BERLIN – The authorities in Germany have increased the proof of funds requirements for international students by 6 percent.
To ensure that international students can support themselves while studying in Germany, the government has announced a hike in the minimum funds requirement, effective September.
As part of the changes, students will now need to show €11,904 (US$12,875) in their bank accounts, up from previous requirement of €11,208.
The new rule, announced by the German Federal Ministry of Education and Research, aims to cover the estimated minimum cost of living in Germany for one year.
As announced officially, students can meet this funds requirement through various means, including submitting family income documents, obtaining a bank guarantee, or using a blocked account.
‘These include the submission of certified documents detailing family income and assets, producing a bank guarantee (“Bankbürgschaft”), or via the use of a blocked account. The latter is is a bank account designed precisely for international students and offered by German banks, including Deutsche Bank and Fintiba. The account is considered “blocked” because students cannot access it until they arrive in Germany, and then may only withdraw funds up to a specified monthly limit,’ explained a report.
This funds hike change keeps Germany competitive with other leading study destinations like Australia, Canada, Ireland, and France. Notably, Australia and Canada have recently increased their funds requirements, with Australia raising it by 20% in May and Canada doubling its requirement last December.
Despite language barrier, Germany remains a popular choice for international students, with over 458,000 enrolled in the 2022-2023 academic year, a 52% increase from 2014.
Besides international students, Germany is also trying to attract foreign workers to keep its industries running. The country has also announced ’Chancenkarte’ or opportunity card which allows foreigners to visit the country and look for jobs instead of having employment before landing in the country.
The labor crisis in one of Europe’s strongest economies has worsened and the country needs at least 4 hundred thousand immigrants each year to keep its firms running and maintain exports.
The shortage of skilled individuals has risen to unprecedented levels as statistics reveal and surveys, companies have admitted that they are facing the heat of labor shortage which was affecting their efficiency as well.
