Finland will soon raise income threshold levels for resident permit applicants, according to the Finnish Immigration Service (Migri).
The increases, which go into effect on 1 November, affect a number of applicants, but will not apply to those already employed, Migri explained in a press release. However, the agency said that could change.
"A possible increase of the income threshold for that permit is currently under preparation. We will [announce] this at a later stage," Migri said.
Meanwhile, the threshold hike will affect applicants who have completed a degree in Finland, those who have completed research in the country, as well as those applying as startup entrepreneurs. The rules will also apply to residence permit applicants who are in the country to conduct research in cases where personal funding of the research is involved, according to the agency.
Figures based on Kela data
Migri explained that residence permits will not be issued if applicants don't have enough funds to live in the country.
"You have sufficient financial resources if your net earnings meet the required level, which is the income threshold in euros determined by the Finnish Immigration Service. Regional differences in costs will be observed when we assess your financial resources. We may deviate from the income threshold by a maximum of 15 percent due to lower housing costs in certain regions, for example," the agency stated.
Migri said it based the new levels on the basic social assistance payments paid by the Social Insurance Institution of Finland (Kela) in the Helsinki metropolitan area, and also linked to housing and healthcare expenses.
The last time the threshold was adjusted was in 2013.
New thresholds
Current income thresholds are set at net earnings of 12,000 euros per year for a single adult household. Starting on 1 November, new applicants will need to show they will have at least 14,520 euros in annual income.
The income thresholds grow with the number of people in an applicant's household. Migri included a chart explaining the new arrangement in its press release.
Income thresholds will also rise for students — from the current monthly level of 560 euros to 800 euros per month.
"When establishing the income threshold for students, we have considered several factors, including the lower cost of housing in student accommodation, subsidised meals and possible student discounts. The same income threshold will be applied to the residence permit issued for a student or researcher to look for work or to start a business," Migri explained.
Income requirements for people working as au pairs will rise from the current 280 euros to 340 euros per month.
Additionally, working holiday applicants will need to have 2,450 euros for the first three months of their stay, compared to the current level of 2,000 euros.
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