My wifes FLR application is still 2 years away, our savings are in a vanguard stocks and share ISA and invested in global funds. To use these funds as our cash savings do we need to sell the shares and be holding only cash?
It's no trouble to sell the shares but holding cash for 7 months prior to application will cost us around £3000 in dividends alone?
All stocks and shares in my account can be sold and the money withdrawn into my bank account the same day, so it is readily available
I think I should call an immigration lawyer - because it's as clear as mud to me
Yes, according to Appendix FM1.7, you can use a Stocks and Shares ISA to satisfy the financial requirement using the cash savings route as long as that ISA satisfies all 10 conditions set out in the table in para 7.4.3 on pages 52 and 53:
"7.4.3. The following table illustrates all the requirements that must be met:
Summary of all the requirements that must be met for funds to be considered as cash savings held in a current, deposit or investment account
1 The bank/savings account is a current, deposit or investment account
2 The account is held is a financial institution regulated by the appropriate regulatory body for the country in which that institution is operating
3 The financial institution is not on the list of excluded institutions under the Immigration Rules
4 Regular bank statements are provided
5 The statements cover the necessary time period required in the Immigration Rules
6 The savings are held in cash (or their cash value is clear)
7 The savings can be immediately withdrawn (with or without penalty)
8 The funds are under the control of the person and/or their partner for the necessary time period required in the Immigration Rules
9 The source of the funds is legal
10 The source of the funds has been declared
7.4.4. For example, 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."
Hope this helps.
thank's Tom, it's a relief we don't have to cash out our investments every 30 months