Key Points
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Foreign nationals applying for long-term residence in the Czech Republic will be required to provide proof of meeting certain financial requirements
Overview
On 1 April 2022, the Czech government introduced new financial measures for foreign nationals who seek long-term residence in the country. These foreign nationals will be obligated to prove that they hold funds that are 15 times the amount of the average minimum wage in the Czech Republic. Currently, the average minimum living wage is 2,740 CZK.
In addition, the foreign national must hold proof of these funds through a bank account statement, other documents proving financial security, or a valid internationally recognized payment card.
What are the Changes?
The Czech government will require foreign nationals applying for long-term residence to provide proof of holding funds that are 15 times the amount of the average minimum wage in the country. The applicant will also need to meet other long-term residence application requirements.
Originally published MAY 3, 2022
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