Private Banking at Bank Austria serves not only customers from Austria. Our relationship managers offer Private Banking services also to customers who are not resident or domiciled in Austria. Such customers are non-residents for tax purposes under Austrian law with the added advantage that under certain circumstances for instance interest on deposits, fixed-term deposits and fixed-interest securities (for example, bonds including mortgage and convertible bonds) are exempt from Austrian capital-yield tax.
As a financial centre Austria offers many advantages for international investors. Over the last several decades the country's economic policies have promoted integration with major Western industrial states.
As a member of the European Union and a participant in the common European currency, the euro, Austria can boast a high degree of economic and political stability. In addition, Austria's proximity to central and eastern Europe have helped make it an economic powerhouse in this part of the continent.
Since 1991 Austria has maintained complete freedom of movement of money and capital. There are no restrictions on the transfer of funds from and to other countries. In practical every-day terms this means that you can make use of your deposits, whether in euro or another currency, when and how you see fit.
Individual investors who neither maintain a residence nor are domiciled in the country and who do not visit for longer than three months a year, are considered non-residents for tax purposes under Austrian law. This status means that under certain circumstances for instance interest on deposits, fixed-term deposits and fixed-interest securities (for example, bonds including mortgage and convertible bonds) are exempt from Austrian capital-yield tax.
Austrian banking secrecy regulations are laid down in Section 38 of the Austrian Banking Act and are among the strictest in the world. As the act enjoys the status of a constitutional provision, any amendment to banking secrecy regulations requires-differently than ordinary legislation-a two-thirds vote of the lower house of the Austrian parliament.
Individual advice and personal attention are very important to us. Competence creates confidence and is the foundation of sound customer relations. The specialists of our international private banking team will be pleased to inform you about all the services which Private Banking can offer its private banking customers.