How much money do I need in the bank to get a residence permit?

Understanding Financial Requirements for Residence Permits

To live in a foreign country, you must prove you have enough money to support yourself. Immigration authorities require this to ensure you do not rely on social welfare. The amount of money needed in your bank account varies based on your permit type and the length of your stay.

Short-Term and Student Residence Permits

For short-term permits, such as touristic stays or student visas, the process is often simpler. In many cases, a formal declaration of your financial status is enough. However, the migration office reserves the right to ask for supporting documents at any time. If requested, you must provide proof of your financial capacity.

• Monthly Requirement: A common benchmark is showing funds equal to at least the local minimum wage for every month you plan to stay.
• Total Amount: If you apply for a one-year permit, you should ideally show a balance that covers 12 months of living expenses.
• Proof: This can be a bank statement from the last six months, showing regular activity and a stable balance.

Family Residence Permits

The financial rules for family residence permits focus on the sponsor. The sponsor is the person supporting the family members' stay. The income requirements are strictly calculated based on the national minimum wage:

• Minimum Total Income: The sponsor’s total monthly income must not be less than the current minimum wage.
• Per Person Requirement: For each family member, the sponsor must have an income of at least one-third of the minimum wage.
• Health Insurance: The sponsor must also prove they can provide valid medical insurance for all family members.

Long-Term Residence Permits

Long-term permits have the strictest financial criteria. You must demonstrate a sufficient and regular income. Authorities typically look at your financial history over the last three years to ensure stability.

A regular income usually means earning at least the minimum wage every month. This income should come from sustainable sources like a salary, a pension, or business profits. You must also show that you have not received social assistance from the state in the past three years.

Acceptable Sources of Income

You do not always need a massive lump sum in a single bank account. Authorities accept various forms of financial proof to meet the requirement:

• Bank Deposits: Savings held in personal accounts. These can be in local or major foreign currencies.
• Rental Income: If you own real estate that generates monthly rent, this counts as regular income if you provide the title deed and lease agreement.
• Pensions: Retirees can provide official documents showing their monthly pension payments.
• Stock Dividends: Income from stocks or business shares is acceptable if documented properly through brokerage or tax statements.

Tips for a Successful Application

When preparing your bank statements, ensure they are recent. Most offices require statements issued within the last 30 days. If your funds are in a foreign bank, you may need to provide a notarized translation of the statements. Keeping a consistent balance is better than depositing a large sum right before your appointment. Sudden, large deposits can sometimes trigger extra scrutiny from immigration officers.

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