editor Anyone who’s looking to move to Britain needs to jump through a number of financial hoops, as the UK’s Home Office uses financial criteria to judge if applicants or sponsors have the personal finances necessary to support themselves in the UK. But what are these financial requirements? And how do they differ across a variety of different visas?
It’s absolutely essential that prospective applicants are in the know when it comes to the type of job they need to have to be eligible for different visa categories and the amount they need to earn per year or have saved up in preparation for the process.
This guide will take you through how all of the UK visa financial requirements work, whether you’re applying for a family visa, a skilled worker visa, or taking another immigration route. We’re going to tell you the different types of income that are accepted, how your savings will be assessed, and the documentation you’ll need to evidence these. So, without any further ado, let’s jump in.
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Why Financial Requirements Are Important
Before we get into the nitty-gritty details, let’s first just cover off why financial requirements are necessary in the first place. From the UK government’s point of view, proof of an applicant’s financial circumstances evidences their likely contribution to the country’s economy, as well as providing vital context about their background and the potential for their future.
Although it’s dependent on the type of visa, applicants can expect to provide evidence of:
- Income (from employment, self-employment, properties, or pension)
- Savings
- Maintenance funds
- Financial sponsorship
Family Visas
Any applicants who are applying for family members will need to pass the financial requirements, which, in this case, involve demonstrating either qualifying income, cash savings, or a combination of the two.
On the income front, sponsors are typically required to meet a threshold of £29,000 per year, but as alluded to above, this can be met through employment income, self-employment income, income from properties you own, or income from a pension. If the sponsor’s income is lower than £29,000 per year, then savings can be used to compensate, though it isn’t as straightforward as just matching the shortfall with the equivalent in savings.
Because the UK Home Office disregards the first £16,000 worth of savings and only counts the amount saved above that figure. It’s tricky to wrap your head around, but don’t worry – here’s an example. Let’s say you’re earning £25,000 per year, and therefore have a shortfall of £4000.
To find out how much you need to have saved, you would need to do a couple of calculations.
First, multiply the shortfall by 2.5, so in this case, that would be 4000 x 2.5 =10,000. After that, add your total to 16,000, so in this case, that would be 10,000 + 16,000 = 26,000. This means that overall, if you were earning £25,000 per year and wanted to sponsor a family member with a family visa, then you would need to have at least £26,000 in cash savings.
For applicants who are solely relying on savings and not income, the threshold is clear and straightforward: £88,500. If you’re asked for supporting evidence, then that can include payslips, bank statements, employment contracts, or – if you’re self-employed – tax documents. Those who are intending to rely solely on their savings should have clear records that prove their ownership of their funds and their source.
It is also worth noting that if you are looking into getting a spouse visa, then the financial thresholds are the same as for a family visa, though the evidence is different.
Skilled Worker Visas
Skilled worker visa financial requirements differ from the family route, as most applicants are able to meet the criteria/certify maintenance because of their sponsoring employer. But where maintenance isn’t certified, things get a bit more complicated because applicants will need to prove that they have £1270 in savings and that said savings have been held for at least 28 days. If applicants have a partner or any dependents, then there are additional costs involved: £285 for their partner, £315 for their first child, and £200 for each additional child.
Financial requirements for Skilled Worker visas differ from those for family routes. Many applicants meet the maintenance requirement through certification provided by their sponsoring employer. Where maintenance is not certified, applicants may need to demonstrate that they hold sufficient funds to support themselves when arriving in the UK.
Student Visas
The financial requirements for student visas are, unsurprisingly, very specific to higher education’s financial framework. So it perhaps isn’t surprising that applicants for student visas will need to prove that they have sufficient funds to pay for tuition fees and cover their living costs. This maintenance cost will vary depending on the student’s location; students in London will need £1483 per month, whereas students outside London will need £1136 per month. Applicants will need to hold these funds for 28 consecutive days before they apply.
How to Prepare Financially
If you prepare properly, you’re far more likely to have a well-organised visa application. My best advice is to review the financial requirements of your visa category far in advance, so you can set the wheels in motion when it comes to your strategy.
This might then consist of looking for a job with a slightly higher salary, saving enough money every month so that you’re able to meet the threshold within a specific period of time (though make sure that this is realistic), and keeping track of evidence and paperwork along the way. Alternatively, if you’re struggling to keep track of so many spinning plates, you could also seek help from a financial advisor.
Conclusion
If you’re applying for a skilled worker visa, a student visa, or a family or spouse visa in the UK, then you need to be aware of the financial implications for yourself and your loved ones, as each route comes with a different set of requirements. To give yourself the best opportunity of successfully moving, prepare your finances accordingly in line with your chosen visa’s non-negotiable requirements.
