Finland to Increase Income Requirements for Residence Permit Applicants Starting November 1

Finland to Increase Income Requirements for Residence Permit Applicants Starting November 1

Summary

1. Starting November 1, 2024, Finland will increase the income thresholds for residence permit applicants to €14,520 annually for single adults and €800 monthly for students.
2. Au pairs will need to demonstrate €340 per month, while working holiday applicants must show €2,450 for three months.
3. The new income thresholds will only apply to new applicants; existing permit holders are not affected unless specified otherwise.

Details

The Finnish Immigration Service (Migri) has announced that it will raise the income requirements for residence permit applicants starting November 1.

Currently, single adults must demonstrate net annual earnings of €12,000 to qualify for a residence permit. Under the new rules, this threshold will increase to €14,520 annually. Migri also stated that household income thresholds will rise depending on the number of people in the household. For students, the required monthly income will increase from €560 to €800.

These changes will impact only new applicants, while existing permit holders will not be affected until further notice. The new thresholds will also apply to residence permit applicants conducting research in Finland, provided they have personal funding for their research.

According to Migri, there may be a deviation of up to 15% from the income threshold due to lower housing costs in certain regions.

Additionally, the income requirement for au pairs will increase from €280 to €340 per month, and working holiday applicants will need to show €2,450 for the first three months of their stay, up from the current €2,000.

New Measures to Ensure Financial Sufficiency for Applicants

These changes aim to ensure that applicants have sufficient financial resources to support themselves while living in Finland.

Migri noted that the income threshold for students considers factors like lower housing costs in student accommodation, subsidized meals, and possible student discounts. The same income threshold will apply to residence permits issued to students or researchers looking for work or starting a business.

The new thresholds are based on the Social Insurance Institution of Finland’s (Kela) essential social assistance payments in the Helsinki metropolitan area and reflect adjustments in housing and healthcare costs.

From 2015 to 2023, Finnish authorities granted around one million residence permits, with 978,506 of these issued to non-EU immigrants. Additionally, stricter rules for acquiring citizenship in Finland will take effect on October 1, 2024.

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