sarahhk

As I am planning to apply UK spouse visa can anyone let me know if I can show my MPF(Provident Fund) to meet financial requirement through savings route .Thanks in advance

SanDiegogirl

If this is some kind of savings fund for pension purposes then no, not unless you cash it out.

HKG3

Are you talking about the Mandatory Provident Fund from Hong Kong?

Please read from section 7.4.1. (page 50) of the link below for more information -

https://assets.publishing.service.go...ment_Final.pdf

Benson55

has to be a financial instrument which can be cashed out fast like stocks and shares.
The government web site does list the items which can be used for this purpose.

sarahhk

Its a provident fund which can only be cash out if i leave HK.

sarahhk

[QUOTE=HKG3;12512884]Are you talking about the Mandatory Provident Fund from Hong Kong?

Please read from section 7.4.1. (page 50) of the link below for more information -

/QUOTE]

Yes but there is a following statement as well which makes it confusing


11A. In respect of cash savings:

(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 This can include savings held in a pension savings account which can be immediately withdrawn.

sarahhk

This can only be cash out only after i leave HK permanently

az2014

That answers your own question then.

sarahhk

Sorry i didn't get It !! Did you mean i can show my provident fund to fulfill financial requirement through savings route ???

SanDiegogirl

Can you immediately withdraw the money in this account? ie. you get to the UK and you need to use monies from this account to pay for deposits. rent, living expenses?

HKG3

As you cannot withdraw your MPF investment 'immediately' as per point 7 of section 7.4.3., then it appears that your MPF investment cannot be use towards meeting the UK spouse visa financial requirement.

SanDiegogirl

This fund is a fund which HK residents are mandated to pay into from their payroll as part of building up retirement funds. One of the few reasons for early withdrawal of these funds is showing proof to the fund authorities that one has permission to live elsewhere in the world and either will be moving permanently from HK or has already departed.

It would appear that obtaining the funds can take anything from a couple of months to up to 6 months or more.

As the funds are comprised of vested and non vested monies, one needs to be careful to know exactly what vested funds there are - as these appear to be the only ones refunded in early withdrawal.

Personally, I do not think these monies are applicable under the standard descriptions 'cash savings'

spouse of scouse

Sounds a bit chicken and egg - if the funds can't be withdrawn until the visa applicant has permission to live in the UK, then the funds can't be said to be available to the applicant at the time they apply for this permission (visa). I suppose it depends on the ECO's interpretation?

Benson55

certainly chicken and egg like a bank account, can't open without address no address no account.
Its the same for a few countries.
Cash saving has to be with the applicant for 6 months, assume in cash.

spouse of scouse

It used to be cash savings only Benson, for example when I got my spouse visa 3 years ago I couldn't use my Australian superannuation to meet the requirements. The rules have changed a bit since then, but the funds still need to be accessible for immediate withdrawal.