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Cash Savings: how much do I need to have to meet the financial requirement for Spouse/ Partner visa?

Only savings totaling more than £16,000 will be considered.

This category can be combined with Category A, Category B (part 1, calculating current income), Category C, and E, but not with Category B (part 2 – past income), F, or G.

“Cash savings” refers to funds maintained in a current, deposit, or investment account at a financial institution authorised by financial institution regulatory authority in the UK or elsewhere. Money must be easily accessible, so a pension fund, for example, would not qualify because money cannot be taken quickly.

It’s also worth noting that the savings must have been kept for at least six months, must be in the sponsor’s or applicant’s name, and may come from any lawful source. The money’s owner will be required to sign a declaration stating the source.

It is not essential to liquidate monies previously held in investments, stocks, shares, bonds, or trust funds six months before the application if they are liquidated before the application. The same is true when the funds are the profits of a property sale (dwelling or land). This must be proven clearly with documentary evidence.

Example (a)
Nathalie owns a £1 million investment portfolio, which fluctuates in value. She liquidates a portion of her investment two months before her husband’s date of application and transfers £62,500 in cash to her personal savings account in order to achieve the financial requirement. She can show a report demonstrating that the liquidated assets had a value of at least £62,500 seven months prior to the application date. At the time of application, the cash savings met the Appendix FM-SE requirements, and by combining the time the money was kept as investments with the time it was held as cash savings, the cash savings met the requirements of Appendix FM-SE. The money had been owned by Nathalie, the applicant’s partner and under their control for at least 6 months before the date of application.
The financial requirement is met through Category D cash savings.
Example (b)
Jude and his partner own two homes, one in the United Kingdom and the other in a foreign country.
For more than ten years, they had owned both residential houses.Prior to returning to the UK, they sell the overseas property. The property was sold three months prior to the application date, and the applicant has submitted documentation demonstrating that the net profits from the transaction after professional costs and taxes total £70,500. The applicant has sent a solicitor’s letter verifying ownership and the sale of the property, as well as a second letter from the solicitor detailing the financial transactions and stating that all due fees have been paid. 

He’s also produced bank statements proving the transfer of the funds into the couple’s joint account, as well as a letter from the mortgage lender showing the original purchase price and outstanding mortgage at the time of sale, and that this has been paid. Because the funds have been held by the applicant and under their control for at least 6 months prior to the date of application, they meet the requirements of Appendix FM-SE. Furthermore, the needed evidence for the time the money was kept in cash savings has been provided.

Cash savings in Category D are used to meet the financial requirement.

DISCLAIMER: All information posted is merely for educational and informational purposes. It is not intended as a substitute for a professional advise. Should you decide to act upon on the information on this website, you do so at your own risk.

Do you want to instruct me? If it is a request for free legal advice I may not respond, I’m sorry. If you are looking for personal legal advice or help with your case, we have three different services available for differing budgets:

  1. Ask us anything on video link or telephone legal advice in 30 min sessions for £75.
  2. Application checking service for £450 if you have prepared your application yourself but want it checking for your peace of mind
  3. Full legal representation from £1,250 where we run your case for you.

We are Queen’s Park Solicitors. I am a  Solicitor (Lawyer) based in London, UK. My name is Atty.  Lindoven Magsino, BSc, MBA, GDL, LLM, Ph.D. (candidate). We are based at Suite 4, Stewart House, 56 Longbridge Road, Barking, Essex IG11 8RT, United Kingdom | Telephone: 02036437508 | Fax: 02033931725  | Email: donm@queensparksolicitors.co.uk | Regulated by the Solicitors Regulatory Authority (SRA) 566513. Visit us at http://www.queensparksolicitors.co.uk. 

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