UK visa spouse requirements - HELP
#76
Re: UK visa spouse requirements - HELP
You hit the nail on the head there.
All the developing countries that have wages far below this threshold like uruguay are being discriminated against. I have no chance in a million years making that amount here with my non-eu wife.
The threshold should vary depending on the country you are bringing your spouse from.
I consider our savings to be substantial but not in the eyes of the uk.
We've been working hard and saving for years.
All the developing countries that have wages far below this threshold like uruguay are being discriminated against. I have no chance in a million years making that amount here with my non-eu wife.
The threshold should vary depending on the country you are bringing your spouse from.
I consider our savings to be substantial but not in the eyes of the uk.
We've been working hard and saving for years.
#77
BE Enthusiast
Thread Starter
Joined: Oct 2012
Posts: 677
Re: UK visa spouse requirements - HELP
Well, as we know, it's got very little to do with preventing additional benefit claimants and everything to do with reducing net migration to under 100,000 per annum by the next election regardless of the human cost. The government's appeal against the High Court ruling will be heard at the beginning of March so we'll see what happens then.
#79
Just Joined
Joined: Feb 2014
Location: New York
Posts: 29
Re: UK visa spouse requirements - HELP
I have managed to cash in a 401K pension (at great cost I might add) and use some savings that my dad had given to my kids and some money my dad left me when he died last year and just have enough in savings.
Hi Nigel,
I have a question you might be able to help me with. Did you cash out a 401k early to meet the financial requirement and, if so, was this required? I mean couldn't you just show the paperwork to prove you had the savings? Did they make you take it out of the 401k and put it in a bank account? Seems a bit harsh.
Hi Nigel,
I have a question you might be able to help me with. Did you cash out a 401k early to meet the financial requirement and, if so, was this required? I mean couldn't you just show the paperwork to prove you had the savings? Did they make you take it out of the 401k and put it in a bank account? Seems a bit harsh.
#80
Forum Regular
Joined: Sep 2013
Posts: 270
Re: UK visa spouse requirements - HELP
Hi Odysseuslite,
Yeah, I cashed it in a while back. At the time I was under the impression the 62.5K had to be in a bank savings account. Now I am not too sure. Maybe the rules are less strict. But I still think they have to be in a UK bank account by the time you enter the UK? Perhaps someone could clarify?
Cheers
Nigel
Yeah, I cashed it in a while back. At the time I was under the impression the 62.5K had to be in a bank savings account. Now I am not too sure. Maybe the rules are less strict. But I still think they have to be in a UK bank account by the time you enter the UK? Perhaps someone could clarify?
Cheers
Nigel
#81
Re: UK visa spouse requirements - HELP
As far as I know, Nigel, the funds do not have to be in a UK bank by the time you arrive.
#82
Just Joined
Joined: Feb 2014
Location: New York
Posts: 29
Re: UK visa spouse requirements - HELP
Hi Odysseuslite,
Yeah, I cashed it in a while back. At the time I was under the impression the 62.5K had to be in a bank savings account. Now I am not too sure. Maybe the rules are less strict. But I still think they have to be in a UK bank account by the time you enter the UK? Perhaps someone could clarify?
Cheers
Nigel
Yeah, I cashed it in a while back. At the time I was under the impression the 62.5K had to be in a bank savings account. Now I am not too sure. Maybe the rules are less strict. But I still think they have to be in a UK bank account by the time you enter the UK? Perhaps someone could clarify?
Cheers
Nigel
#83
Lost in BE Cyberspace
Joined: May 2010
Location: San Diego, California
Posts: 9,652
Re: UK visa spouse requirements - HELP
Having them in a 401K is not the same as having the funds available to you in a bank account in your name.
#84
Just Joined
Joined: Feb 2014
Location: New York
Posts: 29
Re: UK visa spouse requirements - HELP
If you are relying on savings/investments to make up the financial requirements, these are funds which must be immediately available to you since you are depending on them for your day to day living when in the UK.
Having them in a 401K is not the same as having the funds available to you in a bank account in your name.
Having them in a 401K is not the same as having the funds available to you in a bank account in your name.
http://www.ukba.homeoffice.gov.uk/si...df?view=Binary
#85
Just Joined
Joined: Oct 2013
Location: London
Posts: 14
Re: UK visa spouse requirements - HELP
If you are relying on savings/investments to make up the financial requirements, these are funds which must be immediately available to you since you are depending on them for your day to day living when in the UK.
Having them in a 401K is not the same as having the funds available to you in a bank account in your name.
Having them in a 401K is not the same as having the funds available to you in a bank account in your name.
#86
Re: UK visa spouse requirements - HELP
A 401K account can be used as cash savings to meet the financial requirements.
#87
Lost in BE Cyberspace
Joined: May 2010
Location: San Diego, California
Posts: 9,652
Re: UK visa spouse requirements - HELP
The following is taken from the policy document for financial requirements:
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 (like the 401K in the US).
So, I would read this as YES you can use the monies in a 401K account. However, in the above paragraph it also says "if all the requirements above are met"
The "requirements above" are as follows:
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 deposit or investment account
1 The account is held within a bank or building society
2 The bank/building society is a financial institution regulated by the appropriate
regulatory body for the country in which that institution is operating
3 The bank/building society is not on the list of excluded institutions under the
Immigration Rules
4 The account is a current account or a savings account
5 Regular bank statements are provided
6 The statements cover the necessary time period required in the Immigration Rules
7 The savings are held in cash
8 The savings can be immediately withdrawn (with or without penalty)
9 The funds are under the control of the person and/or their partner for the necessary
time period required in the Immigration Rules
10 The source of the funds is legal
11 The source of the funds has been declared
Are 401 funds held in what is usually termed a bank/building society? Once you liquidate them and put the funds into your own bank/building then, yes, they comply with the requirements, but until they are liquidated do they comply if they are still in the fund (held by some pension institution somewhere).
Very confusing !
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 (like the 401K in the US).
So, I would read this as YES you can use the monies in a 401K account. However, in the above paragraph it also says "if all the requirements above are met"
The "requirements above" are as follows:
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 deposit or investment account
1 The account is held within a bank or building society
2 The bank/building society is a financial institution regulated by the appropriate
regulatory body for the country in which that institution is operating
3 The bank/building society is not on the list of excluded institutions under the
Immigration Rules
4 The account is a current account or a savings account
5 Regular bank statements are provided
6 The statements cover the necessary time period required in the Immigration Rules
7 The savings are held in cash
8 The savings can be immediately withdrawn (with or without penalty)
9 The funds are under the control of the person and/or their partner for the necessary
time period required in the Immigration Rules
10 The source of the funds is legal
11 The source of the funds has been declared
Are 401 funds held in what is usually termed a bank/building society? Once you liquidate them and put the funds into your own bank/building then, yes, they comply with the requirements, but until they are liquidated do they comply if they are still in the fund (held by some pension institution somewhere).
Very confusing !
#88
Forum Regular
Joined: Sep 2013
Posts: 270
Re: UK visa spouse requirements - HELP
Are 401 funds held in what is usually termed a bank/building society? Once you liquidate them and put the funds into your own bank/building then, yes, they comply with the requirements, but until they are liquidated do they comply if they are still in the fund (held by some pension institution somewhere).
Very confusing !
Very confusing !
401K's are usually some sort of collection of fund or stock holdings. Closer to owning stocks or shares than having a given amount of money sitting in a bank account. If the markets crash, the 401K could be worthless. Whereas money saved in a bank or Building Soc would still be sitting there. You might not be able to buy as much with it but it wouldn't go down in value. That's why I reluctantly cashed mine in and put the money in a bank account. I am no financial expert this is just my opinion. I would be curious if anyone has used 401ks and been successful with their application.
Cheers
Nigel
#89
BE Enthusiast
Thread Starter
Joined: Oct 2012
Posts: 677
Re: UK visa spouse requirements - HELP
I think I meet the requirements! !!
I added up my past 12 months of payslips, gross amount with all the bonuses and it comes to about 33 000 usd.
If I can get a job offer in the uk now do I meet the requirements?
It is the gross amount of income isn't it?
My gross amount has many benefits such as food tickets and transport allowance which are part of my gross salary.
Comes to about 2480 usd a month plus bonuses.
Also a doubt.
3.1.2 states the savings and income can come from the applicant, partner or jointly.
Does that mean we can sum the incomes of both of us?
What about severance pay also? Is this included in the total income?
I added up my past 12 months of payslips, gross amount with all the bonuses and it comes to about 33 000 usd.
If I can get a job offer in the uk now do I meet the requirements?
It is the gross amount of income isn't it?
My gross amount has many benefits such as food tickets and transport allowance which are part of my gross salary.
Comes to about 2480 usd a month plus bonuses.
Also a doubt.
3.1.2 states the savings and income can come from the applicant, partner or jointly.
Does that mean we can sum the incomes of both of us?
What about severance pay also? Is this included in the total income?
Last edited by alfista1; Feb 4th 2014 at 7:01 pm.
#90
Just Joined
Joined: Feb 2014
Location: New York
Posts: 29
Re: UK visa spouse requirements - HELP
It is the gross amount of income isn't it?
My gross amount has many benefits such as food tickets and transport allowance which are part of my gross salary.
Comes to about 2480 usd a month plus bonuses.
Also a doubt.
3.1.2 states the savings and income can come from the applicant, partner or jointly.
Does that mean we can sum the incomes of both of us?
What about severance pay also? Is this included in the total income?
My guess is that severance pay can’t be included as income. But if you didn't spend the money, you may be able to include it as savings. It’s possible to combine income and savings (as long as you have more than 16,000 GBP saved). For example, if you have 70% of the income requirement and 30% of the savings requirement they would together make 100% of the financial requirement. At least, that’s my guess how it works.
Yes, you and your partner can combine incomes to reach the required amount. Then you need to have a job offer in the UK that pays the 18,600 GBP (you can still use savings to make up any shortfall) and you should be good to go.