Cash Savings Documents for UK Spouse Visa Applications

Cash Savings Documents for UK Spouse Visa Applications

 This article is part 4 of 6 of ‘What are the Supporting Documents to Prove the UK Spouse Visa Financial Requirement?‘ article series.

You can read the previous article from this series HERE.

I’ve also created the online course, explaining how to check if you meet the financial requirement and what information you need to provide with the application. You can find out more about the course HERE.

Now let us have a look at specific documents, which you may consider submitting to evidence your cash savings (Category D).

As you may recall from the previous article in this series, the Home Office accepts only five sources of income, which we can further subdivide into seven categories:

1. Employment income (categories A and B)
2. Non-employment Income (category C)
3. Savings (category D)
4. Pension (category E)
5. Income from self-employment (categories F and G)

 

First Things First

Irrespective of your circumstances and ways of acquiring your cash, the UKVI will always expect you to submit two types of documents:

1. Personal bank statements showing that you (your partner) held at least the level of cash savings relied upon in the application throughout the entire 6-months period before the date of application.
2. You’ll also need to submit a declaration of the source(s) of the cash savings.

Interestingly, it does not really matter how long you had your savings for. You’ll still need to make a declaration stating how you got this money.

 

Regulated Financial Institution

Your (your partner’s or joint) account will need to be with a financial institution that is regulated by the Financial Services Authority. If your account is outside the UK, then the appropriate regulatory body for the country in which that institution is operating will need to regulate it.

Also, you’ll need to ensure that the financial institution does not appear on the list of excluded institutions under Appendix Finance of the Immigration Rules.

 

 

Foreign Currency

If you held savings abroad, in a foreign currency, the Home Office will convert the amount to pounds sterling (£). They’ll do so using the closing spot exchange rate which appears on www.oanda.com  on the date of application.

If you have several accounts abroad and several in the UK: the UKVI will convert into pounds sterling (£) before being adding together. Then they’ll add it to any UK income or savings, to give a total amount.

The Secretary of State will disregard any fluctuation in the exchange rate before the date of application. The decision-makers will always base the conversion of the foreign currency income or cash savings into sterling on the exchange rate at the date of application.

 

 

Promises of Third-Party Support

As you probably already know by now, with some tiny exceptions, the Home Office does not accept promises of third party support. However, there is a perfectly legal and acceptable way of bypassing this rule.

The way to do it is this: if you have anyone willing to give you some cash as a gift, all you need to do is put this amount into your bank account. Once it is there for six months – the Home Office will accept it as your money.

There are two points to note here. First of all, this gift should be a genuine one (not a loan). Secondly, you should submit a declaration with your application, explaining who gave you this money.

 

Immediate Access

With the application, you’ll need to provide documents confirming that your (your partner’s or joint) account allows the savings to be accessed immediately (with or without a penalty for withdrawing funds without notice). It can include savings held in a pension savings account that you can instantly withdraw.

 

Overdrafts

The Home Office will not count overdraft facilities towards meeting financial requirements, irrespective of flexible arrangements and the overdraft size.

 

Legally Earned

If you and/or your partner acquired funds or savings when you were in the UK, you’d need to ensure that you’ve it earned lawfully. You’ll need to show that you did so while you and/or your partner had permission to remain in the UK. And that you were not in breach of any conditions attached to that permission.

 

For example, suppose you met your future spouse when on a student visa in the UK. You earned a considerable amount when you studied to obtain a Bachelor degree in the UK. The Home Office may want to check the circumstances under which you earned the amount in question. It is to ensure that, for example, you were not working more than 20 hours a week during term time. If you did – you’d be in breach of an immigration condition imposed on your stay. The Home Office will disregard the amount, and this may trigger the refusal of your UK Spouse visa application.

 

Winnings or a Legacy

Legacy is an amount of money or property left to someone in a will. Paid out competition winnings or a legacy can contribute to cash savings.

 

Investments, Stocks, Shares, Bonds or Trust Funds

You can transfer funds from investments, stocks, shares, bonds or trust funds within six months before the date of application.

There are two rules to remember:

1. These funds will need to be yours and under your full control (or your partner’s) for at least the period of 6 months before the date of application.
2. You’ll need to submit a portfolio report or other relevant documentation from a financial institution regulated by the appropriate regulatory body for the country in which that institution is operating. This report will need to confirm the funds’ ownership in the form of investments, stocks, shares, bonds or trust funds. Additionally, it should state the funds’ cash value in that form at or before the beginning of six months before the date of application.

 

Property Sale Proceeds

Can you rely on proceeds from the sale of your house or some other assets, property or land? Yes, you can! It is provided you meet these rules:

1. You (or your partner) owned the property (or relevant share of the property) for at least six months before the date of application. You’ll also need to provide documents confirming that you (or your partner) owned it at the date of sale.
2. If you owned this property together with a 3^rd party (not your partner), you’d need to state what your share was. The Home Office will only count the proceeds of the sale of your share of the property.
3. You’ll need to provide additional documents if you rely on the sale’s net sale proceeds. These documents will need to confirm that you’ve repaid any mortgage or loan secured on the property (or relevant share of the property). Additionally, these documents will need to verify that you paid any taxes and professional fees associated with the sale.

Let me give you several examples of what these documents may include:

1. registration information or documentation (or a copy of this) from the Land Registry (or overseas equivalent).
2. a letter from a solicitor (or other relevant professionals, if the sale takes place overseas) instructed in the property’s sale confirming the sale price and additional relevant information.
3. a letter from a lender (a bank or building society). Do make sure that the letter is on its headed stationery regarding the repayment of a mortgage or loan secured on the property.
4. confirmation of payment of taxes or professional fees associated with the sale.

 

If there are any other relevant documents, which may confirm the above requirements, submit them with the application.

 

About this Article and How to Get Further Help

This article is a part of the article/video series called “What are the Supporting Documents to Prove the UK Spouse Visa Financial Requirement?‘

This article/video series consists of the following six parts:

1. General Rules for All Categories
2. Employment Income Documents for British Spouse Visa Applications (Categories A and B)
3. Non-Employment Income Documents for British Spouse Visa Applications (Category C)
4. Cash Savings – Documents to Provide with Your UK Spouse Visa Application (Category D)
5. Pension Income and the Exempt Category- Documents to Provide with UK Spouse Visa application (Category E and exempt category)
6. Self-Employment – Documents to Provide with UK Spouse Visa application (Categories F and G)

Further Help

And finally, if you are thinking of submitting your UK Partner visa application in near future, first of all, you need to understand the rules of the game. At THIS PAGE you’ll get access to ‘How to Meet the Financial Requirement of Your British Spouse Visa Application when Applying from Outside the UK’ online course. This course will help you dramatically reduce the chances of the refusal of your UK spouse visa application. As after attending the course you’ll understand the financial requirements you need to satisfy in order to succeed.