Austria is justifiably famous for its banking system—particularly for its bank secrecy law, which has the same legal status as the Austrian Constitution. But while Austrians take their financial privacy very seriously, there’s another aspect of Austria that doesn’t get as much attention: residence.

With its world-class opera, museums, and galleries, Austria is truly one of the world’s most civilized countries. Vienna, its capital, is a cultural treasure. Indeed, Mercer’s, a major human resources consultancy ranks Vienna as the second most desirable city to live in the world (behind Zurich)—and Vienna is much more affordable. And within an hour’s drive of Vienna, you can visit three different countries: the Czech Republic, Hungary, and Slovakia.

Austria is also a popular haven for English-speaking expatriates. While you won’t find the concentrations of U.S. expatriates that you would in places like Costa Rica, Panama, or London, you’ll find a high quality of life and reasonable living costs. And those costs have come down considerably in the last year, thanks to eroding real estate prices and a weakening euro.

What I appreciated about Austria more than anything else during the two years I lived there is that the cities are built for living. They’re not “urban shells” that fill up during the day, only to empty out at night as workers return to their suburban homes. And they’re built on a human scale that makes them easy to navigate without a car.

I left Austria because it was impossible to obtain a residence permit that permitted me to operate a small business without hiring numerous Austrian employees that I didn’t need. But if you can support yourself without working in Austria, it’s usually possible to obtain a residence permit. Even without one, you can stay in Austria for 90 days on a U.S. passport without any visa formalities.

If you’re interested in possibly living in Austria, I highly recommend a visit to the country. It’s more affordable than it’s been in years. While you’re there, consider opening an account at an Austrian bank—your dollars will purchase 20% more euros than they would have only a few short months ago.

If you want to live full-time in Austria, I’ve recently set up an affiliation with a firm that can help you obtain legal residence there. They can assist with the application forms (in German, naturally), help negotiate the quota system under which most categories of Austrian residence are awarded, and provide introductions to English-speaking real estate agents to find suitable accommodation. Since they’re affiliated with an international tax consulting company, they can even help file your U.S. tax returns.

Source: Austria: Not Just a Financial Haven