You may not have to fulfill requirements about sufficient funds if you are:
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younger than 18 with a parent or guardian residing in Iceland
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a student between 18 and 20 living with a parent/guardian (only 108.898 ISK per month needed)
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a marital spouse; one spouse has to demonstrate sufficient funds for both
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a parent, grandparent or great-grandparent 67 years or older dependent on their child(ren) in Iceland