Forbes has released its list of the 11 richest Austrians, shedding light on the wealth and success of individuals in Austria [26e62f2d]. The list includes some lesser-known names in the Austrian business world, such as Mark Mateschitz, co-founder of Red Bull, who has amassed significant wealth through the success of the energy drink brand. Other notable individuals on the list include Georg Stumpf, Johann Graf, René Benko, Helmut Sohnen, Wolfgang Leitner, Stefan Pierer, Michael Tojner, Reinold Geiger, Ulrich Mommerts, and Toto Wolff. These individuals have made their fortunes in various industries, showcasing the diversity of wealth in Austria.
This ranking by Forbes highlights the immense wealth accumulated by these individuals and their significant influence in the Austrian economy. It serves as a reminder of the disparities in wealth distribution and the concentration of wealth among a select few.
Austria's Citizenship by Investment Program, established in 1985, is highly selective and requires individuals to demonstrate remarkable achievement, which could be economic in nature [96935169]. The program offers an opportunity for wealthy families to invest and start a new life in Austria, a country with a highly industrialized economy and significant contributions from exports and tourism to its GDP. The investment required to qualify for citizenship by investment is typically between €800,000 and €10 million, although each instance is considered separately. The application process can take two to three years and involves submitting the application in person, communicating with government personnel, and swearing allegiance at the nearest Austrian diplomatic or consular office. While Austria generally disallows dual nationality, applicants under Article 10(6) can retain their original citizenship. Having Austrian citizenship grants the privilege of residing and working in any member state of the European Economic Area (EEA) plus Switzerland, as well as a straightforward process for visiting the US and Canada.
Additionally, wealthy individuals around the world seek second citizenships for economic and political freedom. According to Nomad Capitalist, New Zealand, Canada, and the US are popular choices for highfliers. New Zealand offers citizenship based on exceptional circumstances and investments, while Canada has programs for immigrant entrepreneurs and investors. The US offers a Green Card for investors. Australia has various working and skilled visas, and Switzerland offers visa-free entry to 174 countries. St. Kitts and Nevis has a fast and affordable citizenship by investment program, and Monaco is known as a true tax haven. Malta offers many benefits for wealthy individuals as well. The US has the most billionaires and millionaires, making it an attractive destination for the wealthy seeking citizenship [1ff0aa4c].
This information from Nomad Capitalist provides insight into the global landscape of citizenship by investment and the choices available to wealthy individuals seeking economic and political advantages.
Dentons, a law firm, has published a guide titled 'Navigating Residency and Citizenship by Investment Programmes: A Basic Guide' [58a1e7c7]. The guide provides a comprehensive overview of residency and citizenship by investment programs, including the motivations for pursuing alternative residency or citizenship, the different ways to obtain alternative citizenship and residency, and the requirements and potential issues involved. The article also includes three case studies that illustrate the process and considerations involved in obtaining alternative residency and citizenship. The authors of the guide, Henry Brandts-Giesen and C. Matthew Schulz, are partners at Dentons and specialize in visa, immigration, citizenship, and related matters.
This guide from Dentons offers valuable information for individuals interested in exploring residency and citizenship by investment programs, providing a basic understanding of the process and considerations involved.
Sources:
[26e62f2d] BuzzFeed Austria: Forbes Richest: The 11 Richest Austrians
[96935169] CEOWORLD magazine: Report: Austria Citizenship by Investment Programme, 2023
[1ff0aa4c] Nomad Capitalist: The Top 8 Citizenships of the Richest People in the World
[58a1e7c7] Dentons: Navigating Residency and Citizenship by Investment Programmes: A Basic Guide