One of the basic requirements for a residence permit in Iceland and Icelandic citizenship is that the applicant can show that he/she has secure means of subsistence.
The subsistence level that the Directorate of Immigration uses as a reference is the financial support criteria of the City of Reykjavík.
As of September 1st 2020 the Directorate will apply the amount decided by the Department of Welfare in Reykjavik in January 2020.
The minimum subsistence amount for an individual, 18 years or older, will then be 207.709 ISK per month and 332.333 ISK for a couple per month. The amounts refer to pre-tax income.