Government approval is required for foreigners to rightfully purchase a right to a property (including land) or an apartment/commercial unit, including for commercial purposes. Detailed requirements for the acquisition of property by foreigners are regulated in the Acquisition of Property by Foreigners Act of the individual provinces. For instance, according to the Real Estate Act of Lower Austria, real estate acquisitions by foreign citizens and legal entities in predominantly foreign ownership are subject to authorisation. EU/EEA citizens and companies are exempted.
"§ 2 - scope:
This law applies to inter vivos transactions through the acquisition of rights to
1. Agricultural and forestry land, as well as on the residential buildings and commercial structures or parts of these structures used for agricultural and forestry operations;
2. all land and buildings or parts of buildings such as apartments, if foreign persons acquire rights
§ 3 - Definitions:
For the purposes of this law: [...]
6. Foreign persons:
a) natural persons who do not have Austrian citizenship;
b) legal persons that have their registered office abroad or whose share capital or shares in assets (such as shares, capital contributions and similar rights) are predominantly in foreign ownership;
c) registered partnerships, the corporate assets of which are predominantly foreign-owned;
d) Associations, the majority of which are foreign nationals, or
e) Foundations, funds and similar legal entities, the assets or income of which, according to the purpose of the foundation or fund, are mainly attributable to foreign persons or whose management is exclusively or mainly the responsibility of foreign persons.
[...]
§ 15 - equality:
The provisions of this law on the acquisition of rights by foreign persons do not apply to
1. Citizens who are on an equal footing with Austrian citizens on the basis of international or community law and
2. legal persons and registered partnerships, associations, foundations or funds in the exercise of the freedom of establishment, in the exercise of the free movement of services or in the exercise of the free movement of capital, insofar as they relate to one of the freedoms specified in the EC Treaty or the Agreement on the European Economic Area (EEA Agreement) and they declare this fact to the land registry court in lieu of oath, unless such an equivalent declaration is already contained in the contract document. A form specified by ordinance of the state government must be used for the affidavit.
[...]
§ 17 - Legal transactions requiring approval:
(1) Legal transactions concluded among the living require the approval of the real estate authorities if they concern the following legal acquisitions by foreign persons:
1. Property right;
2. Right of usufruct , right of use , easement of the apartment or any other transfer that grants the user a legal or factual position similar to that of an owner or a person entitled to an easement;
3. Building law or the right to erect a building on third-party land or to transfer ownership of it.
(2) Other legal transactions require the approval of the real estate authorities if they achieve the same economic purpose as a legal transaction listed in Paragraph 1 ( circumvention transactions ).
[...]
§ 19 - Approval requirements:
The authority may only grant permission to acquire rights by foreign persons if
1. state political or other public interests are not impaired,
2. the acquirer (§ 3 Z 6 lit. a)
a) has not been legally sentenced by a domestic court to imprisonment in excess of 6 months for one or more criminal acts committed with intent ,
b) has not been legally sentenced to imprisonment for a financial offense by a domestic court and
3. a) There is an economic or economic, social or cultural interest of the state or a Lower Austrian municipality in acquiring the right , or
b) the acquirer has had his or her main residence in Austria for at least ten years.[...]" (Real Estate Act of Lower Austria (NÖ GVG 2007, LGBl. 6800-0), last amended by LGBl. No. 38/2019, §§ 2, 3, 15, 17 and 19 [google translation])
Real Estate Act of Lower Austria (NÖ GVG 2007, LGBl. 6800-0), last amended by LGBl. No. 38/2019, §§ 2, 3, 15, 17 and 19 [google translation]
[<a href="https://www.ris.bka.gv.at/GeltendeFassung.wxe?Abfrage=LrNO&Gesetzesnummer=20001061">Act</a>],[<a href="https://www.help.gv.at/Portal.Node/hlpd/public/content/163/Seite.1630000.html">Other</a>]