Partner Visa Financial Requirement: Savings, Investments And Pensions – Employee Benefits & Compensation

For individuals applying under Appendix FM to enter or remain in
the UK on the basis of their family life as the spouse or partner of a British citizen or settled
person, there is a financial requirement.

Appendix FM of the Immigration Rules sets out
the minimum financial threshold of £29,000. There is no
longer a separate child element to the minimum income
requirement.

The financial requirement can be met in several different ways.
In this post we will look at how to meet the spouse or partner visa
financial requirement based on savings, investments and pension
income.

For information on how to combine forms of income and savings in
order to meet the financial requirement, please refer to this blog post.

Cash Savings to Meet the Appendix FM Financial Requirement

Cash savings held over £16,000 can be used count towards
the spouse or partner visa financial requirement. Savings can be
held by the applicant, the applicant’s partner, jointly or by a
child dependent relative over the age of 18. These savings must be
held for at least the six month period prior to the date of
application and must be under the control of the same
individual(s).

Savings can be held in a UK bank account or abroad. If the
savings are held in a different currency, they will be converted
into GBP using a conversion website called Oanda.com.

Calculating the Cash Savings Requirement

The formula to calculate the amount of cash savings required is
as follows:

Income tax threshold + (general financial requirement x
period of leave granted in years)

Therefore, to rely solely on cash savings, with no other
combined source(s) of income, £88,500 in
cash savings is the required amount of cash savings.

Further examples of calculating the cash savings requirement,
such as when combined with another source of income, is set out in
this blog post.

Evidence of Cash Savings to Meet the Financial Requirement

The following evidence of cash savings must be provided:

• Personal bank statements evidencing at least the retained
  funds relied upon held in an account(s) in the name of the person
  or their partner jointly for a period of 6 months prior to the
  application. These should be dated no earlier than 28 days prior to
  the date of application




• Declaration as to source(s) of cash savings from the
  account holder(s)

The bank account or savings account can be a current, deposit or
investment account. This can include a stocks and shares ISA
account if all the requirements are met. The financial institution
must be regulated by the appropriate regulatory body and not be
excluded under paragraph 20 of Appendix FM-SE. The key requirement is that
the funds can be immediately withdrawn and are therefore under the
individual’s control.

Cash Gifts as the Source of Cash Savings

Savings can come from any legal source. This includes an
irrevocable gift from a third party. A gift needs to be held for
the same six month period. A signed declaration is required which
confirms the funds and states that they are under the control of
the applicant, their partner or under joint control.

Investment Income to Meet the Financial Requirement

Income from investments, stocks and or shares is included as a
form of non-employment income and can be used to meet the financial
requirement.

Whilst this form of income does not need to have been owned by
the applicant or the applicant’s partner for the whole 12
months prior to the application, it needs to have been a source of
income for some of the 12 month period.

If in the 12 month period, the income was earned prior to
application and then sold, it can still be counted towards the
financial requirements if:

• The investments, shares and/or stocks of an equivalent
  amount have been purchased since by the same company, and




• These are held at the date of application

Evidence of Investment Income to Meet the Financial
Requirement

The following evidence of investment income must be
provided:

• Certificate evidencing ownership and amount of
  investment(s)




• Portfolio report for a financial institution which is
  regulated by the Financial Conduct Authority) or dividend voucher
  evidencing the company, the individual’s details and their net
  dividend amount




• Personal bank statements covering the 12 months period
  prior to the application which the income was paid into

Pension Income to Meet the Financial Requirement

If an applicant or the applicant’s partner receives any
State, occupational or private pension, the gross annual income
from the pension can be counted towards the financial requirement.
A state pension includes UK Basic State Pension and Additional or
Second State Pension, HM Forces Pension or foreign.

To rely on pension income, this must have been a source of
income at least 28 days prior to submitting the visa
application.

Evidence of Pension Income to Meet the Financial
Requirement

The following evidence of pension income must be provided:

• Official documentation from: DWP, other government
  departments or agencies, an overseas pension authority or a pension
  company. This document should confirm the pension entitlement, as
  in name the pension, and the amount of pension received




• At least one bank statement from the 12 months period prior
  to the date of submission of application

If relying on pension income as well as cash savings liquidated
from the pension pot on which the income is based, the evidence
from the pension provider will need to demonstrate that withdrawal
of cash from the pension pot.

Paragraph 21 of Appendix FM-SE excludes certain types of
pensions. Schemes which do qualify include War Disablement Pension,
War Widow’s/Widower’s Pension and any other pension or
equivalent payment for life made under the War Pensions Scheme, the
Armed Forces Compensation Scheme or the Armed Forces Attributable
Benefits Scheme.

The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.