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Finland has implemented changes in its Schengen visa regulations, effective from January 1, 2024. The key adjustments include an increase in the daily financial requirement for travellers to EUR 50 per day of stay, up from the previous EUR 30. This change is applicable for short stays of up to 90 days and aims to better align the financial requirement with the current cost of living.
Recognising the need for additional financial support, Finland has also introduced a proof of sponsorship and/or accommodation form. This form allows visa applicants to utilize the funds of the inviting party to meet their financial obligations during the visit. The introduction of this form aligns with Article 14.4 of the EU’s Visa Code, outlining the implementation of a maintenance and accommodation agreement.
The proof of sponsorship form, to be submitted along with the visa application, reflects a commitment from a Finnish citizen or a person residing in Finland with a valid residence permit to financially support the travel of the visa applicant. This form is expected to streamline the visa consideration process and provide a clear mechanism for verifying financial support.
The changes come into effect as a response to the evolving cost of living and are designed to ensure that travellers have adequate financial resources to cover their expenses during their stay in Finland. These modifications aim to strike a balance between facilitating tourism and addressing the practical aspects of financial support for short-term visitors.
Furthermore, it’s also important to note that the Schengen visa fees, particularly for Indian nationals, is set at 80 EUR.
A McKinsey study released Thursday showed, globetrotters from India are set to soar, given the relative economic prosperity and a growing propensity for international travel. “If India follows China’s outbound travel trajectory (which it could, due to similarity in population size and per capita income trajectory), then Indian tourists could make 80 to 90 million trips a year by 2040,” said the report, From India to the world: Unleashing the Potential of India’s Tourists.
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