Finland hikes financial requirement for Schengen Visas to EUR 50 per day

Introduces requirement of proof of sponsorship
2024-01-08
/
/ New Delhi
Finland
Finland hikes financial requirement for Schengen Visas to EUR 50 per day

Behind the increase is the rising living costs in Finland and worldwide

Citing rising cost of living, Finland’s Ministry of Foreign Affairs has announced a hike in the financial requirement for applying for Schengen visas to EUR 50 per day. The Northern European country has also introduced a new requirement of proof of sponsorship requiring applicants to produce a form filled in by the inviting party.
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With effect from January 1, Finland has implemented a new policy which requires travellers to have 66 pc more money with them than currently, to support their stay in the country, says Finnish authorities.

According to a statement of Finland’s Ministry of Foreign Affairs, the country had decided to increase the financial requirement for applying for Schengen visas to EUR 50 per day. At the same time, the authorities are introducing a new requirement that prompts applicants to fill a proof of sponsorship form.

“As of January 1, 2024, travellers arriving in Finland for short stays are required to have available funds of at least EUR 50, instead of the former EUR 30, for each day they spend in Finland,” says Ministry of Foreign Affairs of Finland.

The ministry says that the reason behind the increase is the rising living costs in Finland and worldwide. The financial requirement applies only to those visiting for periods shorter than 90 days at a time.

This financial requirement, often known as means of subsistence for a Schengen visa application, varies among the European Union member states. For example, while in Finland the requirement is EUR 50 only now, in Belgium visitors need to have a minimum daily amount of EUR 45, which increases to a minimum of EUR 95 per day for those staying at a hotel or other similar accommodation.

The statement adds that increasing the minimum means of subsistence is a legal and common practice among the member states. The requirement applies not only to those applying for a Schengen Visa, but also to those visiting under a visa-free arrangement. Post-Brexit, the requirement had been a real headache for many Britons, in particular those travelling to Spain.

New Requirement for Completing a Proof of Sponsorship Form

In addition to the increase in financial requirements, applicants for a Finnish Schengen visa will now need to provide a proof of sponsorship and/or accommodation form filled in by the inviting party, the ministry says.

“Finland will simultaneously introduce a proof of sponsorship and/or accommodation form, which will allow visa applicants to finance their visit using the funds of the inviting party,” says a press statement by Ministry of Foreign Affairs of Finland.

It adds that this will apply only to those who have been invited to travel to Finland and whose expenses will be covered by the inviting person, as the same has to be filled in by a Finnish citizen or a person residing in Finland with a residence permit. The from then has to be attached to the visa application by the Schengen visa applicants together with the other required documents for a Schengen visa.

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