Iceland: only tourists earning INR 600000 per month eligible to get visa

For tourists even beyond the European Schengen area wanting to avoid a second wave of pandemic by opting to work in Iceland it is mandatory now to have a six figure salary to avail the visa for up to six-month-long stay in the country.

According to the latest reports, anyone wishing for a long stay in Iceland must also have employment with a foreign company or be self-employment in the country of their permanent residence. Iceland has set a minimum income and health insurance requirement which has been fixed at one million Icelandic krona per month, which equals $7,360 monthly or $88,000 yearly or INR 6 lakhs.

Apparently, the idea behind such rule is to draw only high-earning professionals from Silicon Valley or San Francisco who would be willing to book the Airbnbs and spend dining at the restaurants to boost the country’s economy.

Since, Iceland demands a high cost of living, it has adopted the strategy used by the Cayman Islands, Bermuda, Barbados, and Estonia to bank on revenue generated by foreign tourists to bounce back economically by way of long-stay waivers.

A leading news website has reported that the office of minister of justice which is in-charge of handling work visas and entry requirements, has shared limited information regarding the new visa program and the logic behind its approach.

However, reportedly, the locals told the news daily that the rationale behind it is to encourage investment without crowds and that too without putting a burden on the national health-care system given that fact that Iceland’s population is already high.