UAE, Netherlands, 3 Other Countries Announce Amount Foreigners Need to Qualify For Residence Permit
- Several countries worldwide set strict financial thresholds that foreigners must meet before qualifying for a residence permit
- The required amounts range from monthly income thresholds to multi-hundred-thousand-dollar investment minimums depending on the country and permit type
- Legit.ng compiled a list of 5 countries — including the UAE, Finland, and Mauritius — and the exact figures each demands from applicants
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Citizens or nationals of different countries have travelled to different continents of the world for various reasons, which could be for business or pleasure. Many might even plan or decide to relocate or move to another country to get a different experience. However, to have the right to stay in a foreign country for several years, certain processes must be followed.
Every country in the world has its rules and ensures that these rules are met by foreigners or individuals who wish to come into the country, live there for a long period of time, or stay permanently.
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Residence permit: UAE, Netherlands and Mauritius requirements
To enjoy a long stay, some of these countries have explained in detail the amount an applicant or foreigner must have or earn to prove that when he or she is given the right to live in the country, he or she can fend for himself or herself.
Legit.ng, in this article, focused on some countries in the world that mandate a foreigner to have or earn a specific amount to qualify for a residence permit, which would allow the individual to live in the country for a long period of time.
Below is a list of 5 countries and the amount each has asked a foreigner to provide or earn before such a person can qualify for a residence permit.
1. UAE residency permit financial requirements
The United Arab Emirates (UAE) has very clear and detailed requirements for foreigners who wish to go to the country and live there for a specific period.
This is not a permanent residence but just a residence permit that foreigners may qualify for.
One of the requirements is a financial condition which states that for a foreigner to be able to qualify for the UAE residence permit, he or she must earn at least AED 3,000 (N1,112,838) per month, or a sum of AED 4,000 (N1,483,784) for applicants or individuals who do not benefit from employer-provided housing.
Source: Getty Images
2. Netherlands requirements for residence permit for study
Like the UAE, the Netherlands has also set a specific amount that an applicant who wishes to apply, qualify, or go to the country for study must meet.
Aside from the education and other documents that must be submitted by a foreigner who wishes to travel to the Netherlands, a person who wishes to obtain a residence permit for the purpose of study must have access to at least €1,130.77 (N1,776,213.52) per month.
This amount is for the individual to show the authorities that such a student can feed himself or herself throughout the period of study at any institution in the country.
3. Mauritius investor residence permit requirements
Like the UAE, which expects an applicant to show a large amount, Mauritius is also similar, as it allows different categories of individuals to come into the country for many reasons.
In Mauritius, a person who invests in a business may be granted a residence permit to live in the country for a long period of years if he or she meets the financial requirements.
According to government information, a foreigner who invests, or an investor who invests, a total of at least USD 375,000 (N505,350,000) into a qualifying business has a chance of getting a residence permit in Mauritius.
4. Finland residence permit for work
It is public knowledge that individuals or foreigners who wish to apply for a permit to work, stay, or study in a country are required to meet some requirements.
In Finland, there is a requirement that a foreigner who wishes to work in the country must meet before his or her application can be approved, unless exempted.
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For a foreigner to secure a residence permit for work in Finland, he or she must show proof that he or she earns a total gross salary of at least EUR 1,600 per month (roughly N2.5 million).
Source: Getty Images
5. Italy retirement residency permit
Italy has many permits, which include work, study, and many others. One of the many permits is a retirement residency permit for foreigners.
As long as an individual is not an Italian citizen but wishes to stay or live in Italy after his or her retirement, such a person must meet the financial requirements set for this type of residence permit.
According to available information, for a foreigner to qualify for a retirement residency permit, he or she must show proof of stable passive income exceeding 31,000 euros (N48,468,500) per year.
Remote work visa: UAE announces requirements
Meanwhile, Legit.ng recently reported that the UAE government had announced the income requirement foreigners must meet to qualify for a residence permit under the remote work programme.
The requirement is designed to ensure applicants can support themselves financially while living and working remotely from the UAE.
Source: Legit.ng
