Finland Proposes Increase to Income Threshold for Residence Permits

On June 6, 2024, the government of Finland submitted a proposal to parliament that those arriving in Finland with a residence permit for employment should receive a monthly pay of at least EUR 1600. If the proposal is accepted, the amendments are scheduled to enter into force on November 1, 2024.

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The income limit refers to the pay that a person must receive for work that they arrive in Finland to do. Other income is not included in the income limit.  The income limit of EUR 1,600 corresponds with the minimum pay for full-time work based on collective agreements in several sectors where work-based immigration is needed.

A residence permit for an employed person currently requires payment in accordance with a collective agreement or the lower limit of the requirement for sufficient financial resources, that is, approximately EUR 1400. The pay must comply with the collective agreement in the future, too. However, the suggested EUR 1600 would be the minimum below which a residence permit for an employed person could not be granted.

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Erickson Immigration Group will continue to monitor developments and share updates as more news is available. Please contact your employer or EIG attorney if you have questions about anything we’re reporting above or case-specific questions.