FLR Cash Savings

Old Mar 10th 2021, 8:07 pm
  #1  
Forum Regular
Thread Starter
 
Joined: May 2020
Posts: 98
Brightongirl is an unknown quantity at this point
Default FLR Cash Savings

1/ When applying for FLR, and you own a house valued at 250K GBP outright, can any of that count towards the 62,500 "savings?" I think the answer is NO but just wanted to check!
2/ When applying for FLR, and you have a US IRA account valued at $150K, can that count towards the 62,500 "savings?" I hope the answer is yes to this one!

Thanks guys!
Brightongirl is offline  
Old Mar 10th 2021, 8:16 pm
  #2  
Forum Regular
Thread Starter
 
Joined: May 2020
Posts: 98
Brightongirl is an unknown quantity at this point
Default Re: FLR Cash Savings

Oh, regarding question 2, does the US IRA account need to be in the applicant or UK citizen's name or either?
Brightongirl is offline  
Old Mar 10th 2021, 11:59 pm
  #3  
Lost in BE Cyberspace
 
Joined: May 2010
Location: San Diego, California
Posts: 8,283
SanDiegogirl has a reputation beyond reputeSanDiegogirl has a reputation beyond reputeSanDiegogirl has a reputation beyond reputeSanDiegogirl has a reputation beyond reputeSanDiegogirl has a reputation beyond reputeSanDiegogirl has a reputation beyond reputeSanDiegogirl has a reputation beyond reputeSanDiegogirl has a reputation beyond reputeSanDiegogirl has a reputation beyond reputeSanDiegogirl has a reputation beyond reputeSanDiegogirl has a reputation beyond repute
Default Re: FLR Cash Savings

1. NO...
2. In Appendix FM-SE one of the first general provisions is:
  1. (e) Savings must be held in cash.
  2. (11c) Funds held as cash savings by the applicant, their partner or both jointly at the date of application can have been transferred from investments, stocks, shares, bonds or trust funds within the period of 6 months prior to the date of application
The question as what is 'cash' comes up often when it relates to such things as IRA/SIPPS/Investment accounts, etc
The authorities are looking for 'cash' in terms of instant availability for the sponsor and applicant to be able to support themselves when arriving in the UK.
If your IRA is in cash form ie not stocks, shares, bonds etc then I should think it is safe to say it would qualify, If not, one would need to cash it out.

Read Paragraph 11 of the following website for more info:

https://www.gov.uk/guidance/immigrat...ified-evidence

The savings can be in the name of sponsor, applicant or both

Why are you asking about FLR? The financial requirements are required for the initial visa also (leave to enter) AND then again at FLR (Further leave to remain)
SanDiegogirl is online now  
Old Mar 11th 2021, 6:38 am
  #4  
Forum Regular
Thread Starter
 
Joined: May 2020
Posts: 98
Brightongirl is an unknown quantity at this point
Default Re: FLR Cash Savings

Originally Posted by SanDiegogirl View Post
1. NO...
2. In Appendix FM-SE one of the first general provisions is:
  1. (e) Savings must be held in cash.
  2. (11c) Funds held as cash savings by the applicant, their partner or both jointly at the date of application can have been transferred from investments, stocks, shares, bonds or trust funds within the period of 6 months prior to the date of application
The question as what is 'cash' comes up often when it relates to such things as IRA/SIPPS/Investment accounts, etc
The authorities are looking for 'cash' in terms of instant availability for the sponsor and applicant to be able to support themselves when arriving in the UK.
If your IRA is in cash form ie not stocks, shares, bonds etc then I should think it is safe to say it would qualify, If not, one would need to cash it out.

Read Paragraph 11 of the following website for more info:

https://www.gov.uk/guidance/immigrat...ified-evidence

The savings can be in the name of sponsor, applicant or both

Why are you asking about FLR? The financial requirements are required for the initial visa also (leave to enter) AND then again at FLR (Further leave to remain)
Thanks SanDIegogirl. Having enough savings isn't an issue for the initial visa. After we've moved to the UK, however, property is much more expensive to purchase (in Brighton area anyway) than the sale of our Florida house and I want to be sure we'll have enough "savings" leftover for the FLR. The IRA is in stocks/share so it looks like that won't count either. Thanks for the link; I'll read that over.
Brightongirl is offline  
Old Mar 11th 2021, 1:30 pm
  #5  
Forum Regular
Thread Starter
 
Joined: May 2020
Posts: 98
Brightongirl is an unknown quantity at this point
Default Re: FLR Cash Savings

After reading the following:

"11A. In respect of cash savings:
  1. (a) The savings may be held in any form of bank/savings account (whether a current, deposit or investment account, provided by a financial institution regulated by the appropriate regulatory body for the country in which that institution is operating), provided that the account allows the savings to be accessed immediately (with or without a penalty for withdrawing funds without notice). This can include savings held in a pension savings account which can be immediately withdrawn."
.... does this imply an IRA would qualify since it's an investment account, as long as we can access the funds immediately?
Brightongirl is offline  
Old Mar 11th 2021, 2:33 pm
  #6  
Lost in BE Cyberspace
 
Joined: May 2010
Location: San Diego, California
Posts: 8,283
SanDiegogirl has a reputation beyond reputeSanDiegogirl has a reputation beyond reputeSanDiegogirl has a reputation beyond reputeSanDiegogirl has a reputation beyond reputeSanDiegogirl has a reputation beyond reputeSanDiegogirl has a reputation beyond reputeSanDiegogirl has a reputation beyond reputeSanDiegogirl has a reputation beyond reputeSanDiegogirl has a reputation beyond reputeSanDiegogirl has a reputation beyond reputeSanDiegogirl has a reputation beyond repute
Default Re: FLR Cash Savings

..... that's what I understand. How' immediate' one can withdraw from an IRA might be debatable.
SanDiegogirl is online now  

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Contact Us - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service - Do Not Sell My Personal Information -

Copyright © 2021 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.