As a spouse or partner, one of the trickiest parts of applying for a UK visa is financial requirements. The Immigration Rules contains minimum financial requirements to be met in entry clearance or leave to remain applications.

The financial requirements for visa applications for partners, parents and children must have a minimum annual gross income of £18,600, and one way to meet the financial requirements is to prove that you have cash savings.

If you have additional dependent children, the level of cash savings required may vary depending on whether you need to combine cash savings with other income sources.

(Amount of cash savings – £16,000) ÷ (the period of the grant of leave: 2.5 years) = must equal at least £18,600

To rely solely on cash savings you will therefore need to show £62,500 in cash savings: (£18,600 x 2.5 + £16,000 = £62,500).

If you hold less than £62,500 you may still partially rely on those savings, as long as they exceed £16,000, and make up the shortfall in other permitted sources of income, for example:

If you hold £20,000: (£20,000-£16,000) ÷ 2.5 = £1,600. Requiring an additional £17,000 in another source of income, such as employment, to meet £18,600.

If you hold £35,000: (£35,000-£16,000) ÷2.5 = £7,600. Requiring an additional £11,600 in another source of income to meet £18,600.

The level of cash savings required will increase if there are additional dependent children, who are not British or otherwise settled in the UK. The minimum financial requirement increases by £3,800 for the first child and £2,400 for each further child. For example, an applicant with two children will need to show £24,800, which using the formula above, will require £78,000 in cash savings.

Cash savings must be held by the applicant, partner, or couple jointly in a personal bank account. The funds can be accessed immediately regardless of whether there is a penalty to withdraw funds. If your savings are spread across multiple accounts, you can use different personal bank accounts in combination to meet the requirement.

However, it cannot rely on cash savings held by a third party or family member. To rely on any third-party funds, funds must be transferred to an irrevocable gift and held by the applicant/partner/couple jointly for the required time. The declaration is required to confirm the source of the fund and the funds should not be simply borrowed for the application.

The funds can be held either in a UK bank account or in an overseas account. However, funds must be held by financial institutions regulated by the appropriate regulatory body in the country.

Cash savings must be held by the applicant/partner/couple jointly for at least 6 months before the date of application. Any bank statements provided must be dated no earlier than 28 days before the date of application.

Additional documents such as sales of property or the liquidation of investment, proof of sale, proof of payment for professional service and taxes, and portfolio reports are required to prove the source of funds.

If you can withdraw cash immediately, you can also prove cash savings in your ISA or investment account. These savings also include accounts subject to penalties for withdrawing funds without notice. If you apply for a penalty, the amount of savings you currently have must be the amount including the penalty.

Income from stocks and stock sales would meet the definition of cash savings. However, a brokerage account in which funds are used by stockbrokers to purchase shares for the account holder is not enough. The required level of funds held in stocks and shares or bonds would need to be liquidated. Proof of ownership for at least 6 months prior to the date of application, proof of the cash value of the funds in that format or before the beginning of the 6 month period, and evidence of the transfer of funds into cash (through a portfolio report and bank statements) will then be required.

If your annual income is less than £18,600, you can combine cash savings with employment. It can also be combined with non-employment income such as rental income, dividends, maintenance payment, and pension income. Past earnings cannot be combined with current cash savings.

There is some flexibility in meeting financial requirements through multiple sources of income as well as cash savings. However, care should be taken to provide specific evidence and documents that clearly explain the source of the funds to meet the financial requirement.

For more information on financial requirements under Immigration Rules, or for advice and help regarding family visa applications, please contact 020 3865 6219, or leave a message.