# Alternative Investments in Austria (2026)

> Physical gold is tax-free after 1 year, a gold ETC pays 27.5%. Plus crowdinvesting limits, the Rendity wind-down and the FMA warning list.

Updated: October 14 2026 · By Jules de Bruin · URL: https://www.how-to-austria.com/banking/alternative-investments

Physical gold has the best tax treatment of any Austrian investment if you hold it. Investment gold is **VAT-free** on purchase, and a private sale after **one year** is **tax-free** under **§ 31 EStG**. A **gold ETC** pays **27.5%** on every gain. On a **€2,000** gain that is **€0** against **€550**. Cash purchases need ID from **€10,000**.

Crowdinvesting under the **Alternativfinanzierungsgesetz** caps you at **€5,000** per issue in 12 months unless you declare more is affordable. Most offers are **subordinated loans**, taxed at up to **55%** and outside deposit protection. The **Rendity** wind-down in **2026** left about **37,000** investors waiting on project companies.

## How Is Gold Taxed in Austria: Physical Bars or a Gold ETC?

| €10,000 in, sold for €12,000 | Tax | Rule |
| --- | --- | --- |
| Physical gold, sold after 14 months | **€0** | Not a speculative transaction (§ 31 Abs. 1 EStG) |
| Physical gold, sold after 8 months, 40% marginal rate | €800 | Income tax rate; the gain exceeds €440, so all of it is taxed (§ 31 Abs. 3) |
| Physical gold, sold after 8 months, €400 gain only | €0 | Year's speculative gains at or below €440 (§ 31 Abs. 3) |
| Gold ETC, any holding period | €550 | 27.5% on capital income (§ 27 Abs. 3 and 4, § 27a Abs. 1 EStG) |
| Buying investment gold | No VAT | § 6 Abs. 1 Z 8 lit. j UStG |

Our calculation, 14 October 2026, from the EStG and UStG on RIS. The 40% rate is an example marginal income tax rate; yours may be lower or higher. Buying and selling spreads are not included.

Physical gold wins once you hold it for more than **one year**. A private sale after that is not a speculative transaction under [§ 31 EStG](https://www.ris.bka.gv.at/NormDokument.wxe?Abfrage=Bundesnormen&Gesetzesnummer=10004570&Paragraf=31), so the gain is **tax-free**. A **gold ETC** is a security, and its gains are capital income at **27.5%**, however long you hold it. On a **€2,000** gain that is **€0** against **€550**.

Within the year, the order flips. A short-term gain on physical gold is taxed at your **income tax rate**, not at 27.5%. The **€440** limit in **§ 31 Abs. 3** is a threshold, not an allowance: at **€441** the whole gain is taxable. Losses on speculative transactions cannot be offset against other income (**§ 31 Abs. 4**).

The purchase is **VAT-free** for investment gold under [§ 6 Abs. 1 Z 8 lit. j UStG](https://www.ris.bka.gv.at/NormDokument.wxe?Abfrage=Bundesnormen&Gesetzesnummer=10004873&Paragraf=6): bars of at least **995/1000** fineness, and coins of at least **900/1000**, minted after **1800**, legal tender, priced at most **80%** above their gold value. Silver is not covered, so a silver coin carries VAT and starts the race behind.

## Where Can You Buy Physical Gold in Austria?

| Seller | Buy-back | Custody a year | Notes |
| --- | --- | --- | --- |
| Münze Österreich (state mint, Vienna) | Not offered in the comparison | 0.48% | Wiener Philharmoniker 1/25 to 1 oz; bars 1 g to 1 kg |
| philoro (Vienna) | At bid price | 0.60% | Delivery from €19.00 |
| Ögussa (Vienna) | At bid price | None | Delivery from €19.00 |
| Gold & Co (Vienna) | At bid price | None | Delivery from €18.50 |
| Erste Bank | At bid price | 0.48% | 0.25% surcharge on the ask price |
| easybank (gold via UBS) | 1.25% | 0.24% | 1.25% on purchase |

Unverified: custody fees, surcharges and buy-back terms are from the broker-test.at gold comparison of 28 September 2025, not from each seller’s price list. Product sizes are from [muenzeoesterreich.at](https://www.muenzeoesterreich.at/), read 14 October 2026. Check current terms before buying.

Three channels sell physical gold: the state mint **Münze Österreich**, specialist dealers such as **philoro**, **Ögussa** and **Gold & Co**, and banks such as **[Erste Bank](https://www.sparkasse.at)**. The mint sells the **Wiener Philharmoniker** in sizes from **1/25** to **1 ounce**, minted bars from **1 g** to **100 g** and cast bars up to **1 kg**.

Size sets your surcharge. Larger bars cost less per gram above the gold price, while small coins are easier to sell in pieces. Custody is the running cost: about **0.24% to 0.60%** a year in the comparison above. A bank safe deposit box or a home safe avoids it, but home storage needs its own insurance check.

Gold held by a provider in digital form is a different product. If you cannot take delivery of specific bars, treat it like paper gold for tax purposes until a tax adviser confirms otherwise. The **§ 31** advantage depends on owning a physical asset.

## Can You Buy Gold Anonymously in Austria?

Only below **€10,000** in cash. Under [§ 365m1 Abs. 2 Z 1 lit. a GewO](https://www.ris.bka.gv.at/NormDokument.wxe?Abfrage=Bundesnormen&Gesetzesnummer=10007517&Paragraf=365m1), traders fall under the anti-money-laundering rules when they accept **cash of €10,000 or more**. From that point the dealer must identify you. Purchases that are or appear to be **linked** count together, so splitting one purchase into two does not help.

Below the line, the law does not require ID, but a dealer may ask on its own policy or on suspicion. A **card or bank transfer** leaves a record whatever the amount. Anonymity at the counter does not change your tax position either: a gain on a sale within **one year** is still taxable above **€440**.

Keep the purchase receipt. It is your proof of the purchase date and price, which decides whether a later sale falls inside or outside the one-year period. Without it, you cannot show the tax office that the gain is tax-free.

## How Does Crowdinvesting Work Under the Alternativfinanzierungsgesetz?

| Rule | AltFG offer | EU-licensed platform (2020/1503) |
| --- | --- | --- |
| Your limit per project | €5,000 per issue in 12 months, more with a written declaration (§ 3a) | Entry knowledge test and loss simulation for non-sophisticated investors (Art. 21) |
| Issuer cap | €2 million in 12 months; €5 million over 7 years for investments (§ 3 Abs. 1) | Offers up to €5 million in 12 months |
| Information | Checked information sheet from €250,000, also sent to the VKI (§ 4) | Key investment information sheet |
| Withdrawal | 2 weeks, only if the information was missing (§ 4 Abs. 7) | 4-day reflection period (Art. 22) |
| Loss warning | Platform must make you confirm a risk warning (§ 5 Abs. 8) | Risk warnings required |
| Fines | Up to €30,000 (§ 6) | Under national law |

AltFG read on RIS on 14 October 2026; Regulation (EU) 2020/1503 on EUR-Lex.

The [Alternativfinanzierungsgesetz](https://www.ris.bka.gv.at/GeltendeFassung.wxe?Abfrage=Bundesnormen&Gesetzesnummer=20009241) lets small companies raise money from the public without a full prospectus. You may invest at most **€5,000** per issue within **12 months** (**§ 3a Abs. 1**). More is allowed only if you declare it is at most **twice your average monthly net income** or at most **10%** of your financial assets.

The issuer side is capped too. An AltFG issue may not exceed **€2 million** in **12 months**, and money raised through investments may not exceed **€5 million** over **7 years** (**§ 3 Abs. 1**). From **€250,000**, the issuer must publish a checked information sheet, accounts and a business plan, and send them to the **VKI** (**§ 4**).

Larger platforms now work under the EU crowdfunding regulation [2020/1503](https://eur-lex.europa.eu/eli/reg/2020/1503/oj), with an entry test and a **4-day** reflection period in which you can cancel without reason. **dagobertinvest** states that it holds such a licence since **2023**; that is the provider’s own claim. Neither regime protects your money if a project fails.

## What Happened to Rendity, and What Does It Show?

| Fact | Figure | Source |
| --- | --- | --- |
| Closure announced | 16 February 2026 | ORF.at, 16 Feb 2026 |
| New investments arranged | None since 2024 | ORF.at |
| Platform reachable until | At least 31 May 2026 | broker-test.at |
| Investors | About 37,000 | ORF.at, citing Kronen Zeitung |
| Money invested | More than €157 million in over 220 projects | ORF.at |
| Fundings not run to plan | A little over 40% (2024 study of 166 fundings) | Stiftung Warentest, 2 Oct 2026 |

**Rendity**, a Vienna property crowdinvesting platform, told investors in **February 2026** that it was ending operations. It had not arranged new investments since **2024** and surrendered its trade licences. About **37,000** people had invested more than **€157 million** in over **220** projects, according to [ORF.at](https://orf.at/stories/3420388/).

Investors held **qualified subordinated loans** to project companies, not claims against the platform. Such a loan cannot be enforced while repaying it would push the borrower into insolvency, and in an insolvency it ranks **after all other creditors**. So the platform closing does not end the loans, but it removes the party that chased them.

[Stiftung Warentest](https://www.test.de/Crowdfunding-Immobilien-Plattform-Rendity-gibt-auf-6286322-0/) found in **2024** that a little over **40%** of the **Rendity** fundings it studied did not run to plan, and just over half at **dagobertinvest**. Across the 17 largest platform groups, about **35%** were affected. The lesson is sizing: put in only what you could lose entirely, spread over several projects.

Sources: [ORF.at, 16 February 2026](https://orf.at/stories/3420388/); [broker-test.at, February 2026](https://www.broker-test.at/news/rendity-schliesst-endgueltig-plattform-wird-bis-mindestens-31-mai-2026-abgewickelt/); [test.de, 2 October 2026](https://www.test.de/Crowdfunding-Immobilien-Plattform-Rendity-gibt-auf-6286322-0/). The Stiftung Warentest data covers fundings filed with the German regulator from 2015 to 2022.

## How Are Subordinated Loans, P2P Loans and Genussrechte Taxed?

| Instrument | Rate | Tax on €350 interest | Rule |
| --- | --- | --- | --- |
| Subordinated loan via crowdinvesting | Income tax rate, up to 55% | €140 at 40% | § 27a Abs. 2 Z 1 EStG |
| Bond offered to the public via a platform | 27.5% | €96.25 | § 27a Abs. 1 Z 2, Abs. 2 Z 2 EStG |
| Direct P2P loan | Income tax rate, up to 55% | €140 at 40% | § 27a Abs. 2 Z 1 EStG |
| Substance Genussrecht (profit and liquidation share) | 27.5% | €96.25 | § 27 Abs. 2 Z 1 lit. c EStG |
| Physical gold sold after 1 year | None | n/a | § 31 EStG |

Our calculation on €5,000 at 7% interest a year (€350), 14 October 2026. The 40% is an example marginal rate. A P2P platform that sells you securitised notes rather than direct loans can fall under 27.5%; check the product terms.

Most crowdinvesting pays interest on a **loan**, and [§ 27a Abs. 2 Z 1 EStG](https://www.ris.bka.gv.at/NormDokument.wxe?Abfrage=Bundesnormen&Gesetzesnummer=10004570&Paragraf=27a) excludes loans that are not bank deals from the **27.5%** special rate. That interest is taxed at your **income tax rate**, up to **55%**. On **€350** of interest at a 40% marginal rate, you keep **€210**, not the **€253.75** a 27.5% product leaves.

Securities offered to the public are different. A bond sold through a platform to an open group of investors gets the **27.5%** rate, and so does a **substance Genussrecht** that shares in profit and liquidation proceeds (**§ 27 Abs. 2 Z 1 lit. c EStG**). For nominal Genussrechte that were not publicly offered, the rate is a question for a tax adviser.

Foreign platforms do not withhold Austrian tax, so you declare the income yourself. Employees must file a return once their other income exceeds **€730** a year (**§ 41 Abs. 1 Z 1 EStG**). Our [brokers guide](/banking/brokers) explains how the 27.5% KESt works on an ordinary securities account.

## How Do You Check a Provider Against the FMA Warning List?

| Check | Where | What it tells you |
| --- | --- | --- |
| 1. Licence | FMA company database | Whether the firm holds an Austrian licence or an EU passport for this business |
| 2. Warnings | FMA investor warnings, also on oesterreich.gv.at | Whether the FMA has named the firm as unauthorised |
| 3. AltFG documents | Issuer website and VKI | Whether the information sheet, accounts and business plan exist |

The neutral tool is the **FMA**. Its [company database](https://www.fma.gv.at/unternehmensdatenbank-suche/) shows whether a firm may offer a regulated service in Austria. Its investor warnings, also collected on [oesterreich.gv.at](https://www.oesterreich.gv.at/themen/steuern_und_finanzen/services_fuer_anleger/investorenwarnungen.html), name firms that offer licensed business **without authorisation**. Search the exact name and the website address, because clones copy real brands.

A clean result is not a safety rating. An AltFG issuer needs **no FMA licence**, so it will not appear in the database at all. For those offers the check is the **information sheet** the issuer must publish and send to the **VKI** from **€250,000** (**§ 4 AltFG**). No sheet on an offer of that size is a red flag.

Typical warning signs are guaranteed returns, pressure to decide today, contact by phone or social media, and payment to a private account or in crypto. Physical gold sold for future delivery by an unknown company deserves the same check: a gold claim against an insolvent seller is just another unsecured debt.

## Which Alternative Investment Fits Which Goal?

| Your situation | Winner | Why |
| --- | --- | --- |
| Crisis hedge you will hold for years | Physical gold | VAT-free purchase, tax-free sale after 1 year |
| Gold exposure you may sell within months | Gold ETC | 27.5% beats a 40% or higher marginal rate |
| Small, regular gold purchases | Bank or dealer custody | Custody of about 0.24% to 0.60% a year, no safe needed (unverified) |
| Fixed interest with no loss risk | Savings account | Deposits are protected up to €100,000; crowdinvesting is not |
| Property exposure with €5,000 | No clear winner | Subordinated, illiquid, about 35% of fundings off plan |
| High marginal tax rate and loan interest | Avoid tariff-taxed loans | Up to 55% on interest versus 27.5% on securities |

Gold and crowdinvesting answer different questions. **Physical gold** pays no interest; it is a store of value with the best tax treatment if you hold it past **one year**. A **gold ETC** suits shorter holding periods, because its flat **27.5%** beats a higher income tax rate on a quick sale.

**Crowdinvesting** pays interest but carries the risk of a **total loss**, with no deposit protection and tax of up to **55%** on most loan structures. Where you want interest without loss risk, a [savings account](/banking/savings-accounts) covered by deposit protection up to **€100,000** is the comparison to beat.

## Which Rules Protect You as an Investor?

| Law | [§ 31 EStG](https://www.ris.bka.gv.at/NormDokument.wxe?Abfrage=Bundesnormen&Gesetzesnummer=10004570&Paragraf=31) for gold, and the [Alternativfinanzierungsgesetz](https://www.ris.bka.gv.at/GeltendeFassung.wxe?Abfrage=Bundesnormen&Gesetzesnummer=20009241) (§ 3a investor limit, § 4 information) for crowdinvesting. |
| Regulator | [FMA, securities section](https://www.fma.gv.at/wertpapier/) for licensed firms and investor warnings; the [BMF](https://www.bmf.gv.at) for the tax side. |
| Free tool | [FMA company database](https://www.fma.gv.at/unternehmensdatenbank-suche/) and the [investor warnings on oesterreich.gv.at](https://www.oesterreich.gv.at/themen/steuern_und_finanzen/services_fuer_anleger/investorenwarnungen.html). |
| Your right | An AltFG issuer may take at most **€5,000** per issue from you in **12 months** without your written declaration (§ 3a), and you can withdraw within **2 weeks** if the information was missing (§ 4 Abs. 7), as of **October 2026**. |

None of these products sits inside the safety nets you may know from a bank. **Deposit protection** covers bank deposits up to **€100,000**, and investor compensation covers securities a failed investment firm held for you. Neither pays for a project that fails, a gold price that falls, or a subordinated loan that is never repaid.

If a licensed firm treats you unfairly, complain to the firm first, then to the **FMA**, which can act against the firm but does not award money. The [Schlichtung für Verbrauchergeschäfte](https://www.verbraucherschlichtung.at) mediates consumer disputes free of charge.

## How Did We Calculate This?

The tax examples apply the statutory rates to round numbers: **€10,000** of gold sold for **€12,000**, and **€5,000** lent at **7%**. The **40%** marginal rate is an example; your own bracket may be lower or higher. Spreads, custody and platform fees are left out, so real returns are lower.

Statutes were read on the [Rechtsinformationssystem des Bundes](https://www.ris.bka.gv.at) on **14 October 2026**. The dealer table is from a third-party comparison and marked unverified. This guide is general information, not investment or tax advice.

Sources: EStG 1988 §§ 27, 27a, 31, 41; UStG 1994 § 6 Abs. 1 Z 8 lit. j; GewO 1994 § 365m1; AltFG §§ 3, 3a, 4, 5, 6 (all RIS, 14 October 2026); Regulation (EU) 2020/1503; muenzeoesterreich.at (14 October 2026); broker-test.at gold comparison (28 September 2025); ORF.at (16 February 2026); broker-test.at on Rendity (February 2026); test.de (2 October 2026).

## Related Guides

[Brokers: Austrian and foreign brokers compared, and how the 27.5% KESt is handled.](/banking/brokers)

[Crypto Exchanges: Bitpanda and other exchanges, with the crypto tax rules.](/banking/crypto-exchanges)

[Savings Accounts: Interest with deposit protection up to €100,000.](/banking/savings-accounts)

[Private Pension: Long-term saving options in Austria beyond the state pension.](/banking/private-pension)

## Frequently Asked Questions

### Is gold tax-free in Austria after one year?

Physical gold held privately, yes. A sale more than **one year** after purchase falls outside **§ 31 EStG**, so the gain is **tax-free**. Within the year it is taxed at your income tax rate, unless the year’s speculative gains stay at or below **€440**. Investment gold is also **VAT-free** (**§ 6 Abs. 1 Z 8 lit. j UStG**). A **gold ETC** pays **27.5%**.

### How much gold can you buy anonymously in Austria?

Below **€10,000** in cash. Under **§ 365m1 Abs. 2 Z 1 lit. a GewO**, a trader’s anti-money-laundering duties apply to cash payments of **€10,000 or more**, and **linked purchases** count together. Dealers may still ask for ID below that line, and a card payment is traceable anyway.

### How much can you invest in one crowdinvesting project in Austria?

**€5,000** per issue within **12 months** under **§ 3a Abs. 1 AltFG**. More is allowed if you declare it is at most **twice your monthly net income** or at most **10%** of your financial assets (**§ 3a Abs. 2**). EU-licensed platforms follow regulation **2020/1503** instead, with a **4-day** reflection period.

### Will Rendity investors get their money back?

Partly at best, project by project. **Rendity** told investors in **February 2026** that it was closing. About **37,000** people had put more than **€157 million** into over **220** projects, mostly as **qualified subordinated loans**. These cannot be enforced while repayment would push the project company into insolvency.

### Is crowdinvesting interest taxed at 27.5% in Austria?

Usually not. Interest on a **subordinated loan** is excluded from the 27.5% rate by **§ 27a Abs. 2 Z 1 EStG**, so it is taxed at your income tax rate of up to **55%**. A **publicly offered bond** pays **27.5%**. Employees file a return once other income exceeds **€730** a year.

### How do I check if an investment provider is licensed in Austria?

Search the **FMA company database** for the exact name, then the **FMA investor warnings**. A firm on the warning list is **not authorised** for what it offers. Issuers under the **AltFG** need no FMA licence, so check the information sheet they must publish and send to the **VKI**.

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Last updated: Updated: October 14 2026
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