Key Points
- Iceland has introduced new income thresholds for residence permit and citizenship applicants starting February 1, 2025.
- Single applicants aged 18 and older must demonstrate a monthly pre-tax income of 247,572 ISK, up from 239,895 ISK.
- Married couples must show 396,115 ISK per month, an increase from 383,832 ISK.
- The updated financial requirements apply to all applications submitted on or after February 1, 2025.
Overview
Iceland has implemented new income requirements for foreign nationals applying for residence permits or citizenship, effective February 1, 2025. The government aims to ensure that applicants can financially support themselves while residing in the country.
The monthly pre-tax income threshold for applicants has been adjusted as follows:
- Single applicants (18+ years old):
- Previous requirement: 239,895 ISK
- New requirement: 247,572 ISK
Married couples:
- Previous requirement: 383,832 ISK
- New requirement: 396,115 ISK
These changes apply to all applications received on or after February 1, 2025. The new financial benchmarks reflect cost-of-living adjustments and align with Iceland’s broader economic and immigration policies to ensure that foreign nationals settling there have adequate financial resources.
Foreign nationals seeking to apply for residence permits or Icelandic citizenship must now demonstrate compliance with these higher financial thresholds. The income calculation is based on pre-tax earnings, and authorities will assess financial documentation to verify applicants’ financial stability.
Looking Ahead
The increase in income requirements may affect prospective applicants, particularly those seeking long-term residence or naturalization in Iceland. Applicants should ensure that their financial documentation meets the new thresholds before applying.
The Icelandic government may continue to adjust financial requirements based on economic conditions and policy priorities. Foreign nationals planning to apply should stay updated on potential future changes and consult official immigration resources for detailed guidance.
