Germany announces a 6% increase in proof-of-funds requirement for international students

The German government has increased the proof-of-funds requirement by 6% for prospective international students in the 2024/25 academic year.

International students seeking a study permit in Germany must establish financial resources of €11,904 (approximately US$12,875).

This is part of its ongoing dedication to guaranteeing strong financial safeguards for international students.

As of January 1, 2023, the proof-of-funds criterion for student visa applicants is €11,208 (US$12,135).

The Federal Ministry of Education has said that students can achieve the funds requirement in a number of ways. These include submitting certified documents proving family income and assets, providing a bank guarantee (“Bankbürgschaft”), or using a blocked account.

The latter is a bank account developed exclusively for international students and available from German banks such as Deutsche Bank and Fintiba. The account is called “blocked” since students cannot access it until they arrive in Germany and can then only withdraw monies up to a certain monthly limit.

Any of these techniques can be used to obtain proof of funds when applying for a study visa to Germany.

The increased threshold of €11,904 (US$12,875) keeps Germany near the top of the list among major study destinations and can be compared to Australia (AUD$29,710, which equates to US$19,540), Canada (CDN$20,635, US$14,930), Ireland (€10,000, US$10,680), and France (€7,380, US$7,980).

Both Australia and Canada have announced substantial increases to their funds requirements over the past several months. In December 2023, Canada effectively doubled its proof of funds requirement, and Australia announced a 20%+ increase in May 2024, the second such increase within a year.

Although Germany has announced this increase, the country has become an attractive country for international students in recent times.

For instance, foreign student enrollment in Germany reached a record high in the winter semester of 2022/23 with nearly 370,000 international students enrolled in Germany last year, making it a 5% increase compared with 2021/22, and the fifth consecutive year of growth

Germany recently approved the second phase of its new skilled worker law, which includes new regulations such as permitting international students on student visas to work for 9 months before beginning their studies.

Following the initial enactment in November 2023, the country implemented the second component of its redesigned skilled worker law.

The German government intends to attract qualified workers from various industries by relaxing regulations for international student visas.