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:
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.
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:
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
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:
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.
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.
