Finland hikes income limits for residence permit from November

The Finnish Immigration Service (Migri) will increase the income thresholds for residence permit applicants from beginning of November, said Migri in a press release on Friday.

The income thresholds will be applicable for the residence permit on various grounds including permit for persons with a degree or qualification completed in Finland, permit for persons completed research in Finland and permit for startup entrepreneurs.

In addition, the income thresholds will apply to the residence permit for a researcher when there is own funding involved.

The income limits are not applicable to the residence permit for an employed person.

However, a possible increase of the income threshold for employed persons is currently under preparation and the Migri will inform it later.

As per the decision, the income limit for students will increase to 800 euros per month from the existing 560 euros per month.

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.

In most situations, a residence permit can be issued only if the applicant has sufficient financial resources for living in Finland.

Migri said that it was necessary to raise the income thresholds because the latest adjustments were made in February 2013 and the old thresholds do not correspond to the current costs of living.