mithrandir_11 wrote:Hi everyone,
If the £200K funds are held overseas, do they have to be in cash? Or can stocks, shares etc be accepted as long as all the requirements for the letter stated in the guidance are met?
It seems strange that the bank statement for a UK account explicitly says funds must be in cash but looking at the letter from an overseas institution there is no mention of this requirement.
READ THE POLICY GUIDANCE BEFORE YOU POST OBVIOUS QUESTIONS!!!!
Paragraph 108 on Page 21 of 59 in the
Tier 1 (Entrepreneur) Visa Policy Guidance
108. The total amount of available money must be either at least £200,000; or at least £50,000, as applicable. If the money is held in several financial institutions, you must supply a statement from each institution.
▪▪The statements must be original documents and not a copy.
▪▪The bank or building society holding the money must be based in the UK and regulated by the FCA/PRA;
▪▪The money must be in cash in the account. We will not accept Individual Savings Accounts (ISAs) or assets such as stocks and shares;
▪▪The account must be in your own name only (or both names for an entrepreneurial team) only. You may use your money that is held in a joint account with your husband, wife, civil partner or unmarried or same-sex partner, but only if they are not applying to be a Tier 1 (Entrepreneur) migrant. Accounts in the name of a business or third party will not be accepted;
▪▪Each bank or building society statement must be on the institution’s official stationery and confirm each of the following details:
o Your name, the name of your team member if you have formed an entrepreneurial team or the name of your business;
o The account number;
o The date of the statement;
o The financial institution’s name and logo;
▪▪The bank or building society statement must have been issued by an authorised official of that institution.
Electronic statements: We will not accept printouts of electronic statements without either a supporting letter from the bank, on the bank’s headed paper, confirming the authenticity of the statements, or without the official stamp of the bank in question on each page of the statement.
