The financial requirement is one of the rules that apply to a UK spouse visa applications, as well as consecutive Furter Leave to Remain (FLR-M) and Indefinite Leave to Remain (ILR) applications under Appendix FM of the Immigration Rules. At present, the minimum financial requirement is £29.000 per year. Alternatively, the couple can rely on cash savings, provided the amount is at least £88.500.
In this article, we will explore how to combine income from employment with cash savings when the financial requirement cannot be met through earnings alone (i.e., when the sponsor’s earnings are below £29.000 per year)
Combining Employment Income with Cash Savings
If an applicant’s partner earns less than £29.000 per year, the shortfall can be covered by adding cash savings to the employment income to meet the financial requirement.
Calculating the required level of cash savings to combine it with an employment income
The sponsor and/or the applicant must have at least £16,000 in cash savings to be relied upon in combination with an employment income. If the minimum savings amount is below this threshold, it can’t be taken into account.
In order to calculate the amount of cash savings required to cover the gap between earnings and the minimum financial requirement we use the following formula:
(Amount of cash savings – £16,000) ÷ (the period of the grant of leave: 2.5 years) = equals £29,000
Cash savings must be held by the sponsor, applicant or jointly for the six months before the date of the application. The funds can be held in a current, savings or investment account that also includes ISA.
The funds must be available to be withdrawn immediately.
A declaration of source of funds is also required alongside other documents.
If you are planning to make a spouse visa application and require legal advice, we are here to assist you.
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