The financial requirement rules that apply to spouse visa applications are complex and can be difficult to meet. Batley Law’s Cocobb Luqman looks at how cash savings can be used to meet the requirements.
How much cash savings do you need to meet the minimum income threshold alone?
This varies depending on whether you are applying with any dependent. If there are no dependent children, the financial threshold that applies to your case is £18,600. Therefore, in such a case, you would need to have cash savings of £62,500 to meet the financial requirement.
How do you calculate cash savings?
Firstly, identify the lowest figure as seen in the bank account in the 6 months before submitting the online application
Then, Minus 16,000 from this figure. This is because the first £16,000 of cash savings is disregarded and cannot be counted towards the financial requirement.
Divide your answer by 2.5.
See the following Case Study example of an actual case handled by Batley Law, which resulted in a positive outcome.
CASE STUDY
Imran (not real name) had been employed in his job for more than 6 months. He provided all the required documents including wage slips, bank statements, P60 and his employment contract. In the past 6 months, Imran’s gross annual salary was £15,000. Therefore, he did not meet the financial requirement.
However, Imran was advised that he may use cash savings to make up the shortfall.
Imran had savings of more than £40,000. Keep in mind that he had a shortfall in his annual income of £3,600.
Using the above formula:
£40,000 minus £16,000 is £24,000.
£24,500 divided by 2.5 is £9,600.
Imran can include up to £9,600 towards the financial requirement using cash savings. Imran’s gross employment income was £15,000, he meets the financial requirement by combining employment income and cash savings.
Can I combine Employment Income and Cash Savings for a UK Spouse Visa?
Yes. If the Sponsor has been employed with the current employer for more than 6 months, but the total income is less than the financial threshold (usually £18,600), then cash savings can be used to make up the shortfall.
Is there anything else I need to know while incorporating cash savings as a part of my UK Spouse Visa application?
Yes. You should keep in mind the following:
1. The bank account must be a financial institution or Bank that is regulated by a regulatory body such as the Financial Conduct Authority;
2. The bank or savings account must be a current, deposit or investment account.
3. You need to provide full bank statements showing the Sponsor’s details and account details;
4. The statements should cover the full period required;
5. The savings must be held in cash;
6. The savings must be under the control of the Sponsor and/or Applicant;
7. The source of the funds must be legal
Need help?
Successfully acquire your Spouse Visa using Cash Savings with the help of our highly skilled lawyers. We’re here to provide you with the assistance you need. Feel free to reach out for support.
FAQs
How do I prove my cash savings for a Spouse Visa application?
Official bank statements of the account holding your cash savings that accurately reflect the balance of money in the account are submitted to support your application.
Do cash savings need to be in a UK bank account for a Spouse Visa?
No, they don’t. Cash savings can be held in either a UK bank account or an overseas bank account. If the savings are in a different currency, they will be converted into GBP or British pounds sterling.
How long do my cash savings need to be held before applying?
The account you intend to use for the spouse visa application must hold your cash savings for at least six months before applying.
What happens if I can’t meet the cash savings requirement?
If you are unable to meet the financial requirements, you may still apply for a spouse visa by presenting exceptional circumstances to support your case.
Can I use cash savings from overseas accounts?
Yes, you can. The account you will be using to hold your cash savings can be a UK bank account or an account abroad provided they meet the cash saving requirements.
