Insurance Blog

Posted: 01/08/20244,439 Views

On January 1 new financial requirements went into effect for anyone requiring a Schengen visa to travel to Finland. The Finnish Ministry of Foreign Affairs now requires travelers to show financial proof of at least €50 per day spent in Finland. This is a 66% increase from the previous rule that required proof of €30 per day spent in the country on a Schengen visa. You will be required to submit proof of these financial resources as part of the Schengen visa application process. 

What is a Schengen Visa?

The Schengen visa is a visa that allows for short-term entry and travel between any of the 27 Schengen member nations on a common visa. 23 of these countries are within the EU and are joined by the non-EU countries of Iceland, Liechtenstein, Norway, and Switzerland.

Who Needs a Schengen Visa?

Whether or not you need a Schengen visa depends on your country of residence and the purpose/length of your trip. Currently, residents of 105 countries require a Schengen visa to travel to any Schengen country for business or tourism purposes for up to 90 days. This includes residents of India, China, and Saudi Arabia.

Conversely, residents of 62 nations can currently travel to Schengen nations for short-term visits with no visa at all, thus exempting them from the financial requirement. Those who do not need a Schengen visa include residents of the USA, Japan, Australia, Canada, and South Korea. 

Schengen Visa Insurance Requirements

If you require a Schengen visa to travel to a Schengen country, then you are also required to purchase compliant Schengen visa travel insurance. This insurance must provide a minimum of €30,000 in medical coverage, and it must cover emergency medical evacuation and repatriation of remains. You will be required to show proof of compliant insurance coverage as part of your Schengen visa application process.

Luckily, it’s easy to buy compliant Schengen visa insurance right on this website. Just shop the list of available plans at the link. As soon as you purchase, you will receive a confirmation email with a link to print your instant visa letter, which you can then present to the embassy or consulate.

If you don’t need a Schengen visa to visit Finland or another Schengen country, insurance is optional for you. However, travel medical insurance coverage is strongly suggested. You never know when you might get sick or become injured while traveling outside your home country, and your domestic health insurance is unlikely to be accepted. Travel medical insurance allows you to get the best available care for a price you can afford. Shop plans today!

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