9th July 2018
If you’re a fan of coffee and cake, Austria should certainly be top of your list of places to visit. And, of course, there’s the incredible mountainous landscapes and alpine summits to explore – if you can drag yourself away from the coffee houses that is! Aside from the tourist attractions, the country has a lot to offer. Its capital Vienna, for example, was named the city with the highest quality of life in the world eight years running.
Clearly Austria is a place that contractors should visit, but what opportunities are there?
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According to recent reports, the country’s economy is faring exceptionally well, with the central bank of Austria predicting a growth of 3.1 percent year-on-year in 2018 – higher than the previous forecast of 2.8 percent.
Given this positivity, it comes as no surprise that investment is on the rise across multiple sectors. The ICT industry, for example, is currently subject to vast funding initiatives including COMET (Competence Centres for Excellent Technologies) which aims to bring science and business together to support ICT development. As such, contractors with experience within this field can certainly expect to be in high demand.
Experts in cryptocurrency and financial services regulation are also likely to be highly sought after in the near future as interest in cryptos grows. As the latest figures reveal a significant increase in investment in this area, the Austrian Financial Markets Authority (FMA) has outlined proposals to regulate the market, with suggestions currently being considered by the country’s Ministry of Finance.
Contracting in Austria: the legal bit
Clearly the country presents a wealth of opportunities for contractors, but employment and tax legislation is complex. For example, laws in this destination distinguish between unlimited and limited tax liabilities for companies, meaning individual contractors will have to pay relatively high rates if they fall into the higher bracket, which they are likely to do.
The tax system can also be fairly challenging to navigate, particularly for those who don’t speak the domestic language. And, as with the vast majority of countries, Austria has also committed to the Common Reporting Standard, meaning non-compliance here can follow contractors back to their country of residence.
For professionals seeking opportunities in Austria, it is advisable to leave your compliance concerns in the hands of the experts, freeing up your time to get on with the task at hand – and make the most of a fantastic country to work and live in.
Contact the team today to find out how we can help you.