super and liquid assets? help!!!! please!!

[razspaz13 30]

has anyone used the amount in their super as part of their liquid assets?

currently you can withdraw money from your super ( although be it a tax penalty)

we are afraid that with no sponsor and our house not yet sold, we should show the money in our super or maybe even take some out....

has anyone used their primary residence only in the affidavit of support?

head spinnin' and worrying....

cheers

[NigeriaorBust 4,087]

primary residence is normally not allowed as it violates the clause of "without causing financial harm" In other words it would be hard for the governemnt to sue and kick you out of your own place. Also the asset need to be inside the US

[Ning 619]

has anyone used the amount in their super as part of their liquid assets?

currently you can withdraw money from your super ( although be it a tax penalty)

we are afraid that with no sponsor and our house not yet sold, we should show the money in our super or maybe even take some out....

has anyone used their primary residence only in the affidavit of support?

head spinnin' and worrying....

cheers

I doubt anyone outside Australia knows what a super is.

Assets must be liquid.

[lilsadie 50]

Can we take our super out?

I looked into it and was told we could not? This would solve ALL of our issues if we could use this money!

[darin&josh 18]

I guess it would theoretically be possible to use superannuation funds as an asset. However, I think it would be very difficult to convince a CO at the Sydney Consulate that the funds are sufficiently liquid enough. For it to work you would have to establish and satisfy the CO that: 1) the funds can be accessed ( for instance, you are above the preservation age, or you have a component that is non-preserved), 2) the USD value after all fees, penalties and taxes were taken out if you withdrew all or part of the funds, 3) it can be accessed within 12 months, and 4) it can be accessed and transferred to the US from within the US.

Others may have more to add/clarify based on their direct experience, but it's my understanding you can use the equity (the difference between the mortgage and the value of the property established by a formal evaluation) in the residence as an asset for the purposes of the I-864 (also, I assume you are referring to your Australian home?*). Ideally, if there was no continuing income from either couple, then US-based savings and assets in the USC's name would be best, particularly as you would only need to demonstrate 3x the poverty line. Short of that, the beneficiaries and/or foreign assets can be used. Note, you will likely need to show these total 5x the poverty line.

Keep in mind that you are looking to convince the CO that you have sufficient resources to support the beneficiary, and it will come down to their judgement based on the evidence that you provide.

I'd recommend, if you haven't already, reading through the I-864 instructions in regards to assets: http://www.uscis.gov/sites/default/files/files/form/i-864instr.pdf

Also, see the FAQ in relation to the immigrant visa applicant using their assets for the purposes of the I-864: http://travel.state.gov/content/visas/english/immigrate/immigrant-process/documents/support/i-864-frequently-asked-questions.html

"Can the immigrant visa applicant count assets that he or she owns that are outside the United States, such as real estate or personal property?

Yes, under the following conditions:

• The assets must be convertible to cash within 12 months
• The applicant must show that the assets can be removed from the country where they are located. Many countries have limits on cash or liquid assets that can removed from the country
• The net value of assets is at least five times the difference between the sponsor's income and 125 percent of the poverty guideline for the household size."

*Note that some US embassy's advise that equity in the primary residence cannot be used as assets for the purposes of the I-864, for the reason stated by NigeriaorBust. However, there are posts where people have reported that embassy's/consulates have accepted them. Also, the I-864 instructions state that the the net value of the home can be used. In your case, it would come down to the protocols of the Sydney Consulate and CO.

[darin&josh 18]

*Note that some US embassy's advise that equity in the primary residence cannot be used as assets for the purposes of the I-864, for the reason stated by NigeriaorBust. However, there are posts where people have reported that embassy's/consulates have accepted them. Also, the I-864 instructions state that the the net value of the home can be used. In your case, it would come down to the protocols of the Sydney Consulate and CO.

Just to clarify, this is in relation to the petitioner's US primary residence. So the rule wouldn't necessarily apply to an Australian residence.

[razspaz13 30]

lil, have already taken money out of super yes it can be done, there are some reasons and it has to be documented, there is a dollar limit too

darin, thank you thank you so much, have looked at the info it seems to have a lot of variables, I guess perhaps the most important is what decision will be made, just knowing that some have accepted it is some good news. yes, it is for the Australian home. we have two cars that we own outright and are looking at selling one of those now.

appreciate any and all replies!!

cheers

[Rob L 3,811]

primary residence is normally not allowed as it violates the clause of "without causing financial harm" In other words it would be hard for the governemnt to sue and kick you out of your own place. Also the asset need to be inside the US

I don't think this is accurate. I am not sure about the "without causing financial harm" but the asset can be anywhere in the world as long as it can be liquidated inside of a year.