Immigration
Finland | 2024 income requirements for Finnish Residence Permit Applications have been confirmed but further increases are still being proposed
2024 income requirements
Each new year brings some changes to the eligibility criteria for Finnish residence permit applications, as the income limits for specialist residence permit applications and EU blue card applications are adjusted annually.
These income limits are strict and e.g. per diems or benefits-in-kind are not taken into account in the evaluation. The limits for 2024 have been confirmed:
In addition, the general minimum income requirement, which e.g. in the absence of an applicable collective bargaining agreement, is applied to the residence permit for an employed person (TTOL category) has been confirmed to be 1 333 € per month in 2024. This is the same amount as the amount, which is required in 2024 in order to meet the conditions regarding previous employment under the Unemployment Security Act.
An additional increase proposed to the TTOL minimum income limit
The Finnish Government has issued a proposal aiming to increase the current monthly minimum income limit from 1 331 € per month to 1 600 € per month. This increase is part of the Government’s political agenda, which the parties in question agreed on in the Government program last summer.
The government proposal on setting an income limit for obtaining a residence permit as an employed person in Finland is being circulated for comments until January 31, 2024. Changes are planned to take effect later this year. According to the proposal, an income limit of EUR 1,600 per month would be set to ensure the people coming to work and live in Finland have reasonable pay. The expectation is that the income limit will be an issue primarily for part-time employees.
The current income limit of EUR 1,331 per month still stands until the proposed changes are processed, and possibly accepted by the Finnish Parliament.
What this means
The revised income requirements must, in addition to other eligibility criteria, be taken into account both when applying for initial residence permits as well as when applying for extensions under these categories. Employers need to pay special attention to roles for which the compensation level is close to the income limit. This may involve doing an inventory of current residence permits and the current salary levels of the employees in question in order to ensure that possible challenges are identified ahead of time.
Individuals, who are no longer eligible to apply for a certain category will need to consider which alternative category may be available, e.g. an individual, who no longer meets the specialist income limit, may be able to pursue a TTOL residence permit.
Contact us
Vialto will continue to monitor developments and the potential impact for companies and employees. For a deeper discussion on the above, please reach out to your Vialto Partners point of contact, or alternatively:
Lena Nymark-Akerele
Senior Manager
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Contact us on the following address: me-immigration@vialto.com
Vialto Partners (“Vialto”) refers to wholly owned subsidiaries of CD&R Galaxy UK OpCo Limited as well as the other members of the Vialto Partners global network. The information contained in this document is for general guidance on matters of interest only. Vialto is not responsible for any errors or omissions, or for the results obtained from the use of this information. All information is provided “as is”, with no guarantee of completeness, accuracy, timeliness or of the results obtained from the use of this information, and without warranty of any kind, express or implied, including, but not limited to warranties of performance, merchantability and fitness for a particular purpose. In no event will Vialto, its related entities, or the agents or employees thereof be liable to you or anyone else for any decision made or action taken in reliance on the information in this document or for any consequential, special or similar damages, even if advised of the possibility of such damages.
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Further information on Vialto Partners can be found here: www.vialtopartners.com
Vialto Partners (“Vialto”) refers to wholly owned subsidiaries of CD&R Galaxy UK OpCo Limited as well as the other members of the Vialto Partners global network. The information contained in this document is for general guidance on matters of interest only. Vialto is not responsible for any errors or omissions, or for the results obtained from the use of this information. All information is provided “as is”, with no guarantee of completeness, accuracy, timeliness or of the results obtained from the use of this information, and without warranty of any kind, express or implied, including, but not limited to warranties of performance, merchantability and fitness for a particular purpose. In no event will Vialto, its related entities, or the agents or employees thereof be liable to you or anyone else for any decision made or action taken in reliance on the information in this document or for any consequential, special or similar damages, even if advised of the possibility of such damages.
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