Last Updated on February 23, 2023
Key Points
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.
Looking Ahead
Continue to check the government of the Czech Republic’s website and Envoy’s website for the latest updates and information.
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Content in this publication is for informational purposes only and not intended as legal advice, nor should it be relied on as such. For additional information on the issues discussed, consult an attorney at one of the two U.S. Law Firms working with the Envoy Platform or another qualified professional. On non-U.S. immigration issues, consult an Envoy global immigration service provider or another qualified representative.
