Are fund investments included in the assets for residence permit application?

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celavi
Posts: 5
Joined: Sat Dec 19, 2020 1:00 pm

Are fund investments included in the assets for residence permit application?

Post by celavi » Thu Jan 07, 2021 5:05 am

Hello, everyone
I'm preparing for an application for an entrepreneur residence permit.
One of the stuff needed to submit is 'Document concerning assets and other income'.
Major of my cash is invested in a fund that is redeemable at end of February this year.
I've gotten a digital proof of assets of this fund investment. Can I provide it as 'Document concerning assets' to the migri?
And are real estates regarded as assets for this kind of application?

I've searched the migri website and this forum but don't get my answer, so I have to open this thread.
Thank you for your help!



Are fund investments included in the assets for residence permit application?

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FinlandGirl
Posts: 664
Joined: Sat Nov 09, 2019 10:43 am

Re: Are fund investments included in the assets for residence permit application?

Post by FinlandGirl » Thu Jan 07, 2021 11:29 am

celavi wrote:
Thu Jan 07, 2021 5:05 am
I'm preparing for an application for an entrepreneur residence permit.
One of the stuff needed to submit is 'Document concerning assets and other income'.
Major of my cash is invested in a fund that is redeemable at end of February this year.
I've gotten a digital proof of assets of this fund investment. Can I provide it as 'Document concerning assets' to the migri?
And are real estates regarded as assets for this kind of application?
If you need assets for living expenses before your business generates sufficient profits, then Migri wants to see cash.
If your business does not yet exist, what are initial profitability and initial investment, and how does the business plan say these will be financed?
Money in any form other than cash is just an additional risk from the point of view of Migri and ELY.
You can mention real estate but it is of little use for anything in your application, if you need money from the funds in your application it would make sense to apply next month after it has been redeemed.

betelgeuse
Posts: 3833
Joined: Thu Aug 29, 2013 1:24 am

Re: Are fund investments included in the assets for residence permit application?

Post by betelgeuse » Thu Jan 07, 2021 12:55 pm

celavi wrote:
Thu Jan 07, 2021 5:05 am
Hello, everyone
I'm preparing for an application for an entrepreneur residence permit.
One of the stuff needed to submit is 'Document concerning assets and other income'.
Major of my cash is invested in a fund that is redeemable at end of February this year.
I've gotten a digital proof of assets of this fund investment. Can I provide it as 'Document concerning assets' to the migri?
Migri has guidance on this internally. I could not find the latest version with Google online. You can get that one with a freedom of information request to them.

https://www.eduskunta.fi/fi/vaski/julka ... -62343.pdf

This not in force version any more says that you must be able to turn the assets quickly into cash during the validity period of your residence permit. "Laskennassa hyväksyttävän omaisuuden tulee olla realisoitavissa tarvittaessa nopeasti, jotta ulkomaalainen ei joudu turvautumaan toimeentulotukeen tai vastaavaan muuhun toimeentuloa turvaavaan etuuteen."
celavi wrote:
Thu Jan 07, 2021 5:05 am
And are real estates regarded as assets for this kind of application?
Only any rental income from them. "Tästä syystä esimerkiksi ulkomailla olevaa kiinteistöä tai muuta kiinteää omaisuutta ei lähtökohtaisesti voida ottaa huomioon. Toimeentulon lähteenä voidaan kuitenkin ottaa huomioon esimerkiksi ulkomailla olevasta kiinteistöstä tai asuinhuoneistosta saatavat jatkuvat vuokratulot, jos niistä esitetään luotettavaa asiakirjaselvitystä."

betelgeuse
Posts: 3833
Joined: Thu Aug 29, 2013 1:24 am

Re: Are fund investments included in the assets for residence permit application?

Post by betelgeuse » Thu Jan 07, 2021 1:03 pm

betelgeuse wrote:
Thu Jan 07, 2021 12:55 pm
Migri has guidance on this internally. I could not find the latest version with Google online. You can get that one with a freedom of information request to them.

https://www.eduskunta.fi/fi/vaski/julka ... -62343.pdf
Though reading the footnote for entrepreneurs the decision will not be done in Migri. "Jos hakijalle on haettu elinkeinonharjoittajan oleskelulupaa, kuuluu hakijan toimeentulon selvittäminen työvoima- ja elinkeinokeskuksen toimivaltaan (UlkL 84 § 1 mom., 76 § 1 kohta). "

You could just ask from here.

"ELY-keskuksen yrittäjän oleskelulupien palvelunumero

0295 020 980 Sähköposti: [email protected]"

https://www.ely-keskus.fi/tyovoiman-maahanmuutto

FinlandGirl
Posts: 664
Joined: Sat Nov 09, 2019 10:43 am

Re: Are fund investments included in the assets for residence permit application?

Post by FinlandGirl » Thu Jan 07, 2021 1:34 pm

betelgeuse wrote:
Thu Jan 07, 2021 1:03 pm
betelgeuse wrote:
Thu Jan 07, 2021 12:55 pm
Migri has guidance on this internally. I could not find the latest version with Google online. You can get that one with a freedom of information request to them.

https://www.eduskunta.fi/fi/vaski/julka ... -62343.pdf
Though reading the footnote for entrepreneurs the decision will not be done in Migri. "Jos hakijalle on haettu elinkeinonharjoittajan oleskelulupaa, kuuluu hakijan toimeentulon selvittäminen työvoima- ja elinkeinokeskuksen toimivaltaan (UlkL 84 § 1 mom., 76 § 1 kohta). "
I was confusing something when writing
FinlandGirl wrote:
Thu Jan 07, 2021 11:29 am
If you need assets for living expenses before your business generates sufficient profits, then Migri wants to see cash.
This applies only to the start-up entrepreneur permit, for the normal entrepreneur permit the means of support must be immediately secured from the profits of the business.

celavi
Posts: 5
Joined: Sat Dec 19, 2020 1:00 pm

Re: Are fund investments included in the assets for residence permit application?

Post by celavi » Fri Jan 08, 2021 6:06 am

FinlandGirl wrote:
Thu Jan 07, 2021 11:29 am
celavi wrote:
Thu Jan 07, 2021 5:05 am
I'm preparing for an application for an entrepreneur residence permit.
One of the stuff needed to submit is 'Document concerning assets and other income'.
Major of my cash is invested in a fund that is redeemable at end of February this year.
I've gotten a digital proof of assets of this fund investment. Can I provide it as 'Document concerning assets' to the migri?
And are real estates regarded as assets for this kind of application?
If you need assets for living expenses before your business generates sufficient profits, then Migri wants to see cash.
If your business does not yet exist, what are initial profitability and initial investment, and how does the business plan say these will be financed?
Money in any form other than cash is just an additional risk from the point of view of Migri and ELY.
You can mention real estate but it is of little use for anything in your application, if you need money from the funds in your application it would make sense to apply next month after it has been redeemed.
Thank you very much, it's really helpful!

celavi
Posts: 5
Joined: Sat Dec 19, 2020 1:00 pm

Re: Are fund investments included in the assets for residence permit application?

Post by celavi » Fri Jan 08, 2021 6:13 am

betelgeuse wrote:
Thu Jan 07, 2021 12:55 pm
celavi wrote:
Thu Jan 07, 2021 5:05 am
Hello, everyone
I'm preparing for an application for an entrepreneur residence permit.
One of the stuff needed to submit is 'Document concerning assets and other income'.
Major of my cash is invested in a fund that is redeemable at end of February this year.
I've gotten a digital proof of assets of this fund investment. Can I provide it as 'Document concerning assets' to the migri?
Migri has guidance on this internally. I could not find the latest version with Google online. You can get that one with a freedom of information request to them.

https://www.eduskunta.fi/fi/vaski/julka ... -62343.pdf

This not in force version any more says that you must be able to turn the assets quickly into cash during the validity period of your residence permit. "Laskennassa hyväksyttävän omaisuuden tulee olla realisoitavissa tarvittaessa nopeasti, jotta ulkomaalainen ei joudu turvautumaan toimeentulotukeen tai vastaavaan muuhun toimeentuloa turvaavaan etuuteen."
celavi wrote:
Thu Jan 07, 2021 5:05 am
And are real estates regarded as assets for this kind of application?
Only any rental income from them. "Tästä syystä esimerkiksi ulkomailla olevaa kiinteistöä tai muuta kiinteää omaisuutta ei lähtökohtaisesti voida ottaa huomioon. Toimeentulon lähteenä voidaan kuitenkin ottaa huomioon esimerkiksi ulkomailla olevasta kiinteistöstä tai asuinhuoneistosta saatavat jatkuvat vuokratulot, jos niistä esitetään luotettavaa asiakirjaselvitystä."
Thank you for your detailed information. Very helpful, thanks!

celavi
Posts: 5
Joined: Sat Dec 19, 2020 1:00 pm

Re: Are fund investments included in the assets for residence permit application?

Post by celavi » Fri Jan 08, 2021 11:57 am

FinlandGirl wrote:
Thu Jan 07, 2021 1:34 pm

I was confusing something when writing
FinlandGirl wrote:
Thu Jan 07, 2021 11:29 am
If you need assets for living expenses before your business generates sufficient profits, then Migri wants to see cash.
This applies only to the start-up entrepreneur permit, for the normal entrepreneur permit the means of support must be immediately secured from the profits of the business.
Thanks for further notice.
In my financial calculation, I put 3,000 euros in my salary and the net income of business is positive. I don't know if it can answer the ELY's request. :?

FinlandGirl
Posts: 664
Joined: Sat Nov 09, 2019 10:43 am

Re: Are fund investments included in the assets for residence permit application?

Post by FinlandGirl » Sat Jan 09, 2021 8:52 pm

celavi wrote:
Fri Jan 08, 2021 11:57 am
FinlandGirl wrote:
Thu Jan 07, 2021 1:34 pm

I was confusing something when writing
FinlandGirl wrote:
Thu Jan 07, 2021 11:29 am
If you need assets for living expenses before your business generates sufficient profits, then Migri wants to see cash.
This applies only to the start-up entrepreneur permit, for the normal entrepreneur permit the means of support must be immediately secured from the profits of the business.
Thanks for further notice.
In my financial calculation, I put 3,000 euros in my salary and the net income of business is positive. I don't know if it can answer the ELY's request. :?
1000 Euro per month (after taxes and social security) is what Migri defines as sufficient means of support for a single non-student adult.


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