Travellers reaching Finland since January 1, 2024 and on will be required to have 66 per cent more money with them than currently, to support their stay in the country, the Finnish authorities have decided.

According to a statement of Finland’s Ministry of Foreign Affairs the country had decided to increase the financial requirement for applying for Schengen visas to €50 per day. At the same time, the authorities are introducing a new requirement, asking applicants to fill in a proof of sponsorship form,

The reason behind the increase are the increasing living costs in Finland and worldwide. The financial requirement applies only for those visiting for periods shorter than 90 days at a time.

This financial requirement, often known as means of subsistence for a Schengen visa application, varies among the EU member states. For example, while in Finland the requirement is €50 only now, in Belgium you need to have a minimum daily amount of €45, which increases to a minimum of €95 per day for those staying at a hotel or other similar accommodation.

Increasing the minimum means of subsistence is a legal and common practice amongst the member states. The requirement applies not only to those applying for a Schengen visa, but also to those visiting under a visa-free arrangement. Post-Brexit, the requirement had been a real headache for many Britons, in particular those travelling to Spain.

In addition to the increase in financial requirements, applicants for a Finnish Schengen visa will now need to provide a proof of sponsorship and/or accommodation form filled in by the inviting party.

The requirement will apply only to those who have been invited to travel to Finland and whose expenses will be covered by the inviting person, as the same has to be filled in by a Finnish citizen or a person residing in Finland with a residence permit.

The from then has to be attached to the visa application by the Schengen visa applicants together with the other required documents for a Schengen visa.