Keeping your finances in check can be challenging, especially when you're an expat living in Austria. We asked one of our financial planners, who specializes on Expats, to share some advice on what to consider in such a situation.

19% of Austria's population are expats.* The majority of these expats come to work for international companies in Austria. Due to digitalization and the growth of the digital age, this number is expected to increase in the near future. Currently, the most common fields for expats are in industries such as IT,
healthcare, finance, marketing & communication, manufacturing, and engineering.*

Maximilian Plank is a financial planner for Swiss Life Select in Austria. He specializes in helping expats, living in Austria, with their financial questions, including investing, real estate, retirement plans, taxes and insurances.

We have decided to contact Maximilian to hear his thoughts on the biggest challenges expats face, when living in Austria, and how he helps them achieve their financial goals abroad.


We asked Maxmilian …

What are the biggest financial challenges for expats living in Austria?

The biggest challenge for expats must be, not knowing their options. Moving abroad is already a challenge, so it's unreasonable to expect anyone to also know the laws and tax situations abroad.

This is where I come in. I specialize in helping expats who want to start an investment account or buy real estate abroad. I discuss possible risks, as well as the taxes they can expect.

How can expats benefit from working with you as a financial planner?

Having a financial planner by your side can provide several benefits. Firstly, it is important to remember that
at Swiss Life Select Austria, we are independent financial planners. This means, we do not have our own products, and are not forced to offer solutions that might not fit our client’s needs.

When advising expats, my favorite thing to do is provide them with an overview of the market and
taxes within the country. It's important to me that my clients make informed decisions after carefully evaluating their current financial situation, both on a personal level and in the Austrian financial market.

The greatest benefit for expats when working with a financial planner, is having one person to speak to for any financial questions. I can provide guidance on various topics, such as stocks, pension plans, real estate, or taxes.

How can expats in Austria start investing? What differences or challenges should they consider?

For expats in Austria, investing in stocks or real estate can be challenging due to language barriers and bureaucracy. Additionally, there are various options available, which could be overwhelming at first glance.

During a free consultation call, we explore all possible ways to get started by transparently identifying
the approach that makes the most sense for my client’s goals.

What happens to investments if expats move to another country?

If you decide to leave Austria at some point, you will have various options for your investment and retirement plans. As your financial planner, I will discuss each possible option with you and provide an overview of the pros and cons. In any case, you have the option to continue investing from abroad or even transfer your portfolio to a new broker.

How can expats living in Austria contact you for an evaluation?

I am a big fan of providing my clients with easy ways to reach out to me. You can DM me on Instagram or book a free 15-minute call directly on Calendly.

If you want to learn more about me as a financial planner, visit my online business card.