£88,500 Cash Savings to Meet Spouse Visa Financial Requirement
- Details
- Written by: Wembley Solicitors
You can meet the Spouse visa financial requirements by using cash savings of £88,500 if you and your partner have you have no income and no children.
You need more than £88,500 in cash savings if you are applying for a Spouse visa with any dependent children (under 18) to meet the financial requirements.
If you have cash savings of less than £88,500, you may still be able to meet the Spouse visa financial requirements by combining cash savings and income. In this case, you must have cash savings of £16,000 or over. Whether you can use a combination of income and cash savings will depend on the source of the income.
The financial requirements that an applicant must meet to make a successful spouse visa application are set out in Appendix FM of the Immigration Rules.
Table of Contents
- How to calculate cash savings of £88,500?
- Cash savings for spouse visa calculator 2024
- How to meet spouse visa financial requirements?
- Spouse visa minimum income requirements of £29,000
- Combination of cash savings with other income sources to meet the requirement
- What types of accounts are acceptable for holding savings?
- Does the cash have to be in the UK?
- What documents are required to prove cash savings?
- What are the requirements for a UK Spouse visa application?
- UK Spouse visa processing time
- How much does a UK Spouse visa cost?
- Solicitors for UK Spouse visas
- FAQs: Spouse visa cash savings
- Need legal advice & assistance?
How to calculate cash savings of £88,500?
You will need £88,500 in savings to meet the financial requirement of a Spouse visa if you have no other income and no children.
The formula to calculate the amount of savings needed is:
Total Savings Required = £16,000+(Income Shortfall×2.5)
- First, you must identify the lowest amount as seen in the bank account in the 6 months before submitting your Spouse visa application.
- Then, minus £16,000 from this amount as the first £16,000 of cash savings cannot be counted towards the financial requirement.
- Then, divide this amount by 2.5
Cash savings for spouse visa calculator 2024
The following calculations are to be used for those applying for a Spouse visa and cash savings are being used to meet the financial requirement of £29,000.
Example: Assuming you have no children and no income
- Required annual income: £29,000
- Current annual income: £0
- Income shortfall: £29,000
- Calculate the cash savings using the formula: £16,000+(Income Shortfall×2.5)
According to the above example and formula:
- Total Savings Required = £16,000+(£29,000×2.5)
- Total Savings Required = £16,000+£72,500
- Total Savings Required = £88,500
How to meet spouse visa financial requirements?
You can meet UK Spouse visa financial requirements by using your employment income which is currently £29,000 gross per year or using cash savings of £88,500.
Different ways to meet the Spouse visa financial requirements:
- Via gross annual income of at least £29,000; or
- Via £88,500 in cash savings (if solely relying on cash savings, with £0 income); or
- Via a combination of employment income and cash savings (depending on the source of the income).
Spouse visa minimum income requirements of £29,000
From 11 April 2024, the minimum income requirement of a UK Spouse or Partner visa is increased from £18,600 to £29,000 gross per year.
To meet the financial requirements of a UK Spouse visa application, you and your partner must have a combined income of at least £29,000 gross per year. You need to meet this income threshold requirement if you want to settle in the UK within 5 years.
Combination of cash savings with other income sources to meet the requirement
You can combine cash savings with other income sources, such as employment, self-employment, or pension income, to meet the financial requirement. The combined amount must meet or exceed the required threshold.
What types of accounts are acceptable for holding savings?
The savings can be held in any cash savings account, such as a bank or building society account. The account must allow instant access to the funds (i.e., they should not be in a fixed-term or investment account where access is restricted).
The account must be held in a financial institution regulated by the appropriate regulatory body for the country in which the institution is operating.
Does the cash have to be in the UK?
It is not mandatory to have all the cash savings physically held in the UK to meet the financial requirement of a spouse visa application via cash savings. All or some of the money can be held overseas.
What documents are required to prove cash savings?
You will need to provide the following documents:
- Bank statements covering at least the six months before the Spouse visa application.
- A letter from the bank confirming the amount, the length of time the funds have been held, and that the funds are accessible.
What are the requirements for a UK Spouse visa application?
The main requirements for a UK Spouse visa application are as follows:
- Both, you and your partner must be 18 or over;
- You need to prove that your relationship is genuine and you intend to live together permanently in the UK;
- You need to meet the financial requirements to prove that you can support your family without seeking public funds;
- You must meet the requirement of adequate accommodation;
- You must satisfy the English language requirements to prove your knowledge of the English language.
You must meet all other requirements depending on your circumstances. Feel free to ask a question to our expert immigration solicitor regarding your Spouse visa application.
UK Spouse visa processing time
Currently, the UK Spouse visa application processing time is 24 weeks if applying from outside the UK. Time starts from the date of your appointment at the visa application centre.
You should usually get a decision on your Spouse visa within 8 weeks if applying from inside the UK.
How much does a UK Spouse visa cost?
Currently, the fee for a UK Spouse visa application is £1,846 if you are applying from outside the UK and £1,048 for inside applications excluding IHS fees.
Find out the latest Family visa fees and Immigration Healthcare Surcharges (IHS).
Solicitors for UK Spouse visas
Our expert team of UK immigration solicitors and lawyers will be able to assist you with any type of UK Family visa or immigration application.
Immigration solicitors at Wembley Solicitors will:
- Provide detailed immigration advice.
- Assess your personal circumstances and eligibility for a UK Family visa.
- Assess the eligibility of your sponsor.
- Explain the entire UK Family visa application process.
- Give you a completed checklist of documents according to the type of visa application and your circumstances.
- Check all the supporting documents to ensure that they are sufficient and in the correct format.
- Fill out the complete application form and prepare detailed representations/cover letters for the Home Office UKVI in reference to the Immigration Rules.
- Book an appointment for you to enrol your biometrics.
- Upload all the supporting documents.
- Liaise with the Home Office UKVI throughout the process until we receive the decision.
- Keep you updated with every stage of your application.
Contact our UK Family visa solicitors in Wembley, London on 020 3417 3700 or fill in the enquiry form for immediate legal advice & assistance with your UK visa application.
FAQs: Spouse visa cash savings
The £88,500 is calculated based on the requirement to cover the £29,000 annual income shortfall over 2.5 years (30 months). The calculation is as follows: £16,000 (disregarded amount) + (£29,000 * 2.5) = £88,500.
Yes, the cash savings must have been held in your or your partner's name for at least six months before the Spouse visa application date.
Yes, the cash savings can be in any currency, but you must provide evidence of the equivalent amount in GBP (British Pounds). Currency conversion must be based on the exchange rate on the date of the application, and the funds must meet the required amount in GBP.
If your savings are in a foreign currency, you must ensure that the amount meets the required threshold in GBP based on the exchange rate on the date of the application. It is advisable to maintain a buffer above the minimum requirement to account for any fluctuations in the exchange rate.
No, borrowed money cannot be counted towards the cash savings requirement. The savings must be held in your or your partner’s name and must not be subject to any loan or debt.
Need Legal Advice & Assistance?
We provide expert advice, practical assistance, and professional representation to guide you through the application and decision-making process, from start to finish.
We're authorised and regulated by the Solicitors Regulation Authority (SRA), so you know you're in safe hands.
Contact our solicitor today to get legal advice and assistance with your UK immigration matters.
You can call us on 02034173700 or leave your details here for a callback request regarding your legal matter.
