Rp and funds question

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FinlandGirl
Posts: 395
Joined: Sat Nov 09, 2019 10:43 am

Re: Rp and funds question

Post by FinlandGirl » Sun Apr 05, 2020 5:06 pm

Oopsidaisy wrote:
Sun Apr 05, 2020 4:49 pm
FinlandGirl wrote:
Sun Apr 05, 2020 4:33 pm
Oopsidaisy wrote:
Sun Apr 05, 2020 4:10 pm
Who actually keeps that kinda money (~50000) euros in their account anyways!?
Interest rates in the Eurozone have been around 0% for a decade now, the only risk-free way to keep 50k available here is in a normal bank account.
makes sense, so do the banks guarantee this amount? Like, what if the bank goes bust?
in my country it is possible for banks to go bust, and then only a fraction of amount is guaranteed out of one's total savings, if that happens.
In the European Union the governments have to fully guarantee bank deposits up to 100k.
Oopsidaisy wrote:
Sun Apr 05, 2020 4:49 pm
plus there are other attractive avenues to invest which offer like ~15% return, so generally we keep only around 1 year expense in bank account at a time , rest are fixed deposits/funds/stocks...
Here there is no risk-free way to get interest.
Finnish government debt with maturity under 10 years has a negative yield (sic).
15% return sounds like either high-risk (e.g. stocks) or fraudulent, nothing I would want to touch.
That's how things have been more or less for the past decade.
Oopsidaisy wrote:
Sun Apr 05, 2020 4:49 pm
Btw, do you think I need to show funds for the 2nd year tuition fee too, if for 2 year permit- or just paid tuition for 1 year and living for 2 ?
Migri wants tuition fee and living expenses covered for the duration of the residence permit, it would be surprising if they would not ask about the tuition fee for the second year.



Re: Rp and funds question

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Oopsidaisy
Posts: 8
Joined: Sat Apr 04, 2020 2:22 pm

Re: Rp and funds question

Post by Oopsidaisy » Sun Apr 05, 2020 5:24 pm

FinlandGirl wrote:
Sun Apr 05, 2020 5:06 pm
Oopsidaisy wrote:
Sun Apr 05, 2020 4:49 pm
FinlandGirl wrote:
Sun Apr 05, 2020 4:33 pm


Interest rates in the Eurozone have been around 0% for a decade now, the only risk-free way to keep 50k available here is in a normal bank account.
makes sense, so do the banks guarantee this amount? Like, what if the bank goes bust?
in my country it is possible for banks to go bust, and then only a fraction of amount is guaranteed out of one's total savings, if that happens.
In the European Union the governments have to fully guarantee bank deposits up to 100k.
Oopsidaisy wrote:
Sun Apr 05, 2020 4:49 pm
plus there are other attractive avenues to invest which offer like ~15% return, so generally we keep only around 1 year expense in bank account at a time , rest are fixed deposits/funds/stocks...
Here there is no risk-free way to get interest.
Finnish government debt with maturity under 10 years has a negative yield (sic).
15% return sounds like either high-risk (e.g. stocks) or fraudulent, nothing I would want to touch.
That's how things have been more or less for the past decade.
Oopsidaisy wrote:
Sun Apr 05, 2020 4:49 pm
Btw, do you think I need to show funds for the 2nd year tuition fee too, if for 2 year permit- or just paid tuition for 1 year and living for 2 ?
Migri wants tuition fee and living expenses covered for the duration of the residence permit, it would be surprising if they would not ask about the tuition fee for the second year.
aha, yeah that's the catch- of guarantee- that's why most of folks in my country invest beyond savings in bank account.stocks are risky, but with the risk reward framework one can balance those out ( until corona hits of course lol! ) Nevertheless, any investment in stocks/funds need to have a time horizon of atleast 5 -8 years..more for longer risk profiles...so If i get these out now, I haven't given them time enough...

thank you so much for your responses- this has been super helpful!! I guess I'd have to give in and book losses to show the amount..well ...I am looking forward to moving to Finland so well worth it:) thanks again- you've been great!

Oopsidaisy
Posts: 8
Joined: Sat Apr 04, 2020 2:22 pm

Re: Rp and funds question

Post by Oopsidaisy » Tue Apr 07, 2020 5:56 pm

ok so here it is from the horse's mouth if anyone is interested: I asked the embassy directly and they replied:
1) one year funds is ok to show. no problem. RP can be applied 1 year at a time. No need to show 2nd year funds and tuition if wanting permit for 1 year. Will be asked when applying next time for extension.
2) fund should be in savings account. No other collateral accepted. No other proof of funds. Source of funds clearly demonstrated through evidence ( i.e payslips, employment letter , sponsor bank account etc)

Flexderec
Posts: 3
Joined: Fri Nov 29, 2019 5:54 pm

Re: Rp and funds question

Post by Flexderec » Sun Apr 12, 2020 7:37 pm

You could just use the stocks as assets directly.


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