Upgrading my Visa to Tier 1 and Maintenace Funds

Hello all,

Had a few questions that I am hoping someone may be able to answer. Thanks in advance!

Background: I am currently in the UK on a Tier2 Visa, this visa expires in Feb 2011 and normally I would renew it. However, my company has told me it’s time for me to come home and that they need me to work out of the States going forward.

This isn't really what I want so I have decided to look for a new Job. I have some potential offers lined up however a few of them said they don't think they will be able to sponsor me and would like me to get a Tier 1 Visa.

I've looked on line and rolling from a Tier 2 to a Tier 1 does not seem to bad and very straight forward. I meet all the criteria except one, maintenance funds.

I have gone under the required 800 pounds as I often send money back home to put into stocks/bonds/retirement etc etc. So I was looking and it said I can have 2500 pounds in overseas cash. Well, I don't have that in cash...only stocks.

I guess my questions are:
This 800 pounds, do they examine your statements daily, or monthly? I always take out 1000 pounds on the 25th to send home, but I get paid on the last day of the month every month. So at the end of every month I always have around 3x the 800 limit.

Is stocks really not allowed? I know its liquid, but I mean i guess the market would have to hit 0 for me to completely broke.

Is converting from a tier 2 to tier 1 easy enough? No other hiccups I have to worry about besides the above?

Anything else I should know?

Thanks in advance!
-D

Darren870 wrote:Hello all,

Had a few questions that I am hoping someone may be able to answer. Thanks in advance!

Background: I am currently in the UK on a Tier2 Visa, this visa expires in Feb 2011 and normally I would renew it. However, my company has told me it’s time for me to come home and that they need me to work out of the States going forward.

This isn't really what I want so I have decided to look for a new Job. I have some potential offers lined up however a few of them said they don't think they will be able to sponsor me and would like me to get a Tier 1 Visa.

I've looked on line and rolling from a Tier 2 to a Tier 1 does not seem to bad and very straight forward. I meet all the criteria except one, maintenance funds.

I have gone under the required 800 pounds as I often send money back home to put into stocks/bonds/retirement etc etc. So I was looking and it said I can have 2500 pounds in overseas cash. Well, I don't have that in cash...only stocks.

I guess my questions are:
This 800 pounds, do they examine your statements daily, or monthly? I always take out 1000 pounds on the 25th to send home, but I get paid on the last day of the month every month. So at the end of every month I always have around 3x the 800 limit.

Is stocks really not allowed? I know its liquid, but I mean i guess the market would have to hit 0 for me to completely broke.

Is converting from a tier 2 to tier 1 easy enough? No other hiccups I have to worry about besides the above?

Anything else I should know?

Thanks in advance!
-D

Your best friend would the policy guidance. Read it thoroughly and most of your queries will be answered.

Some excerpts from the policy guidance.

Page 33

"203. Applicants in the United Kingdom seeking further leave to remain must have at least £800 of personal savings which must have been held for a consecutive 90 day period prior to the date of application"

You will have to maintain this amount for the 90 days, not a penny less.
In regards to your query regarding whether stocks are allowed as maintenance, another excerpt from policy guidance from page 33

"210. Evidence must be in the form of cash funds held in an account (this includes savings accounts and current accounts even when notice must be given). Other accounts or financial instruments such as shares, bonds, pension funds etc, are not acceptable, regardless of notice period."

aruni4470 wrote:

Darren870 wrote:Hello all,

Had a few questions that I am hoping someone may be able to answer. Thanks in advance!

Background: I am currently in the UK on a Tier2 Visa, this visa expires in Feb 2011 and normally I would renew it. However, my company has told me it’s time for me to come home and that they need me to work out of the States going forward.

This isn't really what I want so I have decided to look for a new Job. I have some potential offers lined up however a few of them said they don't think they will be able to sponsor me and would like me to get a Tier 1 Visa.

I've looked on line and rolling from a Tier 2 to a Tier 1 does not seem to bad and very straight forward. I meet all the criteria except one, maintenance funds.

I have gone under the required 800 pounds as I often send money back home to put into stocks/bonds/retirement etc etc. So I was looking and it said I can have 2500 pounds in overseas cash. Well, I don't have that in cash...only stocks.

I guess my questions are:
This 800 pounds, do they examine your statements daily, or monthly? I always take out 1000 pounds on the 25th to send home, but I get paid on the last day of the month every month. So at the end of every month I always have around 3x the 800 limit.

Is stocks really not allowed? I know its liquid, but I mean i guess the market would have to hit 0 for me to completely broke.

Is converting from a tier 2 to tier 1 easy enough? No other hiccups I have to worry about besides the above?

Anything else I should know?

Thanks in advance!
-D

Your best friend would the policy guidance. Read it thoroughly and most of your queries will be answered.

Some excerpts from the policy guidance.

Page 33

"203. Applicants in the United Kingdom seeking further leave to remain must have at least £800 of personal savings which must have been held for a consecutive 90 day period prior to the date of application"

You will have to maintain this amount for the 90 days, not a penny less.
In regards to your query regarding whether stocks are allowed as maintenance, another excerpt from policy guidance from page 33

"210. Evidence must be in the form of cash funds held in an account (this includes savings accounts and current accounts even when notice must be given). Other accounts or financial instruments such as shares, bonds, pension funds etc, are not acceptable, regardless of notice period."

Yea I saw that. Just wasn't sure if it was a monthly review or daily.

So follow up questions, since I am living in the UK does my maintenance funds have to be local, or can they be from overseas?

Also is Tier 2 to Tier 2 allowed? I am guessing its probably hard to be approved, no?

Thanks,
D

The maintenance fund need not be local, it can be from overseas.

Tier 2 to Tier 2??? If you meant tier 2 to tier 1, yes it is allowed and a lot of people do switch.

aruni4470 wrote:The maintenance fund need not be local, it can be from overseas.

Tier 2 to Tier 2??? If you meant tier 2 to tier 1, yes it is allowed and a lot of people do switch.

Egh by Tier 2 to Tier 2 I should have meant is It allowed to have my Tier 2 visa moved to a different company if they choose to sponsor me?

Would this be difficult?

Darren870 wrote:

aruni4470 wrote:The maintenance fund need not be local, it can be from overseas.

Tier 2 to Tier 2??? If you meant tier 2 to tier 1, yes it is allowed and a lot of people do switch.

Egh by Tier 2 to Tier 2 I should have meant is It allowed to have my Tier 2 visa moved to a different company if they choose to sponsor me?

Would this be difficult?

Yes, if that new company is ready to sponsor you.

aruni4470 wrote:

Darren870 wrote:

aruni4470 wrote:The maintenance fund need not be local, it can be from overseas.

Tier 2 to Tier 2??? If you meant tier 2 to tier 1, yes it is allowed and a lot of people do switch.

Egh by Tier 2 to Tier 2 I should have meant is It allowed to have my Tier 2 visa moved to a different company if they choose to sponsor me?

Would this be difficult?

Yes, if that new company is ready to sponsor you.

Thanks for the help!

So it looks like the earliest I can apply for a Tier 1 visa is late December. My current tier2 intra company transfer visa expires at the end of Feb. The company has told me they want me to come home when it expires.

I have another offer lined up with a global company to stay in the UK. They asked which visa i think I should get. I thought tier 2 might be easier since there is a limited number of applicants for tier 1. Am I right in saying this? Is a tier 2 easier? They are willing to sponsor me.

Also, what is the time line I have? I'm guessing if my visa expires and they can't get the new one fast enough I am just not allowed to work, correct? My dependents visa expires in Jan, what does that mean for her? Is there any grace period?

Thanks!
D

I have another offer lined up with a global company to stay in the UK. They asked which visa i think I should get. I thought tier 2 might be easier since there is a limited number of applicants for tier 1. Am I right in saying this? Is a tier 2 easier? They are willing to sponsor me.

Check Sponsored skilled workers to see if you qualify

Also, what is the time line I have? I'm guessing if my visa expires and they can't get the new one fast enough I am just not allowed to work, correct?
Yes, you cannot work without a valid visa My dependents visa expires in Jan, what does that mean for her? Is there any grace period? They would have to extend their visa and if they cannot then they have to leave.

aruni4470 wrote:I have another offer lined up with a global company to stay in the UK. They asked which visa i think I should get. I thought tier 2 might be easier since there is a limited number of applicants for tier 1. Am I right in saying this? Is a tier 2 easier? They are willing to sponsor me.

Check Sponsored skilled workers to see if you qualify

Also, what is the time line I have? I'm guessing if my visa expires and they can't get the new one fast enough I am just not allowed to work, correct?
Yes, you cannot work without a valid visa My dependents visa expires in Jan, what does that mean for her? Is there any grace period? They would have to extend their visa and if they cannot then they have to leave.

Great, this helps a lot! Guess the last thing is then, when I am doing the switch from Tier 2 (Intra company) to Tier 2 General do I have to resubmit all my documentation again? My diploma and everything?

Most of it is in storage in the states...only reason I ask.

Thanks,
D