Schengen Visa Financial Requirements: Minimum Balance & Info
Last Updated : Jan 22, 2024
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One of the main requirements is the means of subsistence proof.
List of items to show you have enough money for the Schengen financial requirements:
Proof of Accommodation
Prepaid Travel Services
Sponsorship Letter (if applicable)
Employment Verification (if applicable)
Income Tax Returns (if applicable)
Financial Guarantees (if applicable)
Property or Investments (if applicable)
The required amount can vary depending on the Schengen country you plan to visit.
If you travel to any Schengen country, you must apply for a Schengen Visa. The Schengen Visa requires you to submit travel documents during your Schengen visa application. Although most of the Schengen visa financial requirements are the same for each Schengen member state, the means of subsistence are unique to each country.
What Does Means Of Subsistence Entail For A Schengen Visa?
If you plan to travel to any country in the Schengen Area, you must apply for a Schengen Visa. During your application process, the Embassy or Consulate of the Schengen country you plan to visit will require you to submit a list of required documents.
One of the main requirements is the means of subsistence proof. This document proves you have the financial means to travel and stay in a Schengen country. The minimum bank balance for Schengen visa is calculated through your main destination's living standards.
What Are The Financial Requirements For Each Schengen Country?
Although the "Visa Code" was intended to promote uniformity among Schengen countries, each country is free to implement its own national laws.
This means that each Schengen state is free to set its own reference or fixed amount of financial means of sustenance for visa applicants from other Schengen countries.
Financial Requirements For Austria:
The Austrian Federal Ministry for Europe, Integration, and Foreign Affairs does not specify the amount of essential means of subsistence you require to apply for an Austrian Schengen Visa.
The amount of financial resources, or means of sustenance, is then implicitly regulated on an individual or case-by-case basis.
Financial Requirements For Belgium:
The Belgian Immigration Office states that anyone applying for a Belgium Schengen Visa must prove a financial subsistence of at least 95 EUR per day if they stay in a hotel.
However, if you plan to stay in cheaper accommodation, you can prove that you have at least 45 EUR per day.
Financial Requirements For Croatia:
Travelers should have €95 per day if staying in a hotel and €45 when planning to get accommodated by cheaper means.
Financial Requirements For The Czech Republic:
Suppose you apply for the Czech Republic Schengen Visa. In that case, you must show proof of financial sufficiency of at least 42.50 EUR per day.
Furthermore, if you plan a stay longer than 30 calendar days, you must show evidence of at least 1,274 EUR and an extra 170 EUR by the end of each month.
Financial Requirements For Denmark:
According to the Denmark Visa Code, if you apply for the Denmark Schengen Visa, you must prove financial sufficiency of at least 67.24 EUR per day. Remember that this is only applicable if you are staying in a hotel.
However, suppose you plan to stay in a hostel or any other cheaper means of accommodation. In that case, you must present proof of financial sufficiency of at least 47.07 EUR per day. Alternatively, if you already paid for your accommodation in advance, or it is paid by a third party. Then, your financial entry requirements will be lower.
Financial Requirements For Estonia:
Suppose you apply for the Estonia Schengen Visa. In that case, you must prove financial means by demonstrating you have at least 100 EUR per day for the period of your stay in Estonia.
Financial Requirements For Finland:
The Ministry of Foreign Affairs in Finland requires you to provide proof that you have at least 30 EUR per day if you apply for the Finland Schengen Visa.
Financial Requirements For France:
According to the European Commission, if you want to enter France by applying for a France Schengen Visa, you must attest to financial sufficiency of at least 120 EUR per day.
However, if you can prove that you have already paid for your accommodation in France, you only must have at least 65 EUR per day. Please also remember that if you choose cheaper accommodation like hostels, the minimum daily amount decreases to 32.25 EUR.
Financial Requirements For Germany:
Suppose you want to apply for the German Schengen Visa. In that case, you must provide evidence that you meet the daily requirements of 45 EUR daily.
Financial Requirements For Greece:
All foreign nationals, including citizens of non-Schengen countries, must attest to possessing an amount of 50 EUR per day.
In addition, if you plan on staying for more than 5 days, you must prove a minimum of 300 EUR when applying for a Greece Schengen Visa.
Financial Requirements For Hungary:
Suppose you plan on entering Hungary by applying for a Hungary Schengen Visa. In that case, you must pay the minimum requirement of 3.19 EUR for each entry.
There is no other quantity of means of subsistence that you must demonstrate to the Hungarian Embassy or Consulate while applying for a visa.
Financial Requirements For Iceland:
Entering Iceland by an Iceland Schengen Visa, you must attest that you have at least 28.83 EUR per day. Additionally, you must pay an entry fee of 144.13 EUR each time you enter the Icelandic territory.
Financial Requirements For Italy:
The financial entry requirement when going to Italy on an Italy Schengen Visa is specified to the number of days you will be spending in Italy. Here is a list of the minimum financial requirements that you must meet:
For stays of 5 days: an overall amount of 269.60 EUR (212.81 EUR for two or more people)
For stays of 6-10 days: 44.93 EUR per person (26.33 EUR for two or more people)
For stays of 11-20 days: 36.67 EUR per person (22.21 EUR for two or more people)
For stays over 20 days: 27.89 EUR per person (17.04 EUR for two or more people)
Financial Requirements For Latvia:
You must attest that you have at least 14 EUR per day if you go to Latvia by applying for a Lativa Schengen Visa. Let me explain by using an example.
If you stay for 10 days, you must have at least 14 EUR per day. In that case, the overall amount is 140 EUR for your stay.
Financial Requirements For Liechtenstein:
You must attest to the Liechtenstein Embassy or Consulate that you have at least 92.34 EUR per day if you enter with a Liechtenstein Schengen Visa.
However, if you are a student with a valid student ID, you are only required to prove a financial subsistence of 27.70 EUR per day.
Financial Requirements For Lithuania:
Suppose you want to apply for the Lithuania Schengen Visa.
In that case, you must provide evidence that you meet the daily requirements of 40 EUR. This means you must have at least 40 EUR per day during your stay in Lithuania.
Financial Requirements For Luxembourg:
When applying for a Luxembourg Visa at a Luxembourg Embassy or Consulate, Luxembourg does not specify a specific quantity of means of subsistence for Schengen visa.
Financial Requirements For Malta:
Suppose you apply for the Malta Schengen Visa. In that case, you must show proof of financial sufficiency of at least 48 EUR per day.
Financial Requirements For Netherlands:
According to the European Commission, if you want to enter the Netherlands by applying for a Netherlands Schengen Visa, you must attest to financial sufficiency of at least 34 EUR per day.
Financial Requirements For Norway:
According to the European Commission, Section 17 (f) of the Norwegian Immigration Act states that if you want to enter Norway through a Norway Schengen Visa, you must have at least 53.34 EUR per day.
Financial Requirements For Poland:
The financial entry requirement when going to Poland on a Poland Schengen Visa is specified to the number of days you will be spending in Poland. Here is a list of the minimum financial requirements that you must meet:
For stays of 3 days: overall amount of 67.76 EUR
For stays over 3 days: 22.59 EUR per day
If your accommodation is paid before traveling or paid by a third party: 4.52 EUR per day
Financial Requirements For Portugal:
Entering Portugal by a Portugal Schengen Visa, you must attest that you have at least 40 EUR per day. Additionally, you must pay an entry fee of 75 EUR each time you enter Portugal.
However, if you can provide your food and accommodation is covered, you might be exempt from paying the money mentioned above.
Financial Requirements For Slovakia:
According to the European Commission, if you want to enter Slovakia by applying for a Slovakia Schengen Visa, you must attest to financial sufficiency of at least 56 EUR per day.
Financial Requirements For Slovenia:
Suppose you apply for the Slovenia Schengen Visa. In that case, you must show proof of financial sufficiency of at least 70 EUR per day. Furthermore, if you apply for a minor, proof of financial support for a visitor's visa is reduced to 35 EUR.
Financial Requirements For Spain:
You must show proof of financial support for a visitor visa such as the Spain Schengen Visa. You must show support of at least 100 EUR a day.
Financial Requirements For Sweden:
According to the European Commission, you must prove financial support for a visitor visa of 48.26 EUR per day if you apply for a Sweden Schengen Visa.
Financial Requirements For Switzerland:
You must attest to the Switzerland Embassy or Consulate that you have at least 92.34 EUR per day if you enter with a Switzerland Schengen Visa. However, if you are a student with a valid student ID, you are only required to prove a financial subsistence of 27.70 EUR per day.
Means of Subsistence for Schengen Visa
In the context of a Schengen visa application, "means of subsistence" refers to the various ways you can prove your financial capacity to support yourself during your stay. These means can include:
Personal Bank Statements: Provide your personal bank statements that clearly show a consistent balance above the minimum requirement.
Sponsorship: If someone else is financially supporting your trip, you will need an official sponsorship letter, along with their financial documents.
Financial Guarantees: Some countries accept financial guarantees, such as a deposit or bond, to cover your expenses.
Prepaid Travel Services: If you have already paid for your accommodation, flights, or other services, you can use these as evidence of your financial preparedness.
More Details About The Schengen Visa
How Long Can I Stay In The Schengen Area?
The Schengen Tourist Visa is considered a short-stay visa. The validity and duration of stay in the Schengen Area is 90 days in a 180-day period.
Although some citizens enjoy visa-free travel to the Schengen Area, they must also abide by the 90/180-day rule.
If you are an EU citizen, you also enjoy visa-free travel to any Schengen member state and the EU/EEA.
Where Must I Apply For A Schengen Visa?
If you want to apply for a Schengen Visa, you must head over to the Schengen country's Embassy or Consulate. Luckily, we have detailed guides on Schengen Tourist Visa applications. However, we know visa applications can be terrible, so I suggest you apply through AtlysBlack for expedited visa appointments.
Please check out each guide by selecting the Schengen country of choice:
Austria, Belgium, Czech, Croatia,Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Italy, Netherlands, Norway, Poland, Portugal, Spain, and Switzerland.
What Is The ETIAS?
The European Union will implement the ETIAS (European Travel Information and Authorization System) at the start of 2023. The ETIA will apply to any citizen who enjoys visa-free travel to the EU.
Therefore, if you are traveling to any Schengen member state before 2023, you don't need to apply for the ETIAS. However, remember that this will change in 2023.
What Are The General Required Documents For All Schengen Countries?
Now that you know the financial requirements, I will explain the generic visa requirements that are the same for all Schengen countries. Remember that border controls can ask you for additional information, so always carry hard copies of your documents.
Here is a list of the documents that you must present when applying for your Schengen Visa:
Visa application form: Can be found on the Consulate of the country's website.
Two passport photos: Make sure to check out the photo requirements.
A valid passport: Your passport should be valid for at least 3 months beyond your stay.
Travel Itinerary: A travel itinerary Including the flight itinerary and hotel itinerary.
Travel insurance/Health insurance: The travel insurance must have a minimum of 30,000 EUR that covers the length of your intended stay.
Financial means of subsistence: Bank statements etc.
Cover letter: You should include a cover letter.
Employment Letter: Employment letter that proves you have leave.
You can see the entire detailed list of required documents needed for the Schengen visa.
Meeting the minimum bank balance requirements for a Schengen visa is a vital step in ensuring your European journey goes smoothly. Remember that each Schengen country may have its own specific criteria, so thorough research and careful planning are essential.
By understanding the financial prerequisites and providing the necessary documents to support your application, you'll increase your chances of obtaining a Schengen visa and embarking on a memorable European adventure. So, get your finances in order, complete the application process, and soon, you'll be exploring the stunning landscapes and rich cultures of the Schengen Area with confidence. Safe travels!
We source our information directly from government authorities, assuring its credibility. Using AI, we simplify intricate concepts for better clarity, and our dedicated team conducts rigorous verification to maintain precision. Rest assured, the information you discover here is dependable, as we exclusively rely on reputable sources.
Frequently Asked Questions
Proof of sufficient funds for travel typically includes bank statements, sponsorship letters, and proof of accommodation. Bank statements should show a consistent balance covering your expenses, while a sponsorship letter confirms financial support from a sponsor. Proof of accommodation can be in the form of hotel reservations or a letter of invitation from a host.
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