Finland increases financial requirement for Schengen visa applicants

 Starting January 1,2024 travellers to Finland will have to show more funds in their bank accounts to be eligible for a Schengen visa. Effective from the new year, the Ministry for Foreign Affairs in Finland has implemented new regulations impacting short-stay travelers requiring Schengen visas.

Travelers will now have to show a minimum of 50 euros for each day spent in Finland, marking an increase of 20 euros from the previous requirement. This 66% hike comes in response to escalating living costs, the ministry said.
A Schengen visa serves as an entry permit for short-term or temporary visits, granting individuals access to travel within the Schengen area, encompassing multiple European countries.
Along with the increased financial requirement, Finland has introduced a new proof of sponsorship or accommodation scheme. This initiative allows visa applicants to use the financial resources of their hosts in Finland to meet the stipulated funds requirement.
Under this arrangement, hosts are required to complete the sponsorship form, which the visa applicant must include along with the rest of the application. This provision aims to enhance the transparency and accountability of financial arrangements for those seeking short-term stays in Finland.
From March, Schengen visa holders can visit two more countries on their trip to Europe - Bulgaria and Romania.
The fee for a Schengen visa for an Indian national is 80 EUR. The Schengen visa fee is entirely waived for children under the age of six years. For children aged between six and 12 years, the visa fee is 40 EUR.