Since I got a copy of the Financial Requirement issued last year (please check below for the link to the Appendix FM 1.7 Financial Requirement), I almost got obsessed with it. As I am also one of those applying for a settlement (spouse) visa, I can’t just let a single flicker of doubt taint my confidence and submit supporting documents which are half-baked. I did my research diligently and asked so many people about it. The bad side though of soliciting information from different sources is that I had so many conflicting views and information which made everything more chaotic for me.
I know the information I have in here isn’t detailed as I want it to be. I cannot go on understanding more the depth of the technicalities of the immigration rules for financial requirement. My nose bled and my brain fried trying to comprehend more. LOL
Disclaimer: Please do not rely solely on this. I am not an immigration solicitor whatsoever and that I could have made a grave mistake in here. Review and then review some more your circumstances before your application. The application is quite expensive not to mention the stress over the what-could-be-the-result of the application and most of all, the loss of time which you could have spent with your beloved spouse in the UK.
MINIMUM INCOME THRESHOLD (FINANCIAL REQUIREMENT)
1) Fiancée or Spouse with No Children
– 18,600 GBP per annum
2) Spouse with Children Under The Age Of 18
– 18,000 GBP per annum (applicant)
– + 3,800 GBP (one child applicant)
– + 2,400 GBP (each additional child applicant)
CATEGORY A: SALARIED OR NON-SALARIED EMPLOYMENT
A.1 Currently employed for 6 months or more (Person residing in the UK)
A.2 Currently employed for 6 months or more (Overseas sponsor returning to the UK)
CATEGORY B: SALARIED OR NON-SALARIED EMPLOYMENT
B.1 Less than 6 months with current employer or variable income (Person residing in the UK)
B.2 Less than 6 months with current employer or variable income (Overseas sponsor returning to the UK)
CATEGORY C: NON-EMPLOYMENT INCOME
This can be used alone or in combination with other sources.
The following are the income types accepted by UKBA:
1) Rental income
2) Interest payments from personal savings
3) Maintenance grant or stipend
4) Dividend or other income from investments
5) Bereavement payment
6) Bereavement allowance
7) UK maternity allowance
8 ) Trust funds, bonds, stocks and shares
9) Maintenance payments from a former partner
Note that the equity in properties cannot be used as a source of income to meet the financial requirement. In addition, the sponsor and applicant MUST NOT live in or intend to live in the same rental property being used to meet the financial requirement.
CATEGORY D: CASH SAVINGS
This can be used solely or in combination with other income sources.
1.) If to be used mainly to meet the financial requirement:
16,000 savings + (18,600.00/annum x 2.5 years) = 62,500GBP in total cash savings with no income
2) If to be combined with current income from employment, this is how it is computed: (Note that the computation is just an example.)
If the sponsor has a 12,500/annum income, which doesn’t meet the minimum income threshold of 18,600/annum, this is how much the sponsor’s savings should be:
12,500/annum income – 18,600 minimum FR = (6,100) shortfall
16,000 floor amount savings + (6,100 shortfall x 2.5 years) = 31,250 savings plus salaried income of 12,500 to be able to meet the financial requirement
1.) Cash savings MUST be left untouched for 6 months prior to filing the settlement visa application.
2.) It is also an important factor to divulge/declare the source of savings.
3.) Personal loans and/or promises from third parties are and will never be accepted by UKBA.
CATEGORY E: PENSIONS
It can be used to meet the financial requirements as long as it’s being used as a source of income for at least 28 days prior to application. It can be combined with other sources of income including cash savings.
The following are requirements if using this category:
1) Official DWP (Department of Work and Pensions), Private Pension Authority or Overseas Pension Authority
2) 12-month personal bank statement prior to submission of the application showing payments of the pension into the sponsor’s account.
EXEMPTIONS: Sponsor doesn’t need to meet the financial requirement if in receipt of (please see list below for reference). But the sponsor needs to show and prove the ability to adequately maintain/support spouse/partner without recourse to public funds.
1.) Attendance allowance or personal independence payment
2.) Carer’s allowance
3.) Disability living allowance
4.) Severe disablement allowance
5.) Industrial injuries disablement benefit
CATEGORY F & CATEGORY G: SELF-EMPLOYMENT OR EMPLOYEE OF A SPECIFIED LIMITED COMPANY IN THE UK
1) Business accounts and HMRC (Her Majesty’s Revenue and Customs) tax returns for the last financial year.
2) Can also use average personal income from business covering the last 2 years.
3) If sponsor is Director of a UK Limited Company, salary from being employed as such can be used.
4) Business income can be combined with other income sources but CANNOT be combined with Cash Savings.
SPECIAL CIRCUMSTANCE: THIRD PARTY FINANCIAL SUPPORT
1.) CASH GIFT from family member or friend (NOT A LOAN) which has been under control for the last 6 months prior to application. This will fall under cash savings or in combination with other income sources.