The_Blog: The problem lies in the dropped support for 16bit applications that was introduced with Windows 8. There is however a registry fix that will make it atleast playable agin.
This is the fix. Sadly I only have it in german and right now I don't have the time to translate it:
Registrierungseditor ausführen und dort unter HKEY_CURRENT_USER den Schlüssel Software – Microsoft – Windows NT – CurrentVersion – AppCompatFlags – Layers suchen. Der sollte bereits einen Eintrag von Anno 1503 enthalten. Sonst einfach eine neue Zeichenfolge erstellen:
Name:
C:\Program Files (x86)\ANNO 1503\1503Startup.exe
Typ:
REG_SZ
Diesen Eintrag anklicken und unter WERT folgendes eintragen, ohne die Anführungszeichen:
„DWM8And16BitMitigation 8And16BitAggregateBlts“
Source:
http://www.annozone.de/forum/index.php?page=Thread&postID=247407#post247407 Here is my translation:
Open the registry-editor (using regedit.exe) and under "HKEY_CURRENT_USER" find "Software – Microsoft – Windows NT – CurrentVersion – AppCompatFlags – Layers". There should already be an entry for ANNO 1503 A.D. If not, make a new entry, containing following information:
Name:
C:\Program Files (x86)\ANNO 1503\1503Startup.exe
Type:
REG_SZ
Select this entry and change it (without quotationmarks) to :
„DWM8And16BitMitigation 8And16BitAggregateBlts“
Source:
http://www.annozone.de/forum/index.php?page=Thread&postID=247407#post247407 This was just quickly translated. I hope there are not too many errors in it.