Austria – the right location for the best of Private Banking
Austria is not only favoured for its location at the crossroads of traditional European banking and the new investment horizons in Central and Eastern Europe – it also has a highly developed professional financial market; and of course, it provides the strictest standards of privacy and banking secrecy. Austria is an ideal location for Private Banking.
The Austrian Bank Advantage
Austria’s banking secrecy is guaranteed by strict laws with constitutional rank – this means that changes to it would require a two-
Regulation and prudential supervision of the banking sector and the regulation of the securities and insurance industries is performed by the FMA (Financial Market Authority, www.fma.gv.at) in cooperation with the Austrian National Bank (OeNB).
Austria is an EU member, a member of the Euro currency area, and has a AAA sovereign debt rating – a reflection of the highest political and economic stability. This creates a most stable environment for private banking.
Austria’s legal and fiscal framework is very stable and has multiple avenues for optimal structuring of corporate and private wealth management. Austria is an attractive place to manage wealth for EU residents and ideal for EU non-
The asset protection advantage. In Austrian courts, the loser must pay the winner's legal bills, courts can't award punitive damages in civil disputes and all relevant documents must be translated into German by an official translator. And, there is no automatic recognition or enforcement of U.S. civil judgments.
The euro advantage. Austria uses the euro as its official currency, giving it unrivaled access to the markets of the other members of the euro block, Combine this with first-
The neutrality advantage. Austria's constitution guarantees permanent neutrality in international disputes. This makes Austria an unlikely target for terrorism and possible disruption of its financial markets.
The residential and citizenship advantage. Austria welcomes qualified long-