Finland Increases Financial Requirements for Schengen Visa, Requires Proof of Sponsorship

Beginning the new year, Finland introduces changes to its visa regulations, elevating the daily financial threshold for short-stay travelers and implementing a proof of sponsorship. Learn more about how these adjustments aim to enhance transparency and support for visitors during their stay.
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The Ministry for Foreign Affairs of Finland on Tuesday in an official announcement said that, effective January 1st, 2024, the country has implemented new stricter visa requirements for short-term visitors, aiming to streamline immigration procedures and ensure sufficient financial means during their stay.

Finland’s New Visa Requirements

Let’s delve into the details of these transformative measures and explore the anticipated impact on those planning a sojourn in the enchanting landscapes of Finland.

This update includes two key changes:

1. Increased Daily Financial Requirement

Starting from the new year, travellers visiting Finland for short stays will need to demonstrate financial means of at least EUR 50 per day of their stay, up from the previous requirement of EUR 30.

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This adjustment is made in response to the rising cost of living, ensuring that the financial stipulation remains in line with current economic realities. The increased daily financial requirement applies to visits lasting up to 90 days.

2. Proof of Sponsorship or Accommodation

Simultaneously, Finland will implement Article 14.4 of the EU’s Visa Code, paving the way for the adoption of a maintenance and accommodation agreement.

  • Applicants can demonstrate financial coverage through a proof of sponsorship form completed by a Finnish citizen or resident, who pledges to support their visit financially.
  • Alternatively, proof of pre-booked accommodation covering the entire stay duration can be provided.

These changes aim to streamline immigration procedures, prevent situations where visitors run out of cash, and ensure everyone has a financially fulfilling Finnish escapade.

Also Read: Finland to Tighten Rules for Non-EU Work Permit Holders

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Rationale Behind the Adjustment

The decision to raise the financial requirement is grounded in the need to keep pace with the evolving economic landscape.

Recognizing that the previous threshold has become outdated in light of increased living costs, Finnish authorities aim to ensure that visitors have sufficient funds to cover their daily expenses during their stay.

Impact on Visa Consideration

With the introduction of the proof of sponsorship, the Finnish citizen or resident with a valid residence permit undertaking to finance the visa applicant’s travel will be considered in the visa approval process.

The inviting party is required to complete a proof of sponsorship form, which must be submitted along with the visa application.

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This new measure aims to enhance transparency and accountability in the sponsorship process, ensuring that visitors have a reliable means of support during their stay.

Also Read: Finland Family Reunification Backlog Grows: 11,800 Applications Pending

Conclusion

Overall, these changes demonstrate Finland’s commitment to responsible immigration management while offering flexibility for visitors with established financial support networks. Travellers are advised to carefully review the updated requirements and ensure they meet the financial criteria before applying for a visa.


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Manish Khandelwal
Manish Khandelwal

Manish Khandelwal, a travel-tech enthusiast with over a decade of experience in the travel industry. Founder and Editor-in-Chief of Travelobiz.com, he's passionate about writing.

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