One of the most important documents you will need during the immigration process is the presentation of a financial assurance certificate. This certificate is of great importance for immigration to countries within the Schengen area, and without it, immigration for education, work, and more will not be possible. In this article, we will discuss the financial assurance certificate and how to obtain it through FinlandQ.

What is a financial assurance certificate?

Individuals planning to immigrate to another country must have a sufficient amount of money to support themselves and their families, and this is referred to as the financial assurance certificate (Proof of Funds). These individuals must have a specific amount of money in their account as a guarantee that the destination country is assured that the family can cover its expenses. The amount to be paid for financial assurance depends on the number of family members.

Usually, when a person moves through a job offer, there is no need to provide a document related to financial assurance. This certificate will be issued by the bank for you, and it will detail your current capital along with the financial transactions in your account. When you submit this certificate to the university or embassy, they will be sure that you can pay for your clothing, food, and housing expenses in the destination country.

Important points regarding the financial assurance certificate

As mentioned, this certificate guarantees the financial status of an individual for living in another country. The financial assurance certificate must include a precise history of the transactions made by the individual, with a minimum period of at least three months before the application submission.

For presenting this certificate, migrants must send an official letter from their financial institution or bank, along with their phone number, email, and address of residence.

The applicant’s details, such as name and birth information, should be written accurately and completely.

The certificate should mention the account opening date, bank account number, current account balance, average balance over the past 6 months, and outstanding debts, including loans.

Note that you can provide more than one financial assurance certificate if you hold your capital in different banks.

How can I prove that I have enough money for immigration to Finland?

Finland is one of the countries that usually require a financial assurance certificate for immigration. In the new regulations, students must prove that they have sufficient capital to cover their expenses for the first year. These expenses will be 560 euros per month and a total of 6720 euros for a year. In this certificate, the name of the applicant must be mentioned as the account holder; otherwise, you will encounter problems because a joint account will not be accepted.

Include your bank account statements to show that you have the necessary budget to cover living expenses in Finland. Remember not to withdraw money from your account during the immigration process. Additionally, you should provide supporting documents that explain the funds in your account. The more stable and transparent your income is, the higher the likelihood of your application being approved.

Required documents for obtaining a financial assurance certificate

If you are covering all expenses in the destination country yourself, the required documents are as follows:

• Bank account statements for your personal account, showing the last 3 months.
• A letter from the bank confirming the required amount of money in your account, which will vary depending on the destination country. (If your country’s currency is not the Euro, ask the bank to convert the funds into Euros. All documents must be in English.)
• Official documents of your income source (employment contract, pay stubs) to explain the money in your account and demonstrate financial stability.
• If you have a sponsor covering your living expenses, the required documents include:
• A sponsor, who can be a family member like a mother, father, sibling, uncle, etc. Attach a letter with the sponsor’s personal details (name, occupation, address, phone, email) explaining the relationship between the sponsor and the applicant.
• Bank account statements for the sponsor’s personal account over the past 6 months. (If the sponsor has multiple accounts, attach statements for all of them. Ask the bank to convert the funds into Euros.)
• Official documents explaining the source of the sponsor’s income. If the source of income is a salary and savings, include pay stubs and an employment contract.
• If the source of income is from selling assets such as land, include sales receipts.
• If the source of income is from renting a house or land, attach rental agreements.
• If the sponsor’s own company is the source of income, include documents displaying the company’s financial status.

Remember that even with a sponsor, the funds must still be in the student or pupil’s account, and the funds must remain in the account throughout the decision-making process and after entering Finland. Additionally, make sure the sponsor can demonstrate the ability to cover your living expenses in Finland while supporting your studies and life in Finland.

If you are taking out a loan to cover living expenses, the required documents include:

• Ensure the complete loan amount is in accordance with the immigration service’s request. Your account must have the required funds during the decision-making process and when you arrive in Finland.
• A letter from the bank stating the approval of a loan for the student.
• Ensure all documents are translated into English.

What documents should I provide to the bank to obtain a financial certificate?

Obtaining a financial assurance certificate from the bank will not be a complex process. To get it, you should first visit one of the bank branches with your national ID and state your request to the bank personnel. Your ID will be taken from you, and your bank account will be checked. After asking several questions, the bank will provide you with a financial assurance certificate that you can submit to the embassy or university. If your account has a bankbook, take it with you; otherwise, be sure to take your bank card to the bank.

What is included in the financial assurance certificate?

In the certificate provided to you, the following information is included:

• Account Holder’s Information: In this section, personal details of the applicant, such as name, account number, national ID number, passport number, etc., will be mentioned.
• Account Type: The certificate will show the type of your account at that bank (e.g., short-term savings, long-term savings, etc.), along with the account opening date and the current balance.
• Main Section of the Certificate: In the text of the certificate, the bank explains that, based on the average account balance and the current balance, the individual will have the financial means to live in the destination country. At the end of the text, the certificate confirms the accuracy of the information provided.
• Letter Stamp: To authenticate the certificate received from the bank, a stamp is placed at the end to indicate that the letter has been issued by the bank.

Is a financial assurance certificate the same as a bank statement?

Before going to the bank to obtain a financial assurance certificate, you should review the requirements of the destination country and make sure that a financial assurance certificate is needed. Some countries also accept bank statements as an alternative to a financial assurance certificate, so you won’t need to provide both. As mentioned in the previous sections, a financial assurance certificate demonstrates your financial ability, while a bank statement shows the transactions in your account for a specific period, along with your current balance.

How much money do I need to have in my account to obtain a financial assurance certificate?

The answer to this question depends on the country to which you intend to immigrate. For example, if your goal is to live in Canada, you will need a financial assurance of 13,310 Canadian dollars for a single person. If the family size is more than one, this amount will increase accordingly. For example, for a family of two, you will need 16,570 Canadian dollars, and for a family of five, you will need a financial assurance worth 28,502 Canadian dollars.

In Germany, the conditions are different. Even though the cost of living and education is not significantly high in this country, you must prove to the German government that you will have no financial difficulties living your life. You will need 861 euros per month and 10,332 euros for a year. For immigration to Spain, you need to obtain a financial assurance based on your bank account statements for the last 6 months, and for a single person, this amount is 2,260 euros.

Italy usually requires a lower financial assurance compared to Germany. For Italy, 460 euros per month and 6,000 euros annually will be sufficient. For the UK, this amount can go up to 4,000 euros.

Consulting with FinlandQ

If you need consultation to obtain a financial assurance certificate and immigrate to Finland, you can contact our experts at FinlandQ for the necessary guidance and assistance.

If you need advice on immigrating to Finland, you can speak with our experts at the FinlandQ group and get the necessary guidance.