Cash savings question
Nov 8th 2014, 3:26 pm
#1
Forum Regular
Thread Starter
Joined: Jul 2011
Posts: 268
Cash savings question
Hi.
So myself (Brit), spouse and child (US) are planning to move to the UK.
Supposing we can scrape together the cash savings (72,000) and have established its been in our account for 6 months of more. We use this as our sole financial resource for sponsoring my wife and child.
Questions:
1. Am I right that this is for the initial 5 years. What happens after these initial 5 years? Do we need to provide additional financial proof again top get another 5 year extension (permanent extension leading to citizenship).
2. Do we need to maintain 72,000 the entire 5 years or can we dip into it for living expenses etc? If so, how much per year.
3. If we later used that cash fund to finance buying a house, would the equity count towards proof of financial responsibility or is it better to keep it as cash?
I have read a lot but still find it all a little confusing
Thanks.
So myself (Brit), spouse and child (US) are planning to move to the UK.
Supposing we can scrape together the cash savings (72,000) and have established its been in our account for 6 months of more. We use this as our sole financial resource for sponsoring my wife and child.
Questions:
1. Am I right that this is for the initial 5 years. What happens after these initial 5 years? Do we need to provide additional financial proof again top get another 5 year extension (permanent extension leading to citizenship).
2. Do we need to maintain 72,000 the entire 5 years or can we dip into it for living expenses etc? If so, how much per year.
3. If we later used that cash fund to finance buying a house, would the equity count towards proof of financial responsibility or is it better to keep it as cash?
I have read a lot but still find it all a little confusing
Thanks.
Nov 8th 2014, 4:03 pm
#2
BE Enthusiast
Joined: Sep 2013
Posts: 360
Re: Cash savings question
Hi.
So myself (Brit), spouse and child (US) are planning to move to the UK.
Supposing we can scrape together the cash savings (72,000) and have established its been in our account for 6 months of more. We use this as our sole financial resource for sponsoring my wife and child.
Questions:
1. Am I right that this is for the initial 5 years. What happens after these initial 5 years? Do we need to provide additional financial proof again top get another 5 year extension (permanent extension leading to citizenship).
2. Do we need to maintain 72,000 the entire 5 years or can we dip into it for living expenses etc? If so, how much per year.
3. If we later used that cash fund to finance buying a house, would the equity count towards proof of financial responsibility or is it better to keep it as cash?
I have read a lot but still find it all a little confusing
Thanks.
So myself (Brit), spouse and child (US) are planning to move to the UK.
Supposing we can scrape together the cash savings (72,000) and have established its been in our account for 6 months of more. We use this as our sole financial resource for sponsoring my wife and child.
Questions:
1. Am I right that this is for the initial 5 years. What happens after these initial 5 years? Do we need to provide additional financial proof again top get another 5 year extension (permanent extension leading to citizenship).
2. Do we need to maintain 72,000 the entire 5 years or can we dip into it for living expenses etc? If so, how much per year.
3. If we later used that cash fund to finance buying a house, would the equity count towards proof of financial responsibility or is it better to keep it as cash?
I have read a lot but still find it all a little confusing
Thanks.
Nov 8th 2014, 5:21 pm
#4
BE Forum Addict
Joined: Jul 2012
Posts: 1,221
Re: Cash savings question
At the time of your extension to remain (FLR(M) in two and a half years time you would need to show either the same amount in savings or that your salary (or combined salary) is £18,600 ( plus the required amount to include your child) per annum and has been for the past six months. At the end of a further two and a half years I think the amount is a bit less but not too sure how much is required at that time. You can use your savings but for the six months preceding the application for FLR(M) you must show the required amount untouched and immediately accessible. Of course if you get jobs that meet the required amount in salary, you could spend ALL your savings!
Nov 8th 2014, 8:45 pm
#5
Forum Regular
Thread Starter
Joined: Jul 2011
Posts: 268
Re: Cash savings question
At the time of your extension to remain (FLR(M) in two and a half years time you would need to show either the same amount in savings or that your salary (or combined salary) is £18,600 ( plus the required amount to include your child) per annum and has been for the past six months. At the end of a further two and a half years I think the amount is a bit less but not too sure how much is required at that time. You can use your savings but for the six months preceding the application for FLR(M) you must show the required amount untouched and immediately accessible. Of course if you get jobs that meet the required amount in salary, you could spend ALL your savings!
Thank you. Pension and a small job for my spouse should just about cover it then.
Providing all the boxes are ticked, how far along this process could she apply for citizenship?
Nov 8th 2014, 9:02 pm
#6
BE Forum Addict
Joined: Jul 2012
Posts: 1,221
Re: Cash savings question
After she has resided in the UK for five years and has ILR, she can then apply for citizenship.
