Applicants must demonstrate that they have secure means of support for the period they wish to reside in Iceland. To have secure means of support means that you are able to financially support yourself independently.
The Directorate of Immigration may obtain tax returns and documents from tax authorities in confirmation of this.
Amount
The minimum amount required as secure means of support is:
239.895 ISK for individuals per month.
383.832 ISK for married couples per month.
119.948 ISK additionally for family members 18 years of age or older.
The amount corresponds to the basic amount of financial assistance from the City of Reykjavík, see rules on financial assistance (in Icelandic). The amounts are based on income before taxation.
Duration
A foreigner’s means of support must be secure for as long as the residence permit is valid. This means that if a residence permit is issued for one year, secure means of support for one year must be demonstrated.
Exemptions from the condition of independent means of support
All applicants for a residence permit must prove secure independent means of support, except in the following instances:
For a child under the age of 18, provided for by a parent or legal guardian residing in Iceland, there is no need to demonstrate independent financial support.
For persons 18 years or older,
who have held a continuous residence permit in Iceland since they were children,
are studying or working in Iceland,
live with a parent and
are neither married nor cohabiting,
the minimum amount of funds required is 50% of the regular amount for an individual (119.948 ISK per month), in addition to the amount of funds that a parent or legal guardian has to demonstrate for themselves and other family members.
A marital spouse does not need to demonstrate independent funds. Due to the maintenance obligation between marital spouses under the Marriage Act, it is enough that one party in a marriage demonstrates sufficient funds for both.
For parents aged 67 or older, dependent on their child/children in Iceland, the minimum amount of funds required is 50% of the regular amount for an individual (119.948 ISK per month), in addition to the amount of funds needed to support other adults in the household.
A host family must prove support for their au pair. The additional support is based on 50% of the minimum support for an individual, 119.948 ISK per month, plus the wage costs for the au pair, ISK 60.000 for every four weeks in au pair service.
The following is not considered secure means of support
Payments in the form of social assistance, by the state or municipality (other than housing compensation (húsnæðisbætur)). If an applicant has received such compensation and is unable to demonstrate satisfactory support through other means, a residence permit will be rejected.
Alimony payments and child allowance, since their purpose is to support a child.
Support by a third party, in other instances than stated above.
Assets other than bank-account balances (for example real estate) and dividend from companies, interest or other payments that cannot be reliably expected to be available for payment.
Cash is not considered as satisfactory confirmation of support.
