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New financial requirements - cash savings route

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jah710
Newly Registered
Posts: 2
Joined: Sun Jan 14, 2024 3:12 am
East Timor

New financial requirements - cash savings route

Post by jah710 » Sun Jan 14, 2024 3:37 am

I would like to know if anyone has any info or advice on how the cash savings route will be affected by the new 29,000 financial requirements.

My situation - I'm a UK expat looking to move back there with my Indonesian partner. We were originally planning to move in a couple of years, but with the new rules coming into place we thought we'd better move it forward.

We've been saving for a few years and I will finally have 62,500 in my account in a couple of weeks. The problem is, that's too late right, as it needs to be in my account for 6 months before applying, and the new financial requirements come into play before that.

Looking at their website, the current figure is 18,600 (minimum salary) * 2.5 (length of visa)+ 16000 (income tax threshold). So if they stick to the same formula I think the new cash savings figure should be 88,500. I've had a chat with my parents and they (just) have enough money to lend me to get over the line. So we would be able to apply in August with that amount.

But there hasn't been any announcement about cash savings yet that I know of. Does anyone have any info on when we're likely to find out? It's hugely risky - I would need to hand in notice at work and start prepping the application very soon, but we don't know yet what changes the government are going to announce. However if we wait until next year, there's no chance of us affording it.

Any insights?

AmazonianX
Respected Guru
Posts: 8127
Joined: Tue Jun 11, 2019 2:09 pm
United Kingdom

Re: New financial requirements - cash savings route

Post by AmazonianX » Sun Jan 14, 2024 6:01 am

No clarity on that as of now but if it will be as before formula your calculations on track.
Do note that a loan cannot be used towards meeting the route however cash gift from your parent will be accepted

jah710
Newly Registered
Posts: 2
Joined: Sun Jan 14, 2024 3:12 am
East Timor

Re: New financial requirements - cash savings route

Post by jah710 » Sun Jan 14, 2024 10:09 am

Thanks for the info, I'll be sure to label it a 'cash gift'. Let's hope it's enough...

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