Advice on where to hold investment fund needed

[kath16]

Hi,

We are a team, A is in UK as student, B is outside UK. We plan to apply from outside UK. The funds are in UK in 2 accounts: (i) A's spouse account in UK, transferred from the A bank account from outside UK; (ii) one in B's relative in UK (B doesn't have a UK account).

Should we transfer all the money to A's account in UK? Or keep the funds as is and the relative of B can be 3rd party/sponsor/investor? Reading the HO guide we don't see an option of relative being sponsor, but funds must be in our names and if not for 90 days then 3rd party comes into picture.

Can someone please advise?

Thank you very much.

[zimba]

Keeping the funds in A's account means that B has no access to it. Keep the funds with 3rd party for now, get the declaration from the 3rd party who will make the funds available to both of you. Apply, get your visas, open a joint account here and then ask the third party to transfer your funds there. Then move the funds which is now under both of your names from the joint account to your business. This is to avoid facing any future problems with HO and extension.

[kath16]

Thank you very much Zimba for your quick reply. What I was afraid is both A and B will not get points if funds are in 3rd party's accounts, who is just a relative of B, not spouse of A or B. If that counts and will get points, I will be happy to keep funds in 3rd party's account. This is final point in our application. Can you please confirm?

Thank you very very much for your help.

[kath16]

B's relative (C) has approached their bank and first reaction was they can confirm C holds 200k in current account but can't mention anything about A and B. It's not a standard service. Can anyone name a UK bank who will sign document 1 on page 83 of current guidance? Without it I am afraid 3rd party letter in document 2 and legal representative letter will be useless.

Grateful for your help.

[zimba]

Thank you very much Zimba for your quick reply. What I was afraid is both A and B will not get points if funds are in 3rd party's accounts, who is just a relative of B, not spouse of A or B. If that counts and will get points, I will be happy to keep funds in 3rd party's account. This is final point in our application. Can you please confirm?

Thank you very very much for your help.

I looked again at the rules and it seems that money cannot be in 3rd party account. So The best approach is to transfer the money to A's account, get the 3rd party declaration from the relative and make sure A also provides a 3rd party declaration that the money is available to B for investment

[kath16]

Many thanks, Zimba. I am really grateful for your help, both mentally and physically.

[kath16]

Thank you very much Zimba for your quick reply. What I was afraid is both A and B will not get points if funds are in 3rd party's accounts, who is just a relative of B, not spouse of A or B. If that counts and will get points, I will be happy to keep funds in 3rd party's account. This is final point in our application. Can you please confirm?

Thank you very very much for your help.

I looked again at the rules and it seems that money cannot be in 3rd party account. So The best approach is to transfer the money to A's account, get the 3rd party declaration from the relative and make sure A also provides a 3rd party declaration that the money is available to B for investment

Hi Zimba, I looked at it again and realized A will be in the same situation as B's relative as no bank will sign doc 1 on page 83 of the guidance. So more likely A will get the visa, not B if we transfer funds to A. But it's still safer than B's relative being 3rd party?

[zimba]

A will hold the money and B gets no to access to it, then B could be rejected visa. (However the rules say that your partner can have access to funds as well but I heard rejections on the this basis here)
Given that you are applying from outside, the safest option is a third party declaration (to cover for 90 days) Also better to funds held in a joint overseas bank account back home.

[kath16]

To cover for 90 days means C (B's relative) holds it in bank for 90 days before A and B apply? It looks like C will be able to get a letter from bank saying they know of C's intention to make money available to A and B. Do they still need to wait for money to be in C's new account at this bank for 90 days? The funds will be transferred from various C's accounts in UK, and in those accounts they have been there for more than 90 days. Will those money trails count towards 90 days?

Another option is A and C open joint account at the bank and after 90 days A and C make 3rd party letter to B?

Many thanks for your advice.

[kath16]

To cover for 90 days means C (B's relative) holds it in bank for 90 days before A and B apply? It looks like C will be able to get a letter from bank saying they know of C's intention to make money available to A and B. Do they still need to wait for money to be in C's new account at this bank for 90 days? The funds will be transferred from various C's accounts in UK, and in those accounts they have been there for more than 90 days. Will those money trails count towards 90 days?

Another option is A and C open joint account at the bank and after 90 days A and C make 3rd party letter to B?

Many thanks for your advice.

Hi Zimba, can you please shed a light on these? Many thanks.

[zimba]

90 days period applies to the the applicants not the 3rd party. You or your partner can apply if you hold the money for more than 90 days in your own accounts. Otherwise if any of you hold the money for less than 90 days, you need third party declaration that the money has been made available to you by a third party.
As I mentioned above, money cannot be in the possession of the 3rd party.

C must transfer money to A. As it is kept than 90 days, C gives A a declaration that the money is made available to A to be used by A and B. A also declares that money is in his possession and available to B

[kath16]

Thank you very much Zimba. It's clear C can't even hold joint account with A but A has to have the money and we still need bank letter and 3rd party declarations. Grateful for your advice.

[kath16]

Hi Zimba,
Sorry I am back to this to be entirely sure. Is 41-SD-c-(i)-4 below the reason for money should be in A's account, not C's? Reason for my question is there's a risk for A gets visa but not B, then A can't use the visa anyway. If leave funds at C then if they get visa, both get it, if not, A just continues to use his dependent visa. Then we have an option of transfer to A's for them to reapply as a team. Appreciate your thought.

(ii) For money held in the UK only, recent personal bank or building society statements covering a consecutive 90-day period of time, with the most recent statement being dated no earlier than 31 days before the date of the application, from each UK financial institution holding the funds, which confirms the amount of money available. Each statement must satisfy the following requirements:
....
(4) the account must be in the applicant’s own name only (or both names for an entrepreneurial team), not in the name of a business or third party;

[zimba]

Yes, that is the reason. In any case, there is a risk involved in the application. You need to be strategic and choose the least risky option

[v3]

Hi

what option did you go with ? I am in same boat

[v3]

Hi Keith
Two question

1. WRT to your comment

"the account must be in the applicant’s own name only (or both names for an entrepreneurial team), not in the name of a business or third party;"

In my case A has a limited company and is sole director of the company. The money will be in the business account Is that OK ?

Also is there a template somewhere to show declaration that money in A's business account is available to B too. Also any other templates available would be great .

2. Does the money need to be in account for 90 days before we apply ?