Iceland proposes sharply higher support threshold for foreign applicants

Iceland’s Ministry of Justice has proposed a substantial increase in the amount foreign nationals must show they can support themselves with when applying for a residence permit or Icelandic citizenship, mbl.is reports.

A draft regulation published for consultation would set the basic support requirement at 501,186 krónur. The current law requires residence permit applicants to show they have secure means of support for the period they intend to stay in Iceland. Until now, the Directorate of Immigration has published its own benchmark, set at 259,951 krónur, equivalent to Reykjavík City’s basic financial assistance.

The proposed rules would make this the first time a specific amount is set in regulation. Married couples would need 1.6 times the basic amount, with an additional 150,000 krónur for each child. The current rules do not require an additional amount for children.

Under the proposal, a single parent with two children would need to show support of 801,897 krónur, up from 259,951 krónur. That is the same threshold proposed for a childless married couple, compared with the current requirement of 415,922 krónur. A couple with three children would need 1,252,964 krónur, up from 415,922 krónur.

Comparable rules are in place in other Nordic countries, according to the ministry.