I-864 Assets in lieu of Income

[CarolynRitesh 0]

Hello!

I have been living and working in India on yearly contracts for the last 2.5 years (my latest contract ends June 30th) and I have a few questions about the I-864. We are hopeful that our interview will be in April to give us enough time for my husband to put in his notice at work, spend time with family, pack, etc. before the end of my contract.

It is my whole-hearted wish to complete my contract and leave with my husband rather than having any period of separation, or having to break my contract and leave early to get a job. (My parents have already agreed to provide the domicile.)

Questions:

I am a little confused on this point - when using assets, do we look at 3 times the poverty level, or 3 times the 125% of the poverty level? That little question makes a big difference in the amount of cash we need to have! ($42,000 versus $52,500!)

From other posts, it appears that the financial statements will only be reviewed up to the date of the interview, and not take into consideration our income til the end of my contract here in India or any pension fund money we will get upon the end of contract. (If you know of anything different, please let me know, as that money would put us over the 3 x poverty line level in cash assets!)

My husband has a certificate of savings for about $62,000 (USD calculations) in his and his father's name, but it is in a bank in India - we are checking right now to see the legal limits for taking money out of India per year. For me, it appears to be about $10,000 - I am not sure if it is a higher number for Indian citizens immigrating. Is anyone aware of such laws, and if they impact the decision of the consulate?

Will his professional status and likelihood of getting a good job be taken into consideration? He is an IT professional with 6-7 years of experience. In fact, his likelihood of getting a great job are higher than my own!

I know everyone's immediate thoughts will be: GET A SPONSOR! We have asked my parents and are currently awaiting their response, we are just trying to get everything ready in case they are not able to assist us.

Thanks!

Carolyn and Ritesh

[trailmix 77]

I am a little confused on this point - when using assets, do we look at 3 times the poverty level, or 3 times the 125% of the poverty level? That little question makes a big difference in the amount of cash we need to have! ($42,000 versus $52,500!)

It is 3 x 125%. link

From other posts, it appears that the financial statements will only be reviewed up to the date of the interview, and not take into consideration our income til the end of my contract here in India or any pension fund money we will get upon the end of contract. (If you know of anything different, please let me know, as that money would put us over the 3 x poverty line level in cash assets!)

Intended income cannot be used (pension fund money you have not received yet) nor can foreign income.

My husband has a certificate of savings for about $62,000 (USD calculations) in his and his father's name, but it is in a bank in India - we are checking right now to see the legal limits for taking money out of India per year. For me, it appears to be about $10,000 - I am not sure if it is a higher number for Indian citizens immigrating. Is anyone aware of such laws, and if they impact the decision of the consulate?

I'm not familiar with India's money policies, but as far as the I-864 - the funds have to be available within 1 year, so in theory, if the limit is 10,000 per year you could use 10,000 of this as part of your assets.

"Only assets that can be converted into cash within one year and without considerable hardship or financial loss to the owner may be included. The owner of the asset must include a description of the asset, proof of ownership, and the basis for the owner's claim of its net cash value".

Will his professional status and likelihood of getting a good job be taken into consideration? He is an IT professional with 6-7 years of experience. In fact, his likelihood of getting a great job are higher than my own!

No, not for the affidavit of support.

[trailmix 77]

Also wanted to mention that 3 x the 125% for 2008 (which will apply to you if you interview in April) would be 3 x 17113.00, so a total of $ 51339.00 for you and your spouse. link

[trailmix 77]

Also wanted to mention that 3 x the 125% for 2008 (which will apply to you if you interview in April) would be 3 x 17113.00, so a total of $ 51339.00 for you and your spouse. link

Rats, wouldn't let me edit that - for April and later this year it is 3 x 17,500 - so $52500.00 for you and your spouse - link