savings as offset

[bolin786 21]

Hi,

I was told in the past that if you have savings in the bank you can offset a deficit in income requirements. Let say that you are just $1,500 off a year with a family of three (fiancée plus her daughter). If you have at least $7,500 in the bank that money will secure the offset. I think you have to be able to provide sufficient funds to support over three years, although some people say five years. Please clarify,

Also has this money have to be place in a trust assigned for this special purpose?

Thanks

[Gary and Alla 3,694]

Hi,

I was told in the past that if you have savings in the bank you can offset a deficit in income requirements. Let say that you are just $1,500 off a year with a family of three (fiancée plus her daughter). If you have at least $7,500 in the bank that money will secure the offset. I think you have to be able to provide sufficient funds to support over three years, although some people say five years. Please clarify,

Also has this money have to be place in a trust assigned for this special purpose?

Thanks

This is true. Savings are an "asset" and will be divided by 3 for a family visa for consideration as an offset. To offset a $1500 shortfall you need $4500 minimum in assets. I would give several copies of bank statements to support this. Why?

SOME consulates take a dim view of CASH as assets because CASH is too easily "moved around". Mommy gives you $7500, you get the visa and Mommy gets her $7500 back. Get it? Consulates have the option NOT to consider assets if they want, or to pick and choose what they do consider. Give them 6 months of bank statements showing deposits to this account and they will have a much easier time accepting it.

[JimVaPhuong 4,863]

Hi,

I was told in the past that if you have savings in the bank you can offset a deficit in income requirements. Let say that you are just $1,500 off a year with a family of three (fiancée plus her daughter). If you have at least $7,500 in the bank that money will secure the offset. I think you have to be able to provide sufficient funds to support over three years, although some people say five years. Please clarify,

Also has this money have to be place in a trust assigned for this special purpose?

Thanks

It's not about years. It's about the relationship between the sponsor and the immigrant. We'll start out by presuming that the consulate will apply the I-864 rules, which most seem to do. The I-864 rules say that the value of the assets must be five times the income shortage UNLESS you are sponsoring your spouse or minor child, in which case the assets must be three times the income shortage. For the purpose of the affidavit of support, consulates usually treat the K1 beneficiary and any of their derivative minor children as 'spouse' and 'minor child', since this is what they will be when you submit an I-864 for adjustment of status.

Bear in mind that the consular officer has wide discretion with the I-134. They can look at your income and ignore your assets, and tell you to get a joint sponsor or deny you altogether. Generally speaking, I think the chances of them doing this increase as your income falls farther below the minimum required level, and if the assets are barely enough to offset the shortage. This isn't about hitting a magic number with a combination of income and assets. It's about making the CO comfortable that the immigrants will be supported at the required level for as long as the law requires. How ####### they want to get about this depends on the consulate, and even the particular consular officer.