Expat Forum For People Moving Overseas And Living Abroad banner

Status
Not open for further replies.
1 - 2 of 2 Posts

·
Registered
Joined
·
1 Posts
Discussion Starter · #1 ·
Hello,

I understand that if there is a shortfall in the gross salary that will be relied upon you can supplement this with cash savings. (16,000 + shortfall *2.5) My shortfall is very minimal and the savings route could be easier than getting two jobs.

I have read the guidance several times and I am still unsure on what can be counted towards cash savings.
My question is, if a person was to save the vast majority of their monthly wages, as this money accumulates over the 6 month period can it count as cash savings, or is this counting the same money twice?

In the Appendix FM 1.7: Financial Requirement August 2017 guidance doc. There is a paragraph that refers to the counting of money twice but, i'm not sure if this applies to me.

Any help will be much appreciated.

Excerpt from Guidance doc

7.1.5.

However, those who have held that employment at the level of income relied upon for less than 6 months at the date of application have in addition to show that they meet the financial requirement over the 12 months prior to the date of application. In doing so, they cannot combine their current cash savings with their past earnings over that earlier period, because this would not be an accurate indicator of the real level of financial resources available to the couple. It could also lead to the same money being counted twice, once as earnings and later as savings. A similar approach is taken towards those in self-employment, or in employment as a director or other employee of a specified limited company, who have to show their past earnings over the previous financial year(s): see section 9 of this guidance for further details.
 

·
Registered
Joined
·
5,558 Posts
If you've kept the required amount of savings at a steady level for 6+ months, it doesn't matter if that money was earned from your employment or paid into the same bank account. Since you need to show you have had the savings for at least 6 months, the funds would have been present before the current 6-month period used for employment earnings for the financial requirement (at least under Category A), so it's not really counting the same money twice.
 
1 - 2 of 2 Posts
Status
Not open for further replies.
Top