Financial support

[Yi_Feng]

For anyone that has experience with this, or knows the deal...

 

If one is unemployed...like myself, due to study and travel etc...

how does the consulate or whoever balance the equation?

 

If you dont have regular income, how about bank accounts etc, what is needed? Is it even possible to get through this without a regular income? I remember reading aat BCIS when I was filing that there were other ways of establishing support, so I was not worried, but now after talking to someone at the consulate I am getting worried, even though I remember being all set up regarding BCIS's charts, though whenever I talk to an actual individual, they only have vague answers that dont sound good...not a lot of facts or clear rules.....anyone know about this?

[Yi_Feng]

I realize the above post is very scattered and will likely get a very scattered response. so to be a bit more specific:

 

Imagine one had no income, and basicalyl empty tax status for the last three years, but substantial savings or assets. Can these savings or assets take the place completely of income? or only partially useable?

I remember BCIS saying that assets could replace income if the numbers were right, but now after some more investigating I am getting the feeling that perhaps even they dont know what they are talking about or they dont go by their own stated rules.

 

Does anyone know the actual numbers and the solid rules, if there are any?

I really dont want to ask my family members to get into this support stuff unless I really have to, and I may not even be able to. I hope someone can give me something solid here, sorry to bother.

M

[frank1538]

Take a look at http://uscis.gov/graphics/howdoi/affsupp.htm#poverty

 

For a family of two, the 125% amount is $15,612 for most of the US. You can also use 1/5 of you liquid assets to meet this amount if your income is insufficient.

 

If your income/assets can't get you there, you'll probably need a co-sponsor whose income/assets will meet the requirements.

[keelec]

Yi_Feng,

 

This topic comes up every few weeks. But, of course every case is different.

 

You need to have income above 125% of the National Poverty Level. I don't have the links here, but for you and a single dependent (your fiancee/spouse), it would be just under $16,000

 

They are supposed to count 20% of your assets (equity) towards the income requirements.

 

Thus, if you have a $100,000 in assets, that is equivilant to $20,000 in income and you would be fine (in theory).

 

Obviously this is based on equity so if you have a $200,000 house and a $190,000 mortgage, it would be a problem.

 

If you have more assets, I would have to ask why you don't have significant investment income, although, perhaps investments like realestate are difficult to show income with.

 

If income is a problem, then it is also possible to have a cosponsor fill out a second affidavit of support. Their income has to be sufficient to cover all their dependents plus your fiancee / spouse.

 

As I understand it, it is rare that a visa will get denied based on income, and frequently one isn't asked for income information. But, problems can occur if the numbers don't add up.

 

I hope this helps. Good Luck,

Clifford

[keelec]

You can also use 1/5 of you liquid assets to meet this amount if your income is insufficient.

Does it say "Liquid Assets"? That makes sense, but I believe that the forms are asking questions about things such as a home mortgage.

[mai ke shu shu]

So... based on the information in this thread, i have about US$26,000 in stocks that are "liquidable" immeidately, if needed. Plus, i work at the typical state-owned university teaching job in a mid-sized Chinese city. We've saved about US$3000 here.

 

Should I start lining up a co-signer or do u think we are home free?

[keelec]

So... based on the information in this thread, i have about US$26,000 in stocks that are "liquidable" immeidately, if needed.  Plus, i work at the typical state-owned university teaching job in a mid-sized Chinese city.  We've saved about US$3000 here. 

 

Should I start lining up a co-signer or do u think we are home free?

Ok,

 

For assets, if you have about $30,000 in assets.

 

Divide that by 5 and you get the equivalent of $6,000 in income.

 

Thus, you need to come up with an additional $10K of income to reach the 125% of the poverty level ($16K)

 

Apparently, sometimes the consulate ignores the financial stuff. Sometimes they ask for it. I have not heard whether or not the consulate is lenient with those who are living and working in China.

 

I wouldn't risk it. If you don't have the income, find a cosponsor.

 

You do not add the two incomes together. The cosponsor has to meet the minimum requirements themselves.

 

----- Clifford ------

[mai ke shu shu]

oh. okay. thanx Clifford for your eye opening help on that. So I guess Mom will be my cosigner. she has a $200,000 house as well as a $100,000 house, a volvo station wagon, some stocks worth about i think about $150,000. That's $90,000 a year? Did i do that right?

[keelec]

oh.  okay.  thanx Clifford for your eye opening help on that. So I guess Mom will be my cosigner.  she has a $200,000 house as well as a $100,000 house, a volvo station wagon, some stocks worth about i think about $150,000.  That's $90,000 a year?  Did i do that right?

Yes,

 

Skip the Volvo...

 

But, if the assets add up to $450K, then those alone would be equivilent to $90K in INS terms. That should be plenty to sponsor a half a dozen wives :D (you could go to Saudi :D )

 

Of course, if she is retired, she likely has stock dividends, Social Security, Retirement, and etc too.

 

---- Clifford -----

 

Oh, is the cosigner forms legally binding? Most people believe that it shows the ability to support the wife, but it is not a legally binding document requiring your mother to fork over $20K every year.

[mai ke shu shu]

My mom will be happy to hear that she could sponsor a few more wives. I'll just stay here and start collecting. But don't tell my "da fu ren". Oh well, that's was the way of the Chinese world PCR (pre-commie revolution) The Good old days....