One of the requirements for being granted a residence permit in Iceland or Icelandic citizenship is that applicants can show that they have enough means to financially support themselves independently.

As of 15 February 2024 the reference amount required for an individual, 18 years and older, will be raised from 217,799 ISK to 239,895 ISK per month. The amount for married couples will be raised from 348,476 ISK to 383,832 ISK per month. The amounts refer to pre-tax income.

The new reference amounts apply for applications received as of February 15 2024.

The reference amounts correspond with the financial support criteria of the City of Reykjavík.