Asset based sponsorship

[confusedasheck 21]

Does HCMC accept asset based sponsorship? By assets, I mean money in a US bank account or 401(k) in the event you don't have a job.

[Anh map 2,098]

Short answer: Yes. Assets are acceptable. The CO has discretion as to what is accepted. They do not have to consider everything that a sponsor lists as an asset.

If it's a sum f money that just appeared in your account a month or two ago you will really need to prove that it's been your money for a while (a year at least) or show how you recently came into that money (inheritance, lottery win, lawsuit settlement, etc.)

[JimVaPhuong 4,863]

If they apply the I-864 rules then a 401(k) probably wouldn't be considered. The rules state that it must be possible to convert an asset to cash within 12 months without undue hardship or financial loss. Cashing out a 401(k) before retirement comes with severe penalties - a financial loss.

[confusedasheck 21]

Thanks guys.

So I assume that it is safe to assume cash is the only acceptable "assest" to the HCMC consulate in lieu of a job? I still have a job, but the way things are with the US economy, I would like to plan for the worst case scenario.

The money has been in my bank account for several years. Any history of withdrawals or deposits with the bank will show nothing unusual. I don't have any large sum of money being deposited in a short time frame like that (and doubt I will).

I've read US $50,000 in cash is an acceptable amount. Any proof for this number?

[Dan_P 5]

Thanks guys.

So I assume that it is safe to assume cash is the only acceptable "assest" to the HCMC consulate in lieu of a job? I still have a job, but the way things are with the US economy, I would like to plan for the worst case scenario.

The money has been in my bank account for several years. Any history of withdrawals or deposits with the bank will show nothing unusual. I don't have any large sum of money being deposited in a short time frame like that (and doubt I will).

I've read US $50,000 in cash is an acceptable amount. Any proof for this number?

It depends on household size. say just two (you and your so), then you need $18,387 income (125% poverty line). If it's straight cash(no income) , it's 3x as much or $55,161.

if you have a household size above 2, you need more, just look at the 864p below at your household size, corresponding 125% poverty line, and multiply by 3.

http://www.uscis.gov/files/form/i-864p.pdf

it's also discussed in i864 instructions, part 7

http://www.uscis.gov/files/form/i-864instr.pdf

Note that 3x is for spousal or minor child based sponsorships. 5x is required for other types of sponsorships.

Edited August 4, 2011 by Dan_P

[Dan_P 5]

forgot to add (and can't edit my post), alien orphans are straight 1x the difference.

[JimVaPhuong 4,863]

So I assume that it is safe to assume cash is the only acceptable "assest" to the HCMC consulate in lieu of a job?

No, it doesn't have to be only cash. It just has to meet the I-864 requirement for an asset - can be converted into cash within 12 months without undue hardship or financial loss. In addition, you have to prove you own the asset and prove what it's cash value is. If there are any liens against the asset (the asset is collateral in a loan, for example) then the liens have to be declared and they'll be deducted from the declared value.

The I-864 gives the specific example of a vehicle, but states that you can't declare your only car since selling it would presumably make you a pedestrian, which they would consider to be an undue hardship.

The I-864 also says you can declare the equity in your home, but there's been some argument about that. Some say that the only way to truly cash out the equity in a home is to sell the home, and making yourself homeless would be an undue hardship. Others say that you could cash out the equity and keep the home with an equity line of credit, but still others argue that the subsequent lien from the HELOC loan would offset the cash you got from the equity, making it a wash. My personal take is that neither USCIS nor the US consulate gives a damn about any future debts or liabilities you might take on. They're more concerned about how much cash you can get your hands on in a pinch in order to make sure the beneficiary doesn't become a public charge, even if getting that cash means taking on debt. They just want a reasonable assurance you can get the cash if needed.

A retirement account can be declared, but only if the money can be withdrawn without penalty. For most types of retirement accounts, this means after age 59 1/2.

Investment instruments like stocks and bonds can usually be declared. Investment instruments that have an early cash-out penalty, like bonds and CD's, would usually need a maturity date sometime in the next 12 months.

All other types of personal assets can be declared, such as precious metals, art, and other tangible property that has a marketable resale value. As always, you have to prove you own it and prove it's cash value.

FWIW, the government can choose to disregard any or all assets you declare. The INA gives them the discretion to consider assets in lieu of income, but it doesn't require them to consider assets.

[Dan_P 5]

I 864 asks for last 3 years income and current year income, though, current year income is an estimate of course. I used my last years salary as my current salary, assuming that your income did not change much. If you just lost your job, you can use your last years salary, assuming that it is similar. Now, if you lost the job in January, and do the 864 in December, then that is not going to work.

Also, alternatively, you can get someone to joint sponsor to meet the requirement.

Thanks guys.

So I assume that it is safe to assume cash is the only acceptable "assest" to the HCMC consulate in lieu of a job? I still have a job, but the way things are with the US economy, I would like to plan for the worst case scenario.

The money has been in my bank account for several years. Any history of withdrawals or deposits with the bank will show nothing unusual. I don't have any large sum of money being deposited in a short time frame like that (and doubt I will).

I've read US $50,000 in cash is an acceptable amount. Any proof for this number?

[Hot Vit Lon 7]

Does HCMC accept asset based sponsorship? By assets, I mean money in a US bank account or 401(k) in the event you don't have a job.

Don't disclose ALL of your assets. Trust a lot, but verify first. If she knows a lot about your "gold mine", if in the future your relationship turns sour, you'd wish you didn't disclose that much info about your hard-earned gold mine!

And if her family knows exactly how much you have in reserve, it'll provide more encouragement to them to be dependent on your gold mine. It's free money and they know how to manipulate you for it ($$$), via their daughter.

Edited August 5, 2011 by Hot Vit Lon

[confusedasheck 21]

FWIW, the government can choose to disregard any or all assets you declare. The INA gives them the discretion to consider assets in lieu of income, but it doesn't require them to consider assets.

This is probably the key point which I was unaware of. They are not required to. Thanks.