Finland updates minimum income requirements for residence permit applicants – Investing Abroad News

Finland has updated its minimum income requirements for residence permit applicants, with criteria varying depending on the permit type and geographic location of the applicant. New updates to set minimum income requirements for residence permit applicants have been announced by the government. Depending on the type of residence permit and the location of the applicant, the income criteria vary.

The new Finnish income thresholds for residence permit applicants will impact applications submitted from November 1, 2024. Foreigners immigrating to Finland need a residence permit to study or work.

Usually, the granting of a residence permit requires that you have sufficient financial resources. In other words, you must have enough money to live in Finland. This is sometimes called “meeting income requirements” or having a “secure livelihood.”

The amount of money you must have in Finland is called the “income threshold”. There are different income thresholds for different residence permits. Income thresholds are based on social assistance statistics compiled by the Social Insurance Institution of Finland and other sources.

You are considered to have sufficient financial resources if your net income meets the required level, which is the income threshold in euros determined by the Finnish Immigration Service.

There are separate salary requirements for work-related residence permits. Salary requirements are based on collective agreements, legislation or statistics.

If there is no collective agreement in your sector or if you work part-time, your gross salary must be at least 1,399 euros per month in 2024. If you are applying for a residence permit as a specialist, you must receive a salary that is above average. Your gross salary must be at least EUR 3,638 per month in 2024. If you apply for an EU Blue Card, your gross salary must be at least EUR 3,638 per month in 2024.

The exact amount or income thresholds you need to have depends on the residence permit you are applying for.

Residence permit for work

The amount of money required depends on where you live, as there are regional variations in housing costs. The income thresholds are now divided into 3 groups:

• Helsinki metropolitan area: Espoo, Helsinki, Kauniainen, Vantaa
• Other large municipalities: Hyvinkää, Hämeenlinna, Joensuu, Jyväskylä, Järvenpää, Kajaani, Kerava, Kirkkonummi, Kouvola, Kuopio, Lahti, Lappeenranta, Lohja, Mikkeli, Nokia, Nurmijärvi, Oulu, Pori, Porvoo, Raisio, Riihimäki, Rovaniemi, Seinäjoki, Sipoo, Siuntio, Tampere, Turku, Tuusula, Vaasa, Vihti
• Other municipalities

As of November 1, 2024, for 1 adult person, the income threshold for residents of the “Helsinki metropolitan area” is set at €1,210/month (net) or €14,520/year (net).

For those in “Other large municipalities”, for 1 adult person, the income threshold is set at €1,090/month (net) or €12,360/year (net).

For those in “Other municipalities”, for 1 adult person, the income threshold is set at €1,030/month (net) or €13,080/year (net).

Residence permit for students

For the residence permit for studies, the income threshold is 800 euros per month. When establishing the income threshold for students, several factors, including the lower cost of accommodation in student accommodation, subsidized meals and possible student discounts, were taken into account. The income threshold of 800 euros also concerns the residence permit issued to graduate students or researchers to seek employment or create a business.

The income required to obtain an au pair residence permit (the amount of pocket money) is 340 euros per month.

The income threshold to obtain a working holiday residence permit is generally 2,450 euros for the first 3 months.

Since September 1, 2024, Finland has introduced stricter requirements for issuing residence permits. An application for a first residence permit must generally be submitted outside Finland. You can get a negative residence permit decision if you apply for a first residence permit in Finland.