250,000 in legal fees.

Immigration, and in particular, the granting of instant citizenship, is a sensitive political issue. It is essential to procure good political contacts, permitting you to obtain informal approval from the key ministries, before filing your formal application and before investing. This process in virtually all cases requires the assistance of a qualified Austrian legal advisor. I’m leaving Austria now to move back to the U.S., but I’ll be back. I’ve been alternately charmed, amused, amazed and delighted with what Austria has to offer. And while one of the surprising aspects of Austria to a non-Austrian is that those living there don’t generally realize what a special country they live in. Again and again, I was asked, “What’s so special about our country?”

What’s special is a combination of factors that’s just as unique as a Sachertorte from a Viennese bakery. Find out for yourself!
.

Mark Nestmann is a Research Editor for The Sovereign Society and president of The Nestmann Group, Ltd., a consultancy assisting high net-worth individuals achieve wealth preservation solutions. He is the author of many books and reports on privacy and asset protection, including The Lifeboat Strategy: Legally Protecting Wealth and Privacy in the 21st Century. Please see this month’s insert for details. Mark resides in Vienna, Austria, and serves as a consultant to The Sovereign Society. You can contact Mark at assetpro@nestmann.com or visit his website at http://www.nestmann.com.

.

< Send a Letter to the Editor > < Subscribe> < Submit An Article >< Disclaimer>