Moving back to the EU
Our European Dream: Buying a Flat in Vienna by 2030+
Joy and I have always been in love with the European way of life. The focus on community, enjoying time off, and the incredible quality of life have a strong pull. Cities like Vienna particularly capture our hearts, with their stunning beauty and rich cultural offerings. We aim to move back to Europe in 2030. Until then, our plan involves, to live in Seattle until September 2026, then two years in another major city - I would love to spend some time in New York or at the East Coast of the US, and then we might figure out what’s up next for us.
Finding Our Vienna Oasis
We’ve always dreamed of making Vienna our home. Our ideal living space would be a spacious 100qm (roughly 1,000 sqft) apartment. Our explorations led us to the charming 9th district, where we found fantastic options around the 700k EUR mark.
Now, the question on many of your minds might be: How can we make this dream a reality, using money earned in the US?
The Process: A Guide for Expats and Real Estate Enthusiasts
Buying an apartment in Vienna as an American requires a bit of planning Here’s a breakdown of the journey:
Step 1: The US Banking Base
You’ll need a US bank account to collect your earnings. If you don’t have one, it’s time to open one!
Step 2: Currency Exchange – Finding the Best Deal
To get your US Dollars (USD) working in Austria, you’ll need to exchange them for Euros (EUR). Here are your options:
- Banks: While convenient, banks often have less favorable exchange rates and higher fees.
- Specialized Services: Companies like TransferWise, OFX, and Currencies Direct are designed for international transfers and usually offer better rates.
- Online Platforms: PayPal or XE Money Transfer provide another easy alternative.
Step 3: Money on the Move – Transferring Funds to Austria
Choose your exchange service, then it’s time to make the transfer! To streamline the process, consider:
An Austrian Bank Account: Very handy if you’re serious about the move, allowing for easy management of property-related expenses. Borderless Accounts: Online banks like N26 and Revolut let you hold multiple currencies, including EUR.
Step 4: Navigating the Rules
FinCEN: US citizens, take note! You must report foreign assets exceeding $50,000 using Form 114 (FBAR) annually. Austria’s Regulations: Dive into laws like the Anti-Money Laundering Act (AML) and the Foreign Exchange Act (FEA). You might need to show proof of income to comply.
Step 5: Sealing the Deal
Funds in Austria? Check! Now you’re ready to purchase that dream Vienna flat. Have your identity documents, income proof, and employment details ready.
Step 6: The Tax Factor
Buying property overseas has tax implications. It’s wise to consult a tax professional who understands both US and Austrian tax laws.
Let’s Make it Happen!
With these steps in mind, you’re well on your way to transforming your US earnings into a beautiful Viennese apartment. Keep a close eye on regulations, as they can change, and you’ll be sipping Viennese coffee in your new home before you know it!