Planning a trip to Iceland? Better check your tax returns before packing your bags.
The country will grant entry only if they feel you can help stimulate their tourism economy.
The coronavirus pandemic has caused a nearly 80% plunge in its tourism industry. Now, after putting $12 million improvements into its roads and future tourist sites, the Nordic island country is looking to recoup its losses.
Iceland has expanded its long-term visa program to allow citizens, including Americans, to stay up to six months as part of the Work in Iceland program. But it's not open to all, stipulating that to be granted an extended stay, one must meet and provide proof of "income requirements."
How much? One million Icelandic krona monthly which equates to about $88,000 per year according to Bloomberg.
Former parliament member Asta Gudrun Helgadottir says the hope is to attract high-earning professionals to spend their money at the European country's Airbnbs, restaurants and weekend tourist trips.