Most countries with work visa routes to permanent residency, have a minimum proof of funds requirement for applicants.
Individuals making applications to these countries need to demonstrate this to avoid being financially stranded.
These work visas play a crucial role in moving talent across borders, usually requiring employer sponsorship from employers who make the job offers, handle the necessary paperwork, and meet legal requirements.
This article will highlight the work visa pathways and proof of funds requirements of some of these countries. It is however important to check the official immigration websites of these countries for updated information.
Germany
Germany announced that it has 21 pathways to work, live or study in the country with Job shortages in the following sectors: Agriculture, Construction and Transportation
- The country also simplified the process for skilled workers to obtain the Blue Card visa, notably by allowing foreign workers to get a job at a lower salary threshold.
- Holders of the Blue card also benefit from an accelerated path to permanent residency, becoming eligible as early as 21 months after relocating to Germany.
- When applying, the applicant’s bank balance must show a minimum amount of EUR 5,682.
Finland
Finland announced its plans to increase work-based migration to 30,000 individuals annually, as the country has been actively encouraging international workers to address the growing labour crisis through its initiatives.
- Some of these initiatives include the ‘Work in Finland’ and ‘Talent Boost’ program which provides opportunities for researchers, and innovators
- The country is actively seeking skilled professionals globally as a result of the rising worker shortage affecting vital sectors like healthcare, personal care, social work, daycare teaching, and construction.
- Those applying for a residence permit, must have sufficient funds to be able to live in Finland. You have to have about EUR 2,000
New Zealand
New Zealand has expanded its Green List to include a wide range of professions in construction, information technology, automotive, and engineering which would enable them to utilize the Green List visas when seeking specialized talent not readily found among the local workforce.
- NZ also introduced a new visa program for eligible care workers providing an opportunity for permanent residence, work, and study in New Zealand including partners and dependent children under 24 in the application.
- Candidates applying for their work permit visa in New Zealand are required to provide evidence that they are in possession of at least NZD $4,200 when they apply. Evidence can include bank statements, credit card statements, bank drafts or travellers’ cheques.
Canada
The Saskatchewan Immigrant Nominee Program (SINP) in Canada broadened opportunities for immigrants in Saskatchewan.
- This expansion includes 279 additional occupations, ranging from farm labourers to truck drivers, retail sales, nurse aides, and equipment operators.
- Canada also announced that employers in seven selected sectors (Food Manufacturing, Wood Product Manufacturing, Furniture and Related Product Manufacturing, Accommodation and Food Services, Construction, Hospitals, and Nursing and Residential Care Facilities) may continue to hire up to 30% of their workforce in low-wage positions through work permits for foreign talents.
- As of April 2023, individuals immigrating to Canada must meet specific financial requirements to ensure they can support themselves and their families upon arrival. These minimum settlement funds vary based on the number of family members accompanying the primary applicant.
- For a single person immigrating to Canada, the required settlement fund is $13,757 CAD. If the applicant is bringing one family member, the amount increases to $17,127 CAD. For a family of three, the necessary funds are $21,055 CAD, while a family of four needs to show $25,564 CAD.
United Kingdom
The UK government is still open to hiring foreign talents as long as they earn £38,700 ($48,900), up from the current £26,200 ($33,000) to obtain a work visa.
- This stringent immigration reform aims to significantly reduce annual immigration numbers by hundreds of thousands.
- Successful applicants however must have at least £1,270 in your bank account to show they can support themselves in the UK, and would need to have had the money available for at least 28 days in a row.
Cyprus
Cyprus introduced its Golden Knowledge Programme for foreign nationals in the ‘research and innovation’ sector to apply for expedited citizenship through a fast-track process.
- In addition, the country recently indicated that it needs to urgently recruit nurses from non-EU countries
- Hence, those who seek to stay longer than three months for purposes like employment, study, or family reunification need to have sufficient proof of funds.
- Applicants therefore need to demonstrate that they have a minimum income of EUR 2,000 per month, with additional income requirements for family members. Proof of at least EUR 10,000 in a Cyprus bank account is also required.