Thailand-UK ประเทศไทย-สหราชอาณาจักร

Forums ฟอรั่มส์

Thanks Thanks:  4
Likes Likes:  0
Dislikes Dislikes:  0
Results 1 to 6 of 6
  1. #1
    Member สมาชิก
    Join Date
    26 Feb 2013
    Posts
    155

    Default Calculating the Financial Requirement for Settlement Visa

    Hi all. Just a simple question to check my dodgy arithmetic when working out the Savings route to getting a Spouse Visa. Here are my sums, which i would appreciate some checking by those of you with a numerical flair -

    Annual Income Required : £18,600
    Current State Pension : £ 6,370
    SHORTFALL : £12,230.

    £12,230 x 2.5 Years = £30,575
    PLUS the Disregarded first £16,000 of savings = £46,575 required at the time of application.

    (Savings to have been held for at least 12 months before applying, under full control of sponsor and in an accessible form - i.e. can be 'cashed in' - which includes pretty much everything except property as far as i know.)

    Does this look correct please ?

  2. #2
    Member สมาชิก
    Join Date
    3 Sep 2011
    Location
    Surrey
    Posts
    139

    Default

    Your sums are spot on. However be very careful as the things they accept as cash savings are not entirely just things that can be cashed in. Generally if the savings are not instantly convertible to cash they will not be accepted. So if it will take a few days to receive the cash that is not good enough.

  3. #3
    Member สมาชิก
    Join Date
    26 Feb 2013
    Posts
    155

    Default

    Hi Tony & Lek - thanks for the reply and the reassurance; but i think your comment about the cash availability is not correct. I have an email from UKBA confirming that things like Premium Bonds and other savings products like Fixed Rate Bonds with building societies are perfectly acceptable. The only types of assets that can't count are objects like antiques, jewelry, even a house etc, which cannot be guaranteed to produce X amount of cash in a short time-frame. So your last sentence is not accurate as far as i know. (I only mention it to keep it accurate for others who might read this - i'm not in any doubt that Bonds which take a week or so to cash in are eligible.)

  4. #4
    Premium Member Tom & Nok's Avatar
    Join Date
    27 Jul 2014
    Location
    London
    Posts
    830

    Default

    Hi SingerSongwriter

    Just to join this thread and give a bit more info about combining your pension income and savings to meet the financial requirement:

    The guidance you need to follow is Annex FM1.7 of the Immigration Directorate Instructions Appendix FM of the Immigration Rules for Family Members. It's worth having a look through this helpful document. The most up-to-date edition is November 2014 and you can download it here:

    https://www.gov.uk/government/upload...equirement.pdf

    Your sums are indeed fine (see examples in the table and calculations on page 47).

    Regarding using savings to part meet the financial requirement, have a look through Section 7.1 which begins on page 45 of Annex FM1.7:

    Key points include:

    - Your savings need to have been held and under your and/or your spouse's control for at least 6 months [not 12 months] prior to your date of application (para 7.1.1);
    - The savings must be in a personal account in your and or/your spouse's name (para 7.4.1);
    - The savings must be from any legal source but the source must be declared (para 7.4.1);

    You are absolutely right about there being a degree of flexibility in the type of savings products which UKVI can accept, and this includes Premium Bonds and certain investment accounts and ISAs.

    - Investment accounts are eligible to be counted as savings as long as they meet all of the 11 requirements in the table on page 50:

    1. The account is held within a bank or building society
    2. The bank/building society is a financial institution regulated by the appropriate regulatory body for the country in which that institution is operating
    3. The bank/building society is not on the list of excluded institutions under the Immigration Rules
    4. The account is a current account or a savings account
    5. Regular bank statements are provided
    6. The statements cover the necessary time period required in the Immigration Rules
    7. The savings are held in cash (or their cash value is clear)
    8. The savings can be immediately withdrawn (with or without penalty)
    9. The funds are under the control of the person and/or their partner for the necessary time period required in the Immigration Rules
    10. The source of the funds is legal
    11. The source of the funds has been declared

    "... in the UK a ‘stocks and shares’ Individual Savings Account (ISA) does meet the definition of a savings account and the funds can be considered as cash savings if all the requirements above are met." (para 7.4.4).

    The key is that the savings product can be cashed in immediately (with or without penalty) as opposed to being locked-up in, for example, some form of inaccessible and inflexible fixed term bond with a future maturity date.

    Hope that this helps reassure.

    Good luck with your settlement visa application!

  5. #5
    Member สมาชิก
    Join Date
    26 Feb 2013
    Posts
    155

    Default

    Thanks Tom & Nok - yes, as i read it, it's basically about 'Liquidity', and really there aren't that many kinds of standard investments that are excluded. It's common sense i guess that property (until it is sold!), valuables such as jewelry and antiques for example while they might be worth a small fortune are not allowable because they are as the saying goes 'only worth what someone's prepared to pay for them' and that's obviously not definite enough for the UKBA. Interesting that as it mentions 'with or without penalty' that would cover most if not all fixed-term Bonds because although they are not designed to be withdrawn early it's normally possible if one is ready to pay a penalty of 90 days lost interest or something of that order. Of the 11 rules that must be met, funnily enough Premium Bonds do not meet them on many counts, but they still count on the important ones - fixed value and readily accessible - oh and held in a reputable institution - i hope ! I think people need to be VERY aware of Rule 11 : 'The source of the funds has been declared' - it would be easy in all the focusing on the amount and the nature of the funds to forget to show conclusively how one came by them in the first place. This needs solid documentary evidence - in my case the original solicitor's letter + copy of the relevant cheque + entry in my current account, showing the proceeds from a house-sale back in 2005 - a long time back so easy to overlook. I imagine that failing to include that would allow an ECO to say No, your evidence was incomplete. Just a heads-up to people on that No.11 rule.

    Thanks !

  6. #6
    Member สมาชิก
    Join Date
    3 Sep 2011
    Location
    Surrey
    Posts
    139

    Default

    I obviously do not know what form your savings are in but I meant you should be aware of the following rule which may or may not apply to you but could apply to other forum members:

    11A. In respect of cashsavings:

    (a) The savings may be held inany form of bank/savings account (whether a deposit or investment account),provided that the account allows the savings to be accessed immediately (withor without a penalty for withdrawing funds without notice). This can includesavings held in a pension savings account which can be immediately withdrawn.

    (b) Paid outcompetition winnings or a legacy which has been paid can contribute to cashsavings.
    (c) Funds held as cash savingsby the applicant, their partner or both jointly at the date of application canhave been transferred from investments, stocks, shares, bonds or trust fundswithin the period of 6 months prior to the date of application, provided that:

    (i)The funds havebeen in the ownership and under the control of the applicant, their partner orboth jointly for at least the period of 6 months prior to the date ofapplication.

    (ii)The ownership ofthe funds in the form of investments, stocks, shares, bonds or trust funds; thecash value of the funds in that form at or before the beginning of the periodof 6 months prior to the date of application; and the transfer of the fundsinto cash, are evidenced by a portfolio report or other relevant documentationfrom a financial institution regulated by the appropriate regulatory body forthe country in which that institution is operating.

    (iii)The requirementsof this Appendix in respect of the cash savings held at the date of applicationare met, except that the period of 6 months prior to the date of application inparagraph 11(a) will be reduced by the amount of that period in which therelevant funds were held in the form of investments, stocks, shares, bonds ortrust funds.


    (iv) For the purposes ofsub-paragraph 11A(c), “investments” includes funds held in an investmentaccount which does not meet the requirements of paragraphs 11 and 11A(a).


Similar Threads

  1. Visa - Financial Requirement
    By David in forum UK Visas
    Replies: 8
    Last Post: 27th Apr 2014, 17:53
  2. Replies: 23
    Last Post: 11th Feb 2014, 11:04
  3. Financial Requirement in Question
    By pwpaul.mr in forum UK Visas
    Replies: 0
    Last Post: 6th Jul 2013, 16:17
  4. Help with financial requirement for a child settlement visa
    By Clive Handley in forum Website / Forum Issues / The Starting Post
    Replies: 4
    Last Post: 18th Sep 2012, 18:08
  5. That 800,000 bht. [retirement visa financial requirement]
    By canuck1941 in forum Migration / Emigration / Living in LOS
    Replies: 5
    Last Post: 10th Apr 2012, 10:49

Tags for this Thread

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •