The German government has announced a slight increase of 6% in the proof-of-funds requirement for the 2024/25 academic year for prospective international students.
These prospective international students to Germany will need to demonstrate financial resources of €11,904 (approximately US$12,875) to secure a study permit.
This forms part of its ongoing commitment to maintaining robust financial safeguards for international students.
As of January 1, 2023, the proof-of-funds requirement for student visa applicants was set at €11,208 (US$12,135).
How students can meet the requirements
The Federal Ministry of Education has explained that students can meet the funds requirement in several ways. These include submitting certified documents detailing family income and assets, producing a bank guarantee (“Bankbürgschaft”), or using a blocked account.
The latter is a bank account specifically designed for international students and offered by German banks such as 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.
Any of these methods may be used to obtain proof of funds, for the purpose of applying for a study visa for Germany.
The new requirement of €11,904 (US$12,875) keeps Germany near the top of the range 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.
Record numbers of international students
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
- Nairametrics reported earlier that Germany recently enacted the second part of its new skilled worker law, which introduces fresh regulations such as allowing international students with student visas to work 9 months prior to their studies.
- The country put into effect this second segment of its revamped skilled worker law, following the initial enactment in November 2023.
- The German government aims to attract skilled workers from various industries and is doing so through its international student visa route by relaxing regulations.