Hello
Guest

Sponsored Links


Topic: Savings requirement with children?  (Read 3544 times)

0 Members and 1 Guest are viewing this topic.

  • *
  • Posts: 162

  • Liked: 3
  • Joined: Dec 2016
Savings requirement with children?
« on: December 29, 2016, 02:13:32 PM »
So the savings requirement is 62500, but add 2,400 for each child?

One of my kids was born in the UK and his birth is registered there. The other was born here but is a UK citizen.

Still need 67,300?

Also, for the 6 months in savings, that amount or higher is needed? What about months right below that threshold?

Finally, must the account type strictly be savings? Can it be checking?

Thanks.


  • *
  • Posts: 3547

  • Liked: 537
  • Joined: Jun 2014
  • Location: Derbyshire, UK
Re: Savings requirement with children?
« Reply #1 on: December 29, 2016, 02:23:36 PM »
It absolutely has to be the exact amount or higher. If it goes under, you aren't meeting the minimum.

About your other questions, I dont know the answers I leave that to the others.
The usual. American girl meets British guy. They fall into like, then into love. Then there was the big decision. The American traveled across the pond to join the Brit. And life was never the same again.


  • *
  • Posts: 18235

  • Liked: 4985
  • Joined: Jun 2012
  • Location: Wokingham
Re: Savings requirement with children?
« Reply #2 on: December 29, 2016, 02:25:11 PM »
If both children are UK citizens, you do not need to add anything extra to the financial requirement.  It stays at £62,500 (assuming you are sponsoring a spouse?).

The balance cannot have dropped below £62,500 for even one day throughout the 6 month period.  The type of account doesn't matter, just so long as the balance has remained above the minimum.


  • *
  • Posts: 162

  • Liked: 3
  • Joined: Dec 2016
Re: Savings requirement with children?
« Reply #3 on: December 29, 2016, 03:14:32 PM »
Thanks,

One of my kids was born in the USA to us. We have never registered her birth there though. Does this deem her a UK citizen for purposes of the application/threshold? If not do we have to register her birth in the UK? I am a US citizen and my spouse e.g. sponsor is a UK citizen living here with me.

Thanks


  • *
  • Posts: 18235

  • Liked: 4985
  • Joined: Jun 2012
  • Location: Wokingham
Re: Savings requirement with children?
« Reply #4 on: December 29, 2016, 03:20:52 PM »
If your spouse is a UK citizen by anything other than by decent, then the child is also a UK citizen.  You WILL need to apply for the child's UK passport before applying - which can take many months.  I would get cracking on that right away.


  • *
  • *
  • *
  • Posts: 26862

  • Liked: 3589
  • Joined: Jan 2007
Re: Savings requirement with children?
« Reply #5 on: December 29, 2016, 06:17:39 PM »
So the savings requirement is 62500, but add 2,400 for each child?

One of my kids was born in the UK and his birth is registered there. The other was born here but is a UK citizen.

Still need 67,300?

Sounds like your children are both UK citizens anyway, so you will only need to show the £62,500 in savings, but if they weren't and you did need the extra savings, your calculation is not quite right.

The annual income threshold for just a spouse is £18,600.
The annual income threshold for a spouse and one non-UK citizen child is £22,400.
The annual income threshold for a spouse and two non-UK citizen children is £24,800.

The amount of savings required is calculated using the above threshold numbers. The first £16,000 of savings are not counted and then on top of that you need 2.5 times the relevant income threshold in savings (to cover 2.5 years' worth of the annual income threshold).

So, for just a spouse (which is what you will be applying as), you need in savings:
£16,000 + (2.5 x £18,600) = £62,500


For a spouse and one non-UK citizen child, you need in savings:
£16,000 = (2.5 x £22,400) = £72,000

For a spouse and two non-UK citizen children, you need in savings:
£16,000 = (2.5 x £24,800) = £78,000

As your children are both UK citizens though, you just need the £62,500 amount and don't need to worry about the other calculations.


  • *
  • Posts: 162

  • Liked: 3
  • Joined: Dec 2016
Re: Savings requirement with children?
« Reply #6 on: December 29, 2016, 06:59:14 PM »
Thank you everyone. Couldn't my children at least travel on their US passport initially? I thought it was only the USA and a few other countries which did not include the UK which demanded that citizens travel on their passport.


  • *
  • *
  • *
  • Posts: 26862

  • Liked: 3589
  • Joined: Jan 2007
Re: Savings requirement with children?
« Reply #7 on: December 29, 2016, 07:15:03 PM »
Thank you everyone. Couldn't my children at least travel on their US passport initially? I thought it was only the USA and a few other countries which did not include the UK which demanded that citizens travel on their passport.

The problem with that is that in order to be allowed into the UK without a visa, they need to enter on their UK passports. If they only have US passports, they won't have proof that they are UK citizens and will considered US citizens only, who need a visa to live in the UK..

It only costs £72.86 per child to get their UK passports and takes about 6 weeks, so it's something you can easily sort out now, while you're preparing to apply for your spousal visa. See: https://www.gov.uk/overseas-passports/y/usa/applying/child/usa

Alternatively, without their UK passports, you would need to get visas for them, which will cost £1,795 per visa (£5,385 for all 3 visas), plus you would need £78,000 in savings to qualify!
« Last Edit: December 29, 2016, 07:17:03 PM by ksand24 »


  • *
  • Posts: 162

  • Liked: 3
  • Joined: Dec 2016
Re: Savings requirement with children?
« Reply #8 on: January 02, 2017, 04:25:33 PM »
Thanks for this comment. I got the impression that it was substantially longer to obtain their passports than 6 weeks.

I appreciate the overall clarification.


  • *
  • *
  • *
  • Posts: 26862

  • Liked: 3589
  • Joined: Jan 2007
Re: Savings requirement with children?
« Reply #9 on: January 02, 2017, 04:41:32 PM »
Thanks for this comment. I got the impression that it was substantially longer to obtain their passports than 6 weeks.

It shouldn't be. A first UK passport applied for from the US takes 6 weeks, while a renewal of a UK passport from the US takes 4 weeks. This is pretty much the same amount of time it takes to get a passport in the UK (which is 6 weeks for a first passport, 3 weeks for a passport renewal).

It can take longer if you apply for a UK passport from other countries (i.e. in Pakistan it would take at least 6 months), but applications from the US should only take up to 6 weeks.
« Last Edit: January 02, 2017, 04:43:08 PM by ksand24 »


  • *
  • Posts: 162

  • Liked: 3
  • Joined: Dec 2016
Re: Savings requirement with children?
« Reply #10 on: January 07, 2017, 10:22:32 PM »
It shouldn't be. A first UK passport applied for from the US takes 6 weeks, while a renewal of a UK passport from the US takes 4 weeks. This is pretty much the same amount of time it takes to get a passport in the UK (which is 6 weeks for a first passport, 3 weeks for a passport renewal).

It can take longer if you apply for a UK passport from other countries (i.e. in Pakistan it would take at least 6 months), but applications from the US should only take up to 6 weeks.

Thanks again.


  • *
  • Posts: 162

  • Liked: 3
  • Joined: Dec 2016
Re: Savings requirement with children?
« Reply #11 on: January 07, 2017, 10:37:45 PM »
So here are some new questions. I guess that I already have some of the answers based upon the previous posts.

I am inching closer to the 62.5k threshold in savings as I watch the pound get weaker with respect to the USD.

My concern is: What if the pound surges on the dollar in a month where I am just at 62500 pounds? I guess I lose that month (of the 6 months) and have to start over? Could it be argued that the exchange rate was "x" during that month? I ask because I have found UK immigration to be more pragmatic than US immigration when it comes to Visas. Not holding my breath though, but I think it's a fair question.

Also....is there an official site that is used to calculate the "official" exchange rate for purposes of this Visa?

Finally, is it permissible to use my children's savings accounts to meet said threshold? The accounts are jointly held.

I never thought that I'd be in a situation concerning UK immigration where I need to decide whether or not to decide to sell one of my possessions or not. Pre 2012, when I lived in the UK it was all about my qualifications and what I could bring to the table and had nothing to do with my spouse. I simply worked and that was the end of the story. I think the UK government should be more understanding that Americans have no safety net and are rather used to not becoming public charges. :)

I also called an attorney for a free consult from a similar UK immigration forum and I could not understand a word he said. He did use some verbiage about "using my house" as part of the savings requirement. I didn't persist because I really couldn't understand him and didn't want to annoy him (English was not his first language).

Any idea what that might have been about? Might he have just meant that I could obviously sell my home and use the profits for equity or perhaps even getting an appraisal which substantiates quasi savings?

Finally, if I am able to obtain the Visa and "sit on it" for a bit put not as long as the expiration date, it is my understanding that it effects my ILR if I don't enter the UK in 3 months.

In spite of my screenname....I have some reservations about making the jump again.
What's in a name? :)

Thanks for all of the help.
« Last Edit: January 07, 2017, 11:44:52 PM by us2uk4me »


Re: Savings requirement with children?
« Reply #12 on: January 07, 2017, 10:55:07 PM »
You are required to enter the U.K. Within 30 days of the visa issue date to collect your BRP.


  • *
  • *
  • *
  • Posts: 26862

  • Liked: 3589
  • Joined: Jan 2007
Re: Savings requirement with children?
« Reply #13 on: January 08, 2017, 01:49:28 AM »
My concern is: What if the pound surges on the dollar in a month where I am just at 62500 pounds? I guess I lose that month (of the 6 months) and have to start over? Could it be argued that the exchange rate was "x" during that month? I ask because I have found UK immigration to be more pragmatic than US immigration when it comes to Visas. Not holding my breath though, but I think it's a fair question.

Also....is there an official site that is used to calculate the "official" exchange rate for purposes of this Visa?

They use the Oanda exchange rate as it is on the date of your application... so it can go up and down during the 6 months, but the only rate that will count is the rate at the end of the 6 months...which is harsh because you won't know what it is going to be yet!

From Appendix FM 1.7:

Quote
3.5. Conversion of foreign currency
3.5.1.
Income or cash savings in a foreign currency will be converted to pounds sterling (£) using the closing spot exchange rate which appears on www.oanda.com on the date of application. Where there is income or cash savings in different foreign currencies, each will be converted into pounds sterling (£) before being added together, and then added to any UK income or savings, to give a total amount.


Quote
Finally, is it permissible to use my children's savings accounts to meet said threshold? The accounts are jointly held.

No, I don't believe so - as I understand it, the account can ONLY be in either your name, your spouse's name, or in both your names jointly.

From Appendix FM 1.7:
Quote
7.4.1. Savings must be held in cash in a personal bank/savings account in the name of the applicant, their partner or the couple jointly. The savings can be from any legal source, including a gift from a family member or other third party, provided the source of the cash savings is declared. The applicant and/or their partner must confirm that the money, which cannot be borrowed, is under their control and evidence that it has been held in their bank account for at least the 6 months prior to the date of application


Quote
Any idea what that might have been about? Might he have just meant that I could obviously sell my home and use the profits for equity or perhaps even getting an appraisal which substantiates quasi savings?

He meant the condition that if you sell property that you have owned for at least 6 months, you can use the net cash proceeds to meet the £62,500 financial requirement WITHOUT having to hold it in your account(s) for the full 6 months first. However, the money does have to be immediately accessible to you on the date you apply (i.e. you can withdraw it from your account immediately).

From Appendix FM 1.7:

Quote
7.4.10. 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:

(i) The property was in the form of a dwelling, other building or land.

(ii) 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.

(iii) 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.

(iv) 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.

7.4.11. This means that, where the cash savings held at the date of application are the proceeds of an applicable property sale; the period the property was owned in the 6 months prior to the date of application, before it was sold to produce cash savings, can be counted towards the 6 month period. So money held as cash savings at the date of application can have resulted from the sale of a property for the first part of the period of 6 months prior to the date of application and as cash savings for the rest of that 6 month period if the decision-maker is satisfied that all the requirements in paragraph 7.4.10. have been met in addition to the requirements being met when the funds are held as cash savings (see the table in 7.4.3. for a summary of the cash savings requirements). The rules do not specify what evidence must be submitted as individual circumstances and local property laws and taxes will vary. However, to assist applicants and decision-makers, the rules give examples of some evidence we will take into account. But other evidence may be accepted if it indicates the requirements are met.


Quote
Finally, if I am able to obtain the Visa and "sit on it" for a bit put not as long as the expiration date, it is my understanding that it effects my ILR if I don't enter the UK in 3 months.

The visa issued to you in your passport will be valid for travel for only 30 days - the 30 days should start from the 'intended travel date' you put on the application.

The 'intended travel date' you put can be no more than 3 months ahead of the date you apply online.

So, you must travel to the UK within those 30 days, and then you have 10 days to pick up your BRP card (the actual visa) from an assigned UK post office.

So, this all means:

- If you applied today, on 7th January 2017, the latest possible intended travel date you can put on the application is 7th April 2017.

- If you put 7th April, your visa should then be made valid from 7th April 2017 to 6th May 2017. You will only be able to travel to the UK between these dates.

- However, UKVI do not always honour the requested date and they may issue it for 30 days from the date the visa is approved instead... which could mean a  fast move to the UK.

So, basically, you don't want to apply until you are completely sure you are ready to move as soon as you get the visa.


  • *
  • Posts: 162

  • Liked: 3
  • Joined: Dec 2016
Re: Savings requirement with children?
« Reply #14 on: January 09, 2017, 03:18:36 PM »
Thank you very much. Very nice and thorough responses. I really appreciate it.


Sponsored Links





 

coloured_drab