Germany to Increase Proof-of-Funds Requirement for Study Permits

As part of its ongoing commitment to maintaining robust financial safeguards for international students, the German government has announced a slight increase in the proof-of-funds requirement for the 2024/25 academic year.

New Financial Requirement for Study Permit

Starting from the 2024/25 academic year, prospective international students to Germany will need to demonstrate financial resources of €11,904 (approximately US$12,875) to secure a study permit. This marks a 6% increase compared to the previous year’s threshold of €11,208.

Current Requirements (2023/24 Academic Year): As of January 1, 2023, the proof-of-funds requirement for student visa applicants is set at €11,208 (US$12,135).

Upcoming Requirements (2024/25 Academic Year): From the upcoming academic year, the required financial resources will increase to €11,904 (US$12,875), reflecting a 6% rise.

Meeting the Financial Requirements

The Federal Ministry of Education and Research’s Study in Germany website outlines several methods for meeting these financial requirements:

• Certified Family Income and Assets: Students can provide certified documentation showing their family’s income and assets.
• Bank Guarantee (“Bankbürgschaft”): A guarantee issued by a bank.
• Blocked Account: A special type of bank account for international students, available from German banks like Deutsche Bank and Fintiba. This account remains inaccessible until the student arrives in Germany and allows for monthly withdrawals up to a specified limit.

Any of these methods can be used to obtain a “Finanzierungsnachweis” or proof of funds, necessary for the German student visa application.

Must Read: Major Changes to Germany Study Visa and Work Permit Rules for Students

Germany’s Student Visa Costs Compared to Other Countries

While Germany’s increase is modest, it places the country among the higher-cost study destinations. Here is a comparison with other countries:

• Australia: AUD$29,710 (US$19,540)
• Canada: CDN$20,635 (US$14,930)
• Ireland: €10,000 (US$10,680)
• France: €7,380 (US$7,980)

Notably, both Australia and Canada have recently increased their financial requirements significantly. In December 2023, Canada nearly doubled its proof-of-funds requirement, while Australia announced a more than 20% increase in May 2024, marking the second increase within a year.

Record High Foreign Enrolment

Germany continues to attract a growing number of international students. In the winter semester of 2022/23, foreign enrolment reached nearly 370,000, marking a 5% increase from the previous year and continuing a five-year trend of steady growth.

Also Read: Germany to Offer Major Tax Cuts for Skilled Foreign Workers

Conclusion

This latest adjustment in financial requirements underscores Germany’s commitment to ensuring that international students are well-supported financially, contributing to their overall well-being and success during their studies in the country.