Most countries with work visa routes to permanent residency have a minimum proof of funds requirement for applicants. This ensures individuals can support themselves financially and avoid being stranded.
Work visas are essential for moving talent across borders, typically requiring employer sponsorship. Employers offer jobs, handle the necessary paperwork, and meet legal requirements.
This article will highlight the work visa pathways and proof of funds requirements for several countries. It is important to check the official immigration websites of these countries for the most up-to-date information.
Germany
Germany has announced 21 pathways to work, live, or study in the country, addressing job shortages in sectors like agriculture, construction, and transportation. The country has also simplified the process for skilled workers to obtain the Blue Card visa by allowing foreign workers to secure jobs at a lower salary threshold. Blue Card holders can benefit from an accelerated path to permanent residency, becoming eligible as early as 21 months after relocating to Germany. Applicants must show a bank balance of at least EUR 5,682.
Finland
Finland plans to increase work-based migration to 30,000 individuals annually to address its growing labor crisis. Initiatives like the ‘Work in Finland’ and ‘Talent Boost’ programs provide opportunities for researchers and innovators. Finland seeks skilled professionals globally to fill shortages in vital sectors like healthcare, personal care, social work, daycare teaching, and construction. Applicants for a residence permit must have sufficient funds to live in Finland, with a required amount of 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. This enables the use of Green List visas for specialized talent not readily found locally. A new visa program for eligible care workers offers an opportunity for permanent residence, work, and study in New Zealand, including for partners and dependent children under 24. Applicants for a work permit visa must provide evidence of at least NZD $4,200, which can include bank statements, credit card statements, bank drafts, or travelers’ cheques.
Canada
The Saskatchewan Immigrant Nominee Program (SINP) in Canada has expanded opportunities for immigrants, including 279 additional occupations such as farm laborers, truck drivers, retail sales, nurse aides, and equipment operators. Employers in selected sectors can hire up to 30% of their workforce in low-wage positions through work permits for foreign talents. As of April 2023, immigrants to Canada must meet specific financial requirements to support themselves and their families. The required settlement funds vary based on the number of family members, starting at $13,757 CAD for a single person and increasing with each additional family member.
United Kingdom
The UK government is open to hiring foreign talents, provided 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. Successful applicants must have at least £1,270 in their bank account to show they can support themselves in the UK, with the money available for at least 28 consecutive days.
Cyprus
Cyprus introduced its Golden Knowledge Programme for foreign nationals in the ‘research and innovation’ sector, allowing expedited citizenship through a fast-track process. The country also urgently needs to recruit nurses from non-EU countries. Those seeking to stay longer than three months for employment, study, or family reunification must have sufficient proof of funds. Applicants need to demonstrate a minimum income of EUR 2,000 per month, with additional requirements for family members, and show at least EUR 10,000 in a Cyprus bank account.
