How do I get home from here?

Old Jul 6th 2018, 7:46 pm
  #1  
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Default How do I get home from here?

Just read 2015 post on settlement visa requirements. Is there anybody out there with some more recent experience.

We are a family, 3 British Citizens & 1 US.

I have the required income in a 401k and enough cash to float us whilst I pivot, we are a single income family so don't need work privileges immediately for my wife.

Does 401k cash count towards the total savings required?

Reading the website It sounds as if I would have to.

1. Close up my apartment
2. Drop the fam off with family here in US so that I could come over and secure a job
3. Then apply for my wife's settlement

OR
​​​​Land a job from the US and then use the offer letter in the application process.

Has anybody been able to show 401k funds as sufficient proof that they can support, allowing the option to come home at the same time as their family recently?

Or any other strategy that achieved the same result?

Thanks
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Old Jul 6th 2018, 8:19 pm
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Default Re: How do I get home from here?

Lots of posts on this forum dealing with settlement visas which cover 2015 to 2018 also.

If you only have to sponsor your wife and you are going the savings route, you need 62,500 GBP in a readily available account to qualify. If using your 401K you'll need to cash it out.

You do not need to acquire a job either in the UK or USA if you qualify under the savings route. With the savings route you can apply for the settlement while still in the US and travel to UK together.

Read the following document carefully to see how you qualify:

https://assets.publishing.service.go...ment_Final.pdf
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Old Jul 8th 2018, 2:11 pm
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Default Re: How do I get home from here?

Thank You.

This type of process is really quite brutal in terms of the need to process the logic during the 40 minutes at the end of the day that I have to myself. It looks like I have narrowly avoided sabotaging my own options by trying to prepare myself to be flexible to make a move job wise.

I really need to draw out a flow diagram to discard all the logic that does not apply in my circumstances whilst being sure that I am not missing a critical detail.

It looks to me that section 7.4.4 suggests that although the funds cannot be in shares that they do not need to be removed from the current tax wrapper which would cost $40,000 in fees or 25,000gbp. The funds just need to have an obvious cash value and be immediately accessible if the need arises. Hopefully, a Fidelity account qualifies in this case.

Can you apply for the settlement visa from abroad and then have a partner travel to be with you on a visitor visa whilst it is being figured out or is the process designed to hold people in place for 6 months?

If the former is acceptable then I would be able to submit my financials move on with our lives and then get a job started, which would enable me to apply again with the correct salary information six months later from the UK should that be necessary as a second application fee would be cheaper than breaking $100,000 out of a tax wrapper. The only issue would be taking the children who are British Citizens out of school to send them back to the US with their mother whilst she sits in waiting for an opportunity to come back.

I better get back to reading the forum, I am sure it's just a matter of clicking on the right post.

Thanks again
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Old Jul 8th 2018, 3:26 pm
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Default Re: How do I get home from here?

You cannot apply from abroad and then your wife enters the UK as visitor to wait out the process - the applicant will NOT have a passport to do so as their passport will have been supplied with the application.

The family CAN enter the UK before the application is sent in (the US wife enters as a visitor - make sure to have proof that she will leave for the US to make the application) and when the sponsor has worked the necessary number of months in order to make the application, the US wife returns to the US to apply.

You need to check carefully that your 401K qualifies as a cash investment.
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Old Jul 9th 2018, 2:49 am
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Default Re: How do I get home from here?

Thanks Again.

I noticed that you had posted replies with similar warnings back in 2015 and with 5756 posts you seem pretty invested in helping people.

How would you recommend somebody checks carefully into this? I have now spent 6 hours today and 8 hours last week reading searching and trying to get clarity but none of the use cases cover this example.
Section 6 of the requirements is further misleading in that in brackets it also clearly includes the statement (or their cash value is clear)

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. Likewise, a pension savings account from which savings can be immediately withdrawn.

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
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Old Jul 9th 2018, 5:51 pm
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Default Re: How do I get home from here?

Personally, I have always regarded the statement Savings must be held in cash as the most important point when considering applying using only savings.

In addition those conditions from 7.4.4. must also be met.

Using savings alone implies that those savings are going to be used to support the sponsor and immigrant when in the UK i.e ongoing accommodation, day to day living expenses, utilities, transport etc and that those savings are immediately available to be used.

If you intend to use the monies from your 401K you will at some point need to pay the tax liable on it when you withdraw the cash, so that is a given cost if using the 401K.

However, if you can comply with the conditions as per 7.4.4, have a clear cash value and be able to withdraw monies immediately, without removing your 401K from its tax wrapper then do so.
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Old Jul 9th 2018, 10:21 pm
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Default Re: How do I get home from here?

I see your point I really hadn't thought that this could actually be a practical set of requirements. It reads to me like a policy that aims to slow people down long enough that they might change their minds.

​​​​​​I am just trying to meet the requirements. I hadn't considered that anybody would actually be sitting on 62,500 in uninvested cash to live off.

I have other cash, enough for setting up and supporting the family, it's just not been sitting in an account for 6 months and it's not enough for the requirements. I also meet the income requirements here in the US. I just don't have a job offer yet in the UK.

I thought the cash was just an insurance policy to show that I would not be burdening the system if I ran into an unexpected problems.

​​​​​​I paid to ask this question also they just sent me the same link to the docs. You have helped me a lot more during a very confusing time.

Maybe I should be posting a request asking if anybody needs an IT Business Analyst / PM instead.

Thanks for all you replies. We will take our chances now. Hopefully we are some of the lucky ones that make it home. It is after all part of out culture to go off on adventures and then return.

If we make it, I will be taking the family for Sunday lunch in Brighton and then donuts on the pier.

Cheers
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Old Jul 9th 2018, 10:32 pm
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Default Re: How do I get home from here?

Originally Posted by RichNewYork_shire View Post
I see your point I really hadn't thought that this could actually be a practical set of requirements. It reads to me like a policy that aims to slow people down long enough that they might change their minds.

​​​​​​I am just trying to meet the requirements. I hadn't considered that anybody would actually be sitting on 62,500 in uninvested cash to live off.

I have other cash, enough for setting up and supporting the family, it's just not been sitting in an account for 6 months and it's not enough for the requirements. I also meet the income requirements here in the US. I just don't have a job offer yet in the UK.

I thought the cash was just an insurance policy to show that I would not be burdening the system if I ran into an unexpected problems.

​​​​​​I paid to ask this question also they just sent me the same link to the docs. You have helped me a lot more during a very confusing time.

Maybe I should be posting a request asking if anybody needs an IT Business Analyst / PM instead.

Thanks for all you replies. We will take our chances now. Hopefully we are some of the lucky ones that make it home. It is after all part of out culture to go off on adventures and then return.

If we make it, I will be taking the family for Sunday lunch in Brighton and then donuts on the pier.

Cheers
Crossing your fingers and hoping for the best is not a workable solution. If you don't meet the financial requirements then your wife's application will be refused, simple as that.

Do you own your apartment in the US? Are you planning on selling it? If so then you can use the proceeds to meet the savings requirements without the six month wait providing you have owned it for at least six months prior to its sale.
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Old Jul 9th 2018, 10:41 pm
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Default Re: How do I get home from here?

Originally Posted by RichNewYork_shire View Post
I

​​​​​​I am just trying to meet the requirements. I hadn't considered that anybody would actually be sitting on 62,500 in uninvested cash to live off.

s

Many people on this forum have cashed out investments, sold property and cashed out insurance policies to obtain the necessary savings and have held it for 6 months prior to application. Others have been lucky enough to have been gifted monies from family.
As BIP says, if you own a main residence and are intending to sell that prior to moving to the UK, then any equity once gained, can be used immediately as part of the application. No waiting for 6 months, as long as you owned the said property for over 6 months before selling.
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Old Jul 10th 2018, 12:54 am
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Default Re: How do I get home from here?

Thanks, BritInParis,

Sorry I may have worded that last response poorly. You helped me before and were correct. SanDiegogirl is also being very helpful but I cannot discern whether she feels that my wanting to use the 401k for the application is not in keeping with the DM acceptance process or if she just doesn't think its appropriate that somebody would want to do that. If you look at the wording below, it suggests that I should be able to do that without any issues as long as I can get my hands on it when I need to.

This thread was really about whether I could use my 401k plan as cash without removing it from its fund wrapper and whether it has to be cashed out. I don't own my apartment I live in a community building.

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. Likewise, a pension savings account from which savings can be immediately withdrawn.
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
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Old Jul 10th 2018, 1:31 am
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Default Re: How do I get home from here?

Originally Posted by RichNewYork_shire View Post
Thanks, BritInParis,

Sorry I may have worded that last response poorly. You helped me before and were correct. SanDiegogirl is also being very helpful but I cannot discern whether she feels that my wanting to use the 401k for the application is not in keeping with the DM acceptance process or if she just doesn't think its appropriate that somebody would want to do that. If you look at the wording below, it suggests that I should be able to do that without any issues as long as I can get my hands on it when I need to.

This thread was really about whether I could use my 401k plan as cash without removing it from its fund wrapper and whether it has to be cashed out. I don't own my apartment I live in a community building.

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. Likewise, a pension savings account from which savings can be immediately withdrawn.
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
I suspect this is the most relevant part. If you can't then you'll need to cash it out to use it as savings. Alternatively you'll need a job offer in the UK whilst you're still in the US or you'll need to return to the UK alone, find work and then your wife can apply for her visa six months later.
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