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Finland Residence Permit

Finland Residence Permit

Facts about Finland

  • Location: Northern European
  • Neighboring Countries: Sweden, Estonia, Russia, Norway, Denmark, Latvia and Lithuania
  • Capital: Helsinki
  • Total Area: 338,440 km²
  • Total Population: 5.541 million (2020)
  • GDP: €241 billion (2019)
  • Currency: EURO €
  • Exchange Rate: €1 = $1.18
  • Official Languages: Finnish and Swedish
  • Visa Free Travel: 187 countries and territories
  • Passport Ranking: 3rd

About Finland

Finland is one of the five Nordic countries and the northernmost country in the European Union. Finland is one of the most sparsely-populated countries in the EU, and is bordered by Sweden to the west, Norway to the north and Russia to the east.

Finland has a highly industrialized, largely free-market economy with per capita GDP almost as high as that of Austria and the Netherlands and slightly above that of Germany and Belgium. The government is open to, and actively takes steps to attract, foreign direct investment.

The most important sectors of Finland’s economy in 2015 were public administration, defence, education, human health, social work activities (21.8%), industry (20.6%), and wholesale trade, retail trade, transport, accommodation and food services (17.0%).

Finland’s main export partners are Germany, Sweden and US, while its main import partners are Germany, Sweden and Russia.

Social Benefits

  • If needed, the spouse/partner will have the right to apply for the adaptation program and receive a monthly grant of €960 after tax €50 (only for housewife).
  • Additional monthly €200 bonus may be granted in case of learning Finnish language (only for spouse).
  • 1st child under 18 can receive €94 per month, 2nd €105, 3rd €135, 4th €154 and 5th €174. The benefit is €500 after 17 years old.
  • Maternity grant
  • Healthcare (€50 / €100,000 covered)
  • Free school education
  • Free university education
  • Old age pension (after receiving permanent residence)
  • Unemployment assurance of 70% of the last earning (after receiving permanent residence)
  • Need to register with KELA Ministry (kela.fi)

Eligibility – Investment in self-managed business

  • Minimum Investment: €30,000
  • Minimum Experience: 3 years of senior management
  • Minimum Education: Higher secondary
  • Age: 21 – 60 years
  • Criminal Record: Should not hold any criminal history
  • Health: Should not hold any serious health condition

How to become a Finnish resident through investment

For purposes of Finnish immigration opportunities, foreign investors qualify for a visa based upon self-employment. Self-employed foreign nationals are required to have a residence permit in order to conduct their business activities in the country. A foreign national will qualify as a self-employed worker if the individual personally owns his/her commercial enterprise, or if the individual is a general partner in a limited partnership.

It is important to note that Finland will not approve a residence permit application an individual if the individual only owns shares in a commercial enterprise – the person must also perform work for the company and the work must be physically performed in Finland.

  • The main basis for the residence permit is your personal income that originates from a Finnish company.
  • For you to fulfil all pre-conditions for getting the residence permit, we help you to start/buy a company and provide a sufficient business plan according to your goals and pre-conditions.
  • You must generate needed income to support the residence permit application and take care of every point of the program until you get the residence permit.
  • First temporary residence permit is always issued for a period of one year.
  • After the first year, the temporary residence permit can be renewed for another 4 years.

Personal income criteria

You must generate enough income on the company’s account to pay your own wage and taxes to prolong and upgrade your residence permit to permanent residence permit or citizenship.

Kindly see below the personal income sums that your Finnish company should bring to you to support you and your family members.

This amount of salary, including the taxes should be paid to you every month to cover family expenses.

Business statement provision

In order to successfully apply for the Finnish residence permit and be eligible for opening a business, a client would have to show a certain amount of money on the personal bank account in home country. It is not deposit; it is a one-time bank statement. This money does not have to stay there for any longer than a client needs to make a document from the bank that he/she has these funds. This document is required by the Migration Department of Finland.

  • €12,000 for a single person (Recommended €20,000)
  • €30,000 for a family of three (Recommended €40,000)
  • €10,000 for every additional family member, and so on

Process outline

  1. Retaining of Services (ID/passport copy/profile)
  2. Assessment / Due Diligence by Lawyer
  3. Preparation of Application – Company Formation
  4. Purchase of Business
    1. Business Search
    2. Due Diligence of Businesses
    3. Business Intent Letter
    4. Opening of Trust Account
    5. Transfer of Funds
    6. Visit to Finland (to meet the seller)
    7. S & P Agreement and Transfer of Share(s)
  5. Preparation of Business Plan
  6. Submission of Application at ELY and Immigration Department
  7. Apply for Stay Visa
  8. Grant of 1 Year Residence Permit

Processing Time

  • Register a new company and license in 3 months along with the purchase of business until Business Intent Letter.
  • Submission to ELY and Immigration approval in 8 – 10 months.

After Processing Stage

  1. Grant of 1 year of residence permit
  2. Grant of 4 years of residence permit
  3. Apply for permanent residence on the 4th year (must reside 2 years out of 4 years in Finland)
  4. Apply for citizenship on the 5th year (continuous stay of 5 years)
  5. Apply for citizenship on the 7th year (spending minimum 2 years along with strong ties to the country)

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