A foreigner applying for a residence permit, shall prove secure support for the period of time he applies for to be allowed to stay in Iceland.

Minimum support shall be comparable to the minimal support guidelines set by the municipalities. (January 2007 guidelines).

* Minimal support for a single person is ISK 125.540 per month.
* Minimal support for a family of two persons is ISK 200.864 per month.

Children under the age of 18 are considered dependants of their parents.

* Exemption can be made for individuals who were granted their first residence permits in Iceland as children. They can be financially supported by their parents until the age of 20, as long as they are attending school. For individuals aged 18 to 20 years, being supported by parents, the amount is 50% of individual support criteria, i.e., Ikr. 62.770.

A married couple has mutual support obligations.

Everyone else must show proof of own support.

To prove secure support, the applicant/provider shall show that he can fulfill the minimal support guidelines shown above. If the applicant is a dependant of another individual, that provider must show his paychecks for the last three months and/or a certified copy of his latest tax return.

According to Art. 42, par. 2, of Regulations No. 53/2003 on foreigners (Security of support, a foreigner’s support shall be deemed secure if:

* The foreigner receives wages or income from self-employment, adequate for his support;
* The foreigner receives regular payments adequate for support;
* The foreigner possesses adequate funds for support during his stay in a currency registered by the Central Bank of Iceland;
* The foreigner receives a student loan or grant adequate for his support, in a currency registered by the Central bank of Iceland.

Support may be derived from more than one source listed in the second paragraph, and shall be deemed adequate if the foreigner demonstrates that the total amount suffices for support.

Payment of social support from the state or a municipality shall not make a person entitled to a residence permit.

Note: When applying for a renewal of a residence permit, a certificate must be presented from the municipality in question regarding eventual social financial support.


Can someone explain to me in details what exactly they are asking for and most especially what they meant by this "The foreigner possesses adequate funds for support during his stay in a currency registered by the Central Bank of Iceland"