K-1 with only assets question

[howdiedudie 0]

Does anyone know if around $60,000 USD in stocks would be an acceptable amount to petition for K-1 using I-134 and having the appointment in the Manila Embassy? I currently have been unemployed since early 2010, and have lived in Asia for the last 4 years, the last two being with my girlfriend in The Philippines. I started a business in 2011, though would have no tax records since I have not filed for this year. If we combine our assets, me and my girlfriend, we could have closer to $70,000 including bank accounts and some land in The US. Any help would be greatly appreciated, Thanks!!

[howdiedudie 0]

Anyone?

[howdiedudie 0]

Somebody?

[NigeriaorBust 4,087]

Assets only are rare at any embassy. You would probably be best also showing your less then one year business profits also ( assuming there is one ) You could also line up a co sponsor that you would not show unless at denial was going to occur otherwise.

[howdiedudie 0]

I guess I was just trying to see if anyone ever took this route. Or anything similar to it...

[Tahoma 2,292]

Here on VJ, I haven't seen an assets-only case at the U.S. Embassy Manila...or anywhere else for that matter. I imagine it would be a difficult case. You don't even have enough liquid assets to satisfy the minimum of three times the amount of 125% of the poverty level. They won't count your fiancée's assets. You also don't say whether you have any current sustained income from your business.

Are you domiciled in the U.S? I believe that's also one of the requirements for a successful case.

The U.S. Embassy Manila accepts cosponsors only on a case-by-case basis. There is no guarantee that they would accept a cosponsor. You might be better off if you were married in the Philippines and petitioned your wife with a spousal visa. At least then you could use a cosponsor.

[Tim/Mav 305]

Does anyone know if around $60,000 USD in stocks would be an acceptable amount to petition for K-1 using I-134 and having the appointment in the Manila Embassy? I currently have been unemployed since early 2010, and have lived in Asia for the last 4 years, the last two being with my girlfriend in The Philippines. I started a business in 2011, though would have no tax records since I have not filed for this year. If we combine our assets, me and my girlfriend, we could have closer to $70,000 including bank accounts and some land in The US. Any help would be greatly appreciated, Thanks!!

I seen this post a few days ago but avoided my replying so here is my thoughts; Find something that pertains to your circustance:

#1. $60,000.00 in USD Stock. The CMV changes everyday but to liquid the asset is also subject to Taxes. Whether the accummulation was a result of Cash Payments or a retirement plan. There is No early withdrawal plan here. Taxes will be have to paid. Using Stocks as an asset with be calculated on the CMV. If the money was accumulated in a retirement plan and you wish to sell shares then you face. A Broker Fee. A Upfront 20% Tax deducted from the Gross sale and a 10% penalty for liquiding your retirement. If the Stock was accumulated from cash then your tax rate is about 27%. SO. Your $60,000.00 (if your stock is worth the CMV) is about $42,000.00 and will require proof of the value or liquidating and turning into cash which is an asset. SO I DO NOT SUGGEST DOING THIS AT ALL.

Showing proof off your Portfolia is an Asset without liquidating but will not count as cash/savings.

#2. Is your business US based? You are not required taxes until 2011 and your Currant Income is most important. (keep in mind, depending on how you filed your new business that quarterly reports MAYBE required depending on how you filed this new venture.)

I was born yesterday so I know nothing about Stocks and Income Tax. You never got a statement to file 2010 taxes on your Portfolio? (But, you did not say that, you said this year)

#3. Your Finacee's $10,000.00 will not count as said below. You can LEGALLY have her deposit into your American Account / in your name and show as savings since your Intent is to Marry (Now thats a TEST) USCIS will see the deposit and just be honest. I'm not sure of the Tax consequences of this but I think there are none.

If your post is somewhat accurate: After taxes you have $52,000.00 in assets in cash combined. The key is: will Manila Accept Stocks not converted into cash? I don't know. Thats Immigration.

If your trying to meet the requirements then your stock is convertable into cash but taxed to death. The Current Income of the new business is the important issue without doing this extreme.

[Darnell 8,479]

If the stocks are in a retirement account of any type, take note of the 'convert to cash' hit that you'll take when converting prior to your retirement age - there's some math and percentages covered in your agreement, find it - study it.

I too, am an 'assets only' person, I not exist for almost 10 years as a 'citizen tax payer' but have huge amounts on the book as a 'corporate entity'. I paid out a dividend to myself about 18 months ago, a cash amount, it's been sitting in a saving account all of this time, and I actually payed individual income tax on it that year, as well. (that was fun, no)

IMO, yer amounts are borderline... take it with a grain of salt, though, as I not know anything about how the I-134 is adjudicated in the PI.

Edited September 17, 2011 by Darnell

[Tim/Mav 305]

If the stocks are in a retirement account of any type, take note of the 'convert to cash' hit that you'll take when converting prior to your retirement age - there's some math and percentages covered in your agreement, find it - study it.

I too, am an 'assets only' person, I not exist for almost 10 years as a 'citizen tax payer' but have huge amounts on the book as a 'corporate entity'. I paid out a dividend to myself about 18 months ago, a cash amount, it's been sitting in a saving account all of this time, and I actually payed individual income tax on it that year, as well. (that was fun, no)

IMO, yer amounts are borderline... take it with a grain of salt, though, as I not know anything about how the I-134 is adjudicated in the PI.

Good thought, I forgot. The Currant Market Value of the stock is not an indicator of its worth on the market. There is a BUY and a Sell Value. Well, we know the sell figure is lower.

Thanks for the hint on the extention Darnell. Sounds OK but no word yet.

[howdiedudie 0]

Thanks for the replies. The stocks are easily liquidated as they are personal account no brokerage firm. Will only pay small fee (100 USD) to liquidate and taxes wouldn't be large as long term capital gains under 31k is currently not taxed (0% rate) up until 2013. As for domicile, I have a permanent residence listed as my parents house, in which all bills and mail are sent to. Business is Asia based and income so far is rather low, under 2k USD, and work is based on contracts from hotels/resorts such as Shangri-La (I am running an entertainment company). Guess I just have to throw everything together and give it a test run.

[Tim/Mav 305]

Thanks for the replies. The stocks are easily liquidated as they are personal account no brokerage firm. Will only pay small fee (100 USD) to liquidate and taxes wouldn't be large as long term capital gains under 31k is currently not taxed (0% rate) up until 2013. As for domicile, I have a permanent residence listed as my parents house, in which all bills and mail are sent to. Business is Asia based and income so far is rather low, under 2k USD, and work is based on contracts from hotels/resorts such as Shangri-La (I am running an entertainment company). Guess I just have to throw everything together and give it a test run.

Oh my.! Your going to liquidate $60,000.00 in stock and only pay $100.00 with no Tax Implications. Well sell it then. Jump on that. Have them deposit that right into your account ASAP.

A Personal Account is taxed just like a Brokerage Account, the implecations are the same as far as taxes. I would strongly suggest you do futhur homework on your personal accounting.

Longterm Capitol Gains are less taxable than Short Term Gains. Even if you purchased your Portfolio with Pre-taxed monies, taxes are required.

The business in Asia does not qualify with US guildlines at $2000.00 per month USD for a petition as you know.

Good Luck.

[Tim/Mav 305]

Thanks for the replies. The stocks are easily liquidated as they are personal account no brokerage firm. Will only pay small fee (100 USD) to liquidate and taxes wouldn't be large as long term capital gains under 31k is currently not taxed (0% rate) up until 2013. As for domicile, I have a permanent residence listed as my parents house, in which all bills and mail are sent to. Business is Asia based and income so far is rather low, under 2k USD, and work is based on contracts from hotels/resorts such as Shangri-La (I am running an entertainment company). Guess I just have to throw everything together and give it a test run.

My own correction. Is the $2000.00 Before or After the bills are paid. ? $2000.00 per month is alot of money in another Country but is that before or after the bills are paid? In another Country I don't know what tax consequences are whatsoever.

You mentioned in your Original post you had property in the US. ? Land. Thats a Liquid Asset. Stocks are a Liquid Asset. ALL THIS IS MEANINGLESS. Like myself and lacking. Currant Income is important.

[howdiedudie 0]

The stocks are not a problem. They are long term, I know the taxes I will pay as far as invested/return. The question is, applying for k-1 with 60-70k in assets. And if the domicile is adequate, having my house in US as my parents house, all my bills are sent there even though I have lived in Asia for 4 years. I would completely discount current income and have a co-sponsor.

[Tahoma 2,292]

The stocks are not a problem. They are long term, I know the taxes I will pay as far as invested/return. The question is, applying for k-1 with 60-70k in assets. And if the domicile is adequate, having my house in US as my parents house, all my bills are sent there even though I have lived in Asia for 4 years. I would completely discount current income and have a co-sponsor.

Good luck with your visa journey. I hope you keep us posted on the outcome. I would be interested to know if your case is approved. One thing I would strongly suggest is for you to attend your fiancée's interview in order to personally make your financial case to the consular officer.

[Alcheringa 39]

Actually, I went through the Manila embassy unemployed with nothing but assets. Of course, I had been working for the Department of Defense, have an active security clearance, and my liquid (cash) assets totaled $170,000 -- so that likely had something to do with the ease with which we passed on through.

I suspect at $60,000 the decision may become a bit arbitrary on the part of the CO. Technically, you meet the requirements, but it by no means would be a slam dunk. Besides, if you do secure a co-sponsor the asset question is moot -- at least at the K-1 stage.