The Austrian Residence Program is a residence program granted on an annual basis, and only about 450 applications is approved every year. Application is based on the fact that applicants can be self-sustaining by demonstrating they have savings, business or salary that meet the required amount available to the applicant every year. As a member of the EU and also a Schengen area member, access to the Schengen area is without addition visa.
The residence permit is granted for one year. Before expiry a renewal application has to be filed. This is just a formal act whereby it has to be proven that the client still has an apartment and sufficient income and funds on the bank account. If this can be proven, the permit will be renewed. The renewal applications are not limited by a yearly quota.Residency holder who has kept the residency for five years can apply in the sixth year of residence for a permanent EU-residence permit.
The biggest benefit of this residency permit is that you don't need to relocate - you can stay in any part of the world but required to visit Austria once every year, but applicants can live in Latvia fully if they so wish - and carry a business or study. Working is not permitted.
Citizenship is possible after living in the country for a reasonable amount of time (between 8 - 10 years)
As this procedure is highly individual it requires a negotiation and preparation phase, which takes usually between two and six months, to discuss and negotiate with the local authorities and realtors. The government processing times are usually between two and four months.