AdamPiercy

Hi guys, question about proof of funds for a PR application. I keep coming across different advice and wanted opinions from people who have perhaps been in a similar position.

We are a family of four who own a property here in the U.K. and have about £150000 worth of equity in it. Can we use this as our proof of funds? We intend to sell before we move to Canada.

I have heard that the London Visa Office (LVO) accept this but other visa offices don't. Is this still the case?

If it isn't then we will either have to sell early or ask a member of the family to give us the money by buying equity in our house so when we sell they can get it back.
Anyone heard anything and if so what did you do to get around it?
Thanks all.

PMM

Hi


1. No, you can't use property equity for proof of funds, it has cash or convertibles. London use to accept it, but they finally fell into line with all the other offices. From IRCC
"
You cannot borrow this money from another person. You must be able to use this money to pay the costs of living for your family (even if they are not coming with you).
You will need to show proof that you have enough money when you apply to immigrate."

AdamPiercy

Thanks for the info. I will have the funds to support ourselves comfortably but not till I sell the house. I don't want to sell before I know we are accepted because I have two young kids and could do without the upheaval.

Surely if a family member offered us the money we could take it?

christmasoompa

As long as it's a genuine gift (rather than a loan), then yes that's fine.

I didn't realise London had done away with accepting equity (thanks PMM!), but it does make sense I guess, given how long it can sometimes take to sell a house. Remember you'd only have a year from the date of medical to go to Canada to 'land' and activate your PR status, and that's the point when you'd need to show proof of funds in liquid form (rather than equity).

If that's 10 months or so after getting PR, it doesn't give you much time to sell and complete really, so I can see why London have changed it.

AdamPiercy

So at what point do I need to evidence my funds? Just when I land or do I not need to evidence the funds on my EE profile?

christmasoompa

Both when you apply for PR, and then again when you 'land'. Previously London allowed you to use equity at the first stage (PR application) but then it had to be cash in the bank account on landing, and I guess the reason they've changed it is that 10 months or so (possibly even less) isn't much time to sell, and go through the whole process to completion and money in the bank.

HTH.

AdamPiercy

Thank you for clearing it up, really appreciate your help

AshMyl

Thanks for this info. I was thinking of using our 'spare' funds here to buy a house in Canada in preparation of our move, but it would leave us fairly 'drained'. Would they take that into account that we had somewhere to live in Canada or are you best having the cash in the bank?

BTW.. we are Spousal Sponsorship, does this make any difference?

Vulcanoid

Spousal sponsorship doesn't need to show proof of funds

Hurlabrick

What Vulcanoid said, check the wiki section here:


Spousal Sponsorship-Canada/FAQ - New Application Forms : British Expat Wiki