Family & Spouse Visa Financial Requirement: Cash Savings

Family & Spouse Visa Financial Requirement

Some people, even those who have enough money to meet the Appendix FM minimum income requirements for spouse and partner visas, may still not succeed. It’s not enough to just have the money. The income has to come from a certain place, be measured in a certain way, and be backed up by certain proof that it’s real. There are different ways to fulfil the financial requirement for a spouse visa. In this blog, we will explore the spouse visa financial requirements in detail and how to fulfil them based on your savings. We’ll also discuss the ways to provide proof of a UK spouse visa 3 months payslips.

For more information read this blog on how to give proof of your income.

Overview of Spouse Visa Financial Requirement

If you intend to apply for a UK spouse visa, one of the primary eligibility criteria you must meet is the spouse visa financial requirement. The current spouse visa financial criteria is that you and your partner have a joint annual income of at least £18,600. According to the most recent Home Office policy paper1, the spouse visa minimum income criterion will increase to £29,000 in Spring 2024, with subsequent increases to £38,700 (beginning at £29,000, progressing to £34,500, and eventually reaching £38,700).

How to Meet Spouse Visa Financial Requirements?

The financial requirements for a spouse visa may be fulfilled in a variety of ways, but most commonly through income, cash savings, or a combination of the two.

In addition to the base annual requirement of £18,600, if you have children, you will need an additional £3,800 for your first child and £2,400 for each additional kid. For example, if you’ve three children, you will require a salary of £18,600 + £3,800 + £2,400 + £2,400 = £27,200.

If you have adequate savings, you might be able to minimize or perhaps completely fulfill the annual income criterion. For further information, see the “Cash savings for spouse visa” section below.

The Spouse Visa’s Income Requirements

As previously mentioned, the current income criterion for a spouse visa is £18,600 annually, plus any additional amount if you have children. This is the minimum income requirement for a spouse visa. The most popular way to demonstrate your income is to present pay slips. Paystubs for the most recent six months should be sent if you have worked for your current job for six months or longer. You will be required to submit 12 months’ worth of paystubs if you haven’t worked for your employer for more than six months or if your income fluctuates.

Other forms of income verification can also be used to satisfy the financial requirements. Please refer to the summary below for more information.

Acceptable Income Types

Income from employment

  • pay slips for the previous six months (if you’ve been working for a minimum of six months) or
  • Moreover, pay slips spanning at least 12 months (or, if you haven’t worked for your present job for 6 months or longer), and
  • P60
  • A letter from your employer attesting to your employment, gross annual income, and other important information
  • Income from Self Employment

    Regarding the most recent fiscal year:

  • A yearly tax return for self-assessment submitted to HMRC
  • An accounting statement (SA300 or SA302).
  • evidence that you are registered as self-employed with HMRC
  • UTR stands for Unique Tax Reference Number.
  • Personal bank statements over the previous 12 months demonstrating the transfer of self-employment revenue into your account
  • If needed, audited accounts should be produced.
  • Unaudited accounts – when audited accounts are not necessary.
  • VAT certificate if the annual revenue of your company exceeds £79,000
  • Consent from the local planning authority or planning permission
  • Franchise contract
  • Income obtained in the UK as a director of a small company

    For the most recent complete fiscal year:

  • Firm Tax Return CT600 and proof of submission to HMRC
  • Proof of registration at Companies House with the Registrar of Companies
  • Accounts for the previous complete fiscal year
  • The Company Tax Return CT600 includes statements from corporate and business banks for the last 12 months.
  • A recent Companies House appointment report
  • Evidence of lease or ownership for commercial space
  • A proof of VAT registration and, if required, the VAT return for the most recent complete financial statement
  • More than £16,000 in cash savings

  • Personal bank statements displaying cash savings stored for the past six months in your name and your partner’s name, as well as
  • a disclosure from the account holder about where the savings came from
  • Cash derived from a pension

  • official records originating from:
  • The overseas pension authority, pension business, or Department for Work and Pensions
  • a minimum of one personal bank statement from the twelve months before the application date attesting to the pension payment into your account
  • Non-employment income (such as dividends or rental income from real estate)

    Rental revenue

  • A duplicate of the property’s title deeds
  • Personal bank statements from the 12 months before the application that demonstrate the rental income
  • Income from dividends:

  • A certificate attesting to the owner’s identity and the amount invested
  • An investment report or a dividend coupon
  • Statements from personal banks for the 12 months before the application
  • Financial requirement exemptions for spouse visas

    Some people applying for spouse visas might not need to meet the usual financial requirements if they get certain public funds because of their situation, like disability benefits or caregiver payments.

    Even if you’re exempt from the financial requirements, you still need to show you have enough money to support yourself while in the UK without relying on public funds.

    If you can prove there are special circumstances, you might still qualify for a spouse visa even if you don’t meet the financial requirements or qualify for an exemption. For example, if denying the visa would cause very difficult problems for you or your family, as protected by a law called Article 8 of the European Convention on Human Rights, then there might be exceptions. In such cases, the decision-maker might consider other sources of money, like someone else promising to help financially.

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