Belgium has published the exact financial threshold that foreign students must meet to secure a study visa, requiring a deposit of €12,744 into a blocked bank account, according to the Belgian government's official website.
The amount is calculated as twelve times the minimum monthly sum a student must have available during their stay, which is set at €1,062. The Belgian government stated: "the deposit of a sum of money equivalent to twelve times the minimum monthly amount a student is required to have (12 X 1.062 euros), into an account opened in the student's name by a financial services company specializing in the opening of blocked bank accounts intended to justify financial resources as part of a study application."
How the Blocked Account System Works
The blocked account must be opened in the student's name through a financial services company that specialises in managing funds for study visa applications. This mechanism is used by Belgium to verify that incoming students have sufficient resources to support themselves throughout their studies without relying on public funds.
Rather than simply presenting a bank statement, the student must transfer the specified sum into a dedicated account held by an authorised financial institution, with the funds reserved specifically for this purpose. Based on the formula, the total deposit amounts to €12,744, which is approximately N19,925,244 at current exchange rates.
Comparison with Other European Countries
This kind of financial requirement is common across European countries for student visa applications. Belgium's approach mirrors similar systems in Germany and the Netherlands, where international students must demonstrate access to a set amount before their visa is approved.
For students from Germany and other African countries considering Belgium as a study destination, the requirement translates to having more than €12,000, roughly equivalent to over 20 million naira, set aside exclusively for their visa application.
Germany's Financial Requirement
In a related development, Germany has also revealed the amount foreign students must show as proof of funds before their higher education visa can be approved. The German government requires applicants to demonstrate at least €1,091 per month for living expenses, either through a blocked bank account or a declaration of commitment from a sponsor.
These financial requirements are designed to ensure that international students can support themselves during their studies, and they are a standard part of the visa application process in many European nations.
