Finland raises income thresholds for Residence permit applicants
The Finnish Immigration Service (Migri) announced an increase in the financial threshold for applying for a Residence permit. Starting November 1, 2024, the applicant must demonstrate a net annual income of 14,520 EUR, the current amount is 12,000 EUR per year.
The change will affect not only single applicants, but also foreign nationals moving with their families – the sum that must be demonstrated when applying will also be increased. For students, the financial threshold has increased from 560 to 800 EUR per month. For Au pair program participants, the amount will increase from 280 to 340 EUR per month.
The Finnish Immigration Service expects that this measure will create more comfortable conditions for foreign citizens to live in the country. When calculating the new thresholds, the current cost of living and rental of real estate were taken into account. For example, students enjoy some benefits for lower cost of living in dormitories, subsidized meals and a number of other discounts.
From 2015 to 2023, the Finnish authorities issued about 1,000,000 Residence permits, 978,506 of which were issued to immigrants from countries outside the European Union. The Finnish authorities also announced that stricter rules for obtaining citizenship will come into force on October 1, 2024.