The UK Home Office has announced an increase in the proof-of-funds requirement for student visa applicants. Starting January 2, 2025, international students will need to demonstrate a monthly financial capacity of £1,483 (approximately ₦3 million) for their stay in London.

This policy adjustment addresses inflation and the rising cost of living, according to the Home Office. Students studying outside London will see their maintenance requirement rise from £1,023 to £1,136 (approximately ₦2.4 million) per month.

New Rules for Financial Eligibility

International students must provide evidence of sufficient funds to cover living expenses throughout their study period. The UK government noted that these updates aim to align the financial requirements for international and domestic students, ensuring self-sufficiency during their studies.

Acceptable sources of proof of funds include:

• Personal savings
• Family sponsorship
• Scholarships
• Educational loans

Implications for Nigerian Students

The increase in proof-of-funds requirements is expected to impact Nigerian students significantly. With the Naira’s ongoing depreciation against the Pound, many families may find it difficult to meet the financial demands. In the 2022/2023 academic year, Nigerian students comprised 6.5% of the UK’s international student population, totaling 53,790 students.

Experts suggest that this policy change could reduce the number of Nigerians pursuing education in the UK. It highlights the need for robust financial planning and support systems to maintain access to global education opportunities amid economic challenges.

The adjustments emphasize the importance of financial preparedness for prospective international students.

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Ending the scheme would help make access to affordable housing “a right instead of a speculative business”, Sanchez said.

The programme awards non-EU citizens investing at least 500,000 euros ($541,250) – without taking out a mortgage – in Spanish real estate a special permit, allowing them to live and work in the country for three years.

“Today, 94 out of every 100 such visas are linked to real estate investment…in major cities that are facing a highly stressed market and where it’s almost impossible to find decent housing for those who already live, work and pay their taxes there,” Sanchez said.

He added that the government would launch the process to eliminate the scheme at Tuesday’s weekly cabinet meeting after studying a report submitted by the Housing Ministry.

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From the start of the golden visa scheme in 2013 until November 2022, Spain issued almost 5,000 permits, government figures show.

Chinese investors top the list followed by Russians who invested more than 3.4 billion euros, according to a 2023 Transparency International report that questioned whether authorities investigated the origin of the funds.

The measure is unlikely to affect the property market since less than 0.1% of 4.5 million homes sold during that period were purchased under the scheme, according to property website Idealista.

Spain’s housing problem was not caused by the golden visa scheme, but rather by a lack of supply and a spike in demand, said Idealista spokesperson Francisco Inareta.

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“The measure announced today, which focuses on international buyers rather than encouraging new homes to come onto the market, is yet another misdiagnosis,” Inareta said.

Neighbouring Portugal has recently revamped its own “golden visa” scheme and excluded real estate investment to tackle a housing crisis. Foreigners who want to secure residency rights can still put their money into investment funds.

The European Commission has long called for an end to such programmes, citing security risks.

($1 = 0.9238 euros)

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