Iceland | Means of support amount increased

The Icelandic government announced a higher means of support is now required for residence permit and citizenship applicants.

Key Points:

• Applicants must show that they have enough means to financially support themselves independently as part of the requirements for being granted a residence permit or Icelandic citizenship.
• Effective Feb. 1, the new reference amounts (by individual and in pre-tax income) for residence permit and citizenship applications will be as follows:
  • 18 years and older — raised to 247,572 ISK (about US$1,755) per month (from 239,895 ISK).
  • Married couples — raised to 396,115 ISK (about US$2,808) per month (from 383,832 ISK).

Additional Information: Officials stated that the new amounts correspond with the financial support criteria required in the city of Reykjavík. The Directorate of Immigration processes applications for residence permits and Icelandic citizenship, and individuals can learn more about residence permits and check if they need one here.

This alert has been provided by the BAL Global Practice Group.

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