can £18600 savings substitute £18600 income

Hi board,
If an Indefinite holder wishes to sponsor its non European national partner then can £18600 savings in bank account can meet the requirements or £18600 should be through employment.
Regards

cool mind wrote:Hi board,
If an Indefinite holder wishes to sponsor its non European national partner then can £18600 savings in bank account can meet the requirements or £18600 should be through employment.
Regards

To rely on savings only you'll need £62,500.

Otherwise you can use savings to reduce the employment requirement but the first £16,000 is discounted so in this scenario only £2,600 would be counted.

Wanderer wrote:

cool mind wrote:Hi board,
If an Indefinite holder wishes to sponsor its non European national partner then can £18600 savings in bank account can meet the requirements or £18600 should be through employment.
Regards

To rely on savings only you'll need £62,500.

Otherwise you can use savings to reduce the employment requirement but the first £16,000 is discounted so in this scenario only £2,600 would be counted.

Thanks for your reply. So do you mean that first £16000 can be adjusted through the savings but rest of the difference must be fulfilled through employment?? Like in above scenario the rest £2600 should be through employment after adjusting the first £16000 through £18600 savings?? Is that correct or vice versa??

cool mind wrote:

Wanderer wrote:

cool mind wrote:Hi board,
If an Indefinite holder wishes to sponsor its non European national partner then can £18600 savings in bank account can meet the requirements or £18600 should be through employment.
Regards

To rely on savings only you'll need £62,500.

Otherwise you can use savings to reduce the employment requirement but the first £16,000 is discounted so in this scenario only £2,600 would be counted.

Thanks for your reply. So do you mean that first £16000 can be adjusted through the savings but rest of the difference must be fulfilled through employment?? Like in above scenario the rest £2600 should be through employment after adjusting the first £16000 through £18600 savings?? Is that correct or vice versa??

Not quite

Cash savings in excess of £16,000 are taken into account, any amount of savings above £16,000 is divided by 2.5. Thus where savings of £18,600 are held, the amount they can rely on for the purpose of the application is £18,600-£16,000 = £2,600/2.5 = £1,040.

So by my reckoning you will have to earn £18,600-£1,040 = £17,560 or more accurately £1,463.33 every month for the last six months.

How about self employment income. If a person earns £18600 through self employment then can it meet the income threshold requirement. On the other hand if a person doing both employment and self employment then whether the funds from self employment are adjustable if the income through employment is short to reach at £18600??

cool mind wrote:How about self employment income. If a person earns £18600 through self employment then can it meet the income threshold requirement. On the other hand if a person doing both employment and self employment then whether the funds from self employment are adjustable if the income through employment is short to reach at £18600??

Yes you can count both but SE income is counted over 12 months not 6.

Suggest you search the forum, these questions have all been answered before.

How about the borrowed money and can it be able to add to savings? And if savings are being used then how long the saving must have been possessed either at the time of application or the last 6/12 months?