What is the £62,500 savings requirement for the UK Spouse/ Partner visa application?

03 Aug 2023, 37 mins ago

The UK spouse visa route is for individuals looking to join their spouse or partner in the UK. In this blog, we will look at the financial requirements  that will need to be met in order to submit a successful application under this category.

The financial requirement can be met in various ways. Depending on the circumstances, the applicant may rely on their own finances, those belonging to their partner, or the money they both own.

Many applicants satisfy the financial requirement by using income from salaried employment (with a minimum annual salary threshold of £18,600) or cash savings.

Cash savings

To rely on cash savings exclusively, the applicant must demonstrate that they and/or their partner have held at least £62,500 for a minimum of 6 months prior to the date of the application.

Why £62,500?

The Home Office has set the minimum level of cash savings at £62,500 based on their internal calculations.

Although quite technical, this figure is calculated by adding £16,000 (the level of savings at which a person generally ceases to be eligible for income-related public benefits) to £46,500.

£46,500 represents the minimum annual salary threshold of £18,600 multiplied by 2.5. The figure 2.5 stands for the number of years the visa is granted for.

Therefore, the calculation is: £16,000 + £46,500 = £62,500.

Helpfully, applicants may also combine savings with employment income to meet the requirement. In this case, the minimum level of cash savings required will reduce accordingly.

As evidenced above, the calculations can be quite complex. Therefore, it is crucial for a successful application to ensure that you are aware of the appropriate figures and are able to satisfy the requirement accordingly.

How Gherson can assist

Gherson’s Immigration Team are highly experienced in advising on UK visa matters. If you have any questions arising from this blog, please do not hesitate to contact us for advice, send us an e-mail, or, alternatively, follow us on TwitterFacebookInstagram, or LinkedIn to stay-up-to-date.

The information in this blog is for general information purposes only and does not purport to be comprehensive or to provide legal advice. Whilst every effort is made to ensure the information and law is current as of the date of publication it should be stressed that, due to the passage of time, this does not necessarily reflect the present legal position. Gherson accepts no responsibility for loss which may arise from accessing or reliance on information contained in this blog. For formal advice on the current law please do not hesitate to contact Gherson. Legal advice is only provided pursuant to a written agreement, identified as such, and signed by the client and by or on behalf of Gherson.

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