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UK SPOUSE VISA AND UK FIANCEE VISA APPLICATION: How to Meet Financial Requirement if Annual Income is Less Than £29,000

8/30/2024

Congratulations in advance on the upcoming wedding of the future Mr. and Mrs. Michelle and Ethan Middleton!!! Thank you for giving ECO-Friendly the opportunity to help you in filing your UK Fiancee Visa application. More success on your new adventures in the UK!!!

Manila, Philippines. Did you know that proceeds of the sale of property can be used to comply with the financial requirement for UK Settlement Visa applications?

According to the Home Office, "Funds held as cash savings by the applicant, their partner or both jointly at the date of application can be from the proceeds of the sale of property within the period of 6 months prior to the date of application, provided that the following are present:

1. The property was in the form of a dwelling, other building or land
2. the property (or relevant share of the property) was owned by the applicant, their partner or both jointly at the beginning of the 6-month period prior to the date of application
3. The funds deposited as cash savings are the net proceeds of the sale, once any mortgage or loan secured on the property (or relevant share of the property) has been repaid and once any taxes and professional fees associated with the sale have been paid
4. If the ownership of the property was shared with a third party, only the proceeds of the sale of the share of the property owned by the applicant, their partner or both jointly may be counted

ECO-Friendly explains that although this option is rarely used and an uncommon method of fulfilling the mandatory minimum income, it is just as effective and a truly reliable way of fulfilling the financial requirement.

CASH SAVINGS AS MEANS TO MEET THE FINANCIAL REQUIREMENT
It is a known fact that after the latest drastic increase in the minimum financial requirement for UK Settlement Visas, a considerable number of potential applicants who were planning to join their loved ones and family in the UK were severely affected.

As we all know, from the previous minimum income threshold of £18,600, the minimum annual income requirement has been increased to £29,000 to the detriment of countless would-be applicants and which resulted in their applications being put on hold.

As a result, aspirants of the UK Spouse Visa and UK Fiancée Visa who could not meet these terms were left with no other choice but to wait for their sponsors’ yearly income to increase.

Although this is the sad reality, many applicants seem to have forgotten or are just not aware of other options which can be used to comply with the minimum income threshold.

Applicants for the UK Spouse Visa, UK Fiancée Visa, UK child Dependent Visa or other UK Settlement Visas are typically aware of the “cash savings” option where the sponsor may be allowed to use their savings in the bank in lieu of the £29,000 minimum income requirement.

Under this option, the sponsor has to show proof that he has a savings account with an ending balance of £88,500 deposited in the said account within six (6) months prior to the lodging of the application.

ECO-Friendly would like to stress that under UKVI rules, this amount is required to be deposited in the bank account for a minimum period of six (6) months prior to the filing of the application to ensure that the funds are legitimately owned and under the complete control of the sponsor or applicant or both.

This six (6) months deposit is a very important requisite and none compliance will mean automatic refusal of the application.

UNFAMILIAR AND SELDOM USED OPTION
Another option not commonly employed and rarely utilized by applicants, but nonetheless a very useful and effective way of satisfying the financial requisite for UK Settlement Visa applications is the proceeds of the sale of a property (in the form of a dwelling, other building or land).

Under this UKVI provision, if the sponsor or applicant or both jointly own property, in the form of a dwelling, other building or land, it may be sold and the proceeds may be deposited in the bank account of the British husband/fiancée/partner/sponsor, which may, in turn, be counted towards the financial requirement.

Immediately after the sale of the property and the proceeds is deposited in the bank, this cash savings may instantly be used to comply with the financial requirement without waiting for the six (6) months period to elapse. This is, of course on the premise that the property was sold for £88,500 or more.

One very indispensable condition, though, is that the property subject of the sale must have been owned by the applicant, their sponsor/partner or both jointly within six (6) months before the application is lodged. So instead of the cash being deposited in the bank for a period of six (6) months, mere ownership of the property subject of the sale within the same period may be counted in lieu of the cash savings six (6) months required deposit. Of course the proceeds of the sale must eventually be deposited in the bank for it to be counted towards the financial requirement, but the applicant need not wait for the six (6) months period anymore.

Documentary proof to show the legitimate sale of the property are, of course, required to be presented, but as long as evidence (as listed under the rules) is attached proving that sale is authentic and the proceeds were deposited in the bank, this is sufficient proof that applicant meets the financial requirement.

For more information on how to comply with the financial requirement in filing for a UK Settlement Visa, please do not hesitate to contact us by clicking the contact box below.

Michelle with Ethan when he visited her in the Philippines before they got the good news that the application has finally been approved.

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HOW IMPORTANT ARE BANK ACCOUNTS IN FILING FOR A VISIT VISA FOR UK, US, AUSTRALIA OR CANADA?

8/17/2024

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Manila, Philippines - In filing for a visit visa application for countries like the UK, US, Australia or Canada, one of the most important requirements an applicant must present is possession and ownership of adequate funds to pay for all expenses if the application is approved.

Whether the application for the visit visa is to visit the UK, US, Australia or Canada, it is very essential for the applicant to show cash savings in the bank and that as depositor thereof, he or she has full control over the savings and can withdraw hard cash anytime or at will.

Proof of these may be in the form of bank certificates, bank statements and other financial documents issued by the bank or financial institution.

ECO-Friendly would like to stress, however, that aside from ownership of the funds, information regarding its origin also need to be disclosed and explained.

The source of the money is very important because the Entry Clearance Officer (ECO) needs to be certain that the cash in the bank was not merely borrowed by the applicant, because if this is the case, then the applicant does not possess complete control over the funds and this is merely SHOW MONEY which is one of the main reasons why most applications are refused.

So aside from the bank statements, bank certificates, financial documents and other proof of ownership, certain evidence to show the source or origin of the money should also be attached to the application in order to corroborate the applicant’s claim that he is the legitimate owner of the money deposited in his bank account.

Corroborative documents such as pay slips, official receipts, contracts or deeds showing how the money was obtained and its eventual deposit to the bank are adequate basis of legitimate origin of the money placed in the bank and show how it accumulated through years of deposit.

It is very essential that the ECO be 100% certain of the ownership and origin of the money in order to achieve a favourable decision. Non-disclosure of the origin of the funds by not presenting sufficient evidence of where it came from might be a cause for suspicion and be the basis of an unfavourable decision.

Another issue which all embassies consider in determining whether money in the bank account is sufficient to warrant a positive result is the date when the account was opened. If the bank account was opened only for the purpose of applying for the visit visa application and was commenced merely a few weeks or just months before the filing, then this is another red flag. Because if the applicant for the visit visa is a legitimate bank customer, common sense would dictate that the account should have been active several years before the application.

ECO-Friendly, however, would like to emphasize that although it is very essential to own a bank account in filing for a visit visa here in the Philippines, this is the general rule and like any general rule there are instances when exemptions to this general rule may be taken into account when considering applications. Thus, if there are valid reasons, or a perfectly compelling and legitimate justification why the applicant does not own a savings account or was only able to open it a few months before the applications is lodged, this may be taken into account by the ECO when the latter resolves the application.

Should this be the case, the applicant must provide sufficient explanation by attaching proof in the form of documents that will justify why the application lacks this vital piece of evidence showing the financial capacity of the applicant.

For more details on how to file visit visa applications whether for the UK, US, Australia or Canada with confidence and how to increase chances of approval, give us a call.

Click the contact box below to send us a message. Cheers!!!

Congratulations to Ms. Evan San Vicente on the approval of her Australia Visitor (subclass 600) application!!! Have fun with Lloyd in the land down under!!!

Click this ECO-Friendly contact box for your queries

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