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T.DePas
T.DePas, Attorney
Category: European Law
Satisfied Customers: 456
Experience:  Solicitor - Ph.D. Doctor Europaeus in EU law
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Hello, I am planning to relocate to Finland and have already

Resolved Question:

Hello,
I am planning to relocate to Finland and have already obtained resident's /worker's permit (VISA). My wife just applied and should receive it soon - next few weeks. We plan to become permanent resident's then apply for citizenship in Finland which is expected to take ~3-4 years as we have family connection there - mother is Finnish citizen. Initial resident permit is good for a year, then must be renewed.

Currently, we both have excellent credit in the US - ~820 FICA scores. However, we need to sell a property here in NY, and due to the fact that 95% percent of listings here in our area our short sales, the market is awful, and our house is underwater so to speak. It is likely that we will either need to do short sale or deed in lieu of foreclosure in order to get out of this. We have already have secured an apartment (rental 2 year contract already in place) in Finland. I am setting up bank accounts and personal credit card in Finland now while credit is good.

Question is: how will the negative impact of short sale / deed in lieu in the US (that has not happened yet, but will) affect residency / citizenship application in Finland? Knowing that we are going to rent (probably indefinitely) in Finland and will have established checking/credit card account in Finland now while our credit is good, how might this bad mark on our US credit affect our us in Finland? Knowing that it is likely that we will have regular income, pay taxes to Finland, pay bills on time for Finnish credit accounts over the next few years, will this situation really be a detriment to us? Unfortunately, this is the only bad credit mark we have ever encountered, but due to this disaster of a housing situation in the US, I'm afraid we are about to be affected too. Thanks for your help.
Submitted: 1 year ago.
Category: European Law
Expert:  Fran-mod replied 1 year ago.
Hello,

Thank you for contacting JustAnswer.com.

It was brought to our attention that you asked a legal question about Finland where we do not have active professionals. As much as we would like to assist you, we have to be honest and say that the best we can do is provide a legal Internet researcher who might be able to find your answer. We realize that option is not ideal, and we always want to provide our customers with the best possible answer.

At this time, we'd like to give you the option of leaving your question open. Keep in mind that you're never obligated to accept an answer that you're not satisfied with, and you can try it out before you accept. Or, we can close your question page for you, if you prefer.
Expert:  T.DePas replied 1 year ago.
Dear customer,

Thank you for contacting JustAnswer.

Foreign nationals residence in Finland is subject to the provisions of the Finnish Aliens Act and Aliens Decree as well as the Schengen Agreement.

The VISA you got enables to you reside and work in Finland proved that you are economically independent. To prove this you only need to have a regular income and a health insurance. As far as you have a job and a regular income, your patrimonial situation is not relevant to Finnish authorities.

I hope my answer is helpful to you.

I would be very grateful if you could rate my answer positively and agree for a bonus. Like that I can get paid for my job with the amount you have already deposited.

I remain at your complete disposal should you need any further information.

I look forward to hearing from you.

Best,

Tiziana
Customer: replied 1 year ago.

Dear Tiziana,


 


Thank you. Can you make any comment regarding how credit is then established in Finland? In other words, as I establish a bank account and acquire a credit card in Finland and stay in good standing with on- time payments, etc, is credit built upon this history starting when I arrive? I presume that if I ever sought to obtain a loan to purchase a house, a bank or creditor in Finland would likely want to use my US social security # XXXXX order to verify my credit history a bit further in the past. I understand that Experian credit rating is used in Finland. If I understand your answer, it sounds as if the mortgage default in the US will not impact me at all in Finland especially if I do not plan to buy a home right away in Finland. Is this correct?

Expert:  T.DePas replied 1 year ago.
Dear customer,

Thank you for following up.

As for the first part of your question, it is up to the Bank where you apply for the loan to agree to it or not. Of course, Banks have the power to verify your credit history and use the Experian credit rating.

Nonetheless, as far as you can have economical resources to rely on you will not be disabled to reside in Finland. As far as you are economically independent, your economical situation would not affect your residence permit.

I hope that this clarifies your doubts.

I would be very grateful if you could rate my answer positively and agree for a bonus. Like that I can get paid for my job with the amount you have already deposited.

I remain at your complete disposal should you need any further information.

Best,

Tiziana
T.DePas, Attorney
Category: European Law
Satisfied Customers: 456
Experience: Solicitor - Ph.D. Doctor Europaeus in EU law
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