Meeting the UK Spouse Visa Financial Requirement in 2024

One of the many requirements for getting a UK spouse visa is proving that you can support your spouse and yourself financially without using public funding. Meeting a certain income level is one typical method, but another appropriate option to meet this need is to use savings. Let’s look at how you may use your savings to satisfy the 2024 financial requirement for the UK Spouse Visa.  

For non-British nationals, the UK Spouse Visa is an option if they want to travel to the UK with their partner or spouse for an extended period of time. You can live in the UK with your partner and work at the same time with this visa. After fulfilling certain residency requirements—which often call for an ongoing presence in the UK—holders of spouse visas are eligible to apply for Indefinite Leave to Remain (ILR), which confers permanent resident status. 

Saving required for meeting the UK spouse visa financial requirements 

£16,000 is the bare minimum needed to count, in part or in full, on savings in cash for a spouse, parent, or children visa application.  

As per the guidelines in Appendix FM of UK’s Immigration rules, a financial standard is set for the candidates applying for entrance clearance (authorisation to enter the UK) or leave to remain (authorisation to stay in the UK) under some family visa category. To be qualified, candidates need to demonstrate they have an annual gross income of £29,000. The amount is calculated using the simple formula below: 
 
[{Total Savings Required} = {Annual Income Shortfall} x 2.5) + £16,000 ] 

While applying for a UK visa, saved money can be used to meet the financial requirements of £29,000 yearly. For a duration of 2.5 years, we need to multiply £29,000 by 2.5, which equals to £72,500. In addition to that, a total of £16,000 will be required. Hence, you need to show a total of £88,500 as savings to fulfil the financial requirement. 

Although income is a typical way of achieving financial requirements, significant savings can also do so. Here’s how you can use your funds to meet the requirements at various levels:  

For Current Financial Threshold (£29,000),  you can make up for an income shortfall of £29,000 with cash savings of £88,500.  

Once the bar is raised to £34,500 (later in 2024), candidates will need to have £102,250 in cash reserves.  

Further Increase to £38,700 in 2025, candidates will have to show £112,750 in cash savings.  

Rules for fulfilling the financial requirement for UK spouse visa through savings  

Appendix FM-SE of the UK immigration regulations contains particular instructions on how to use savings to satisfy the financial requirements for a UK spouse visa.  

First off, the money has to be kept in cash in a savings or personal account, either jointly owned or only in the name of the applicant or their spouse. The money ought to be easily accessible, and the account should be with a financial institution authorised by the relevant regulatory agency.  

The savings must have been kept in the account for a minimum of six months prior to the application date. To ensure transparency, the source of these savings must be disclosed on the visa application. The savings may be acquired through any lawful means, including bequests from kin or acquaintances.  
 
Cash savings can be combined or supported by various other sources of income, including paid work (e.g., a regular job), non-salary labour (e.g., freelancing), non-employment income (e.g., renting), and pension payments (e.g., funds from retirement). But these cannot be included with self-employment income (e.g own shop) or earnings as a limited company director.  

How to calculate your income requirements based on your savings 

In case your savings are between £16,000 and £88,500, it can be used to meet the financial requirements for the visa application. But in case the savings are less than £88,500, you will need another source of income to fill the gap.  

For example: If you have £25,000 in savings, (£25,000 – £16,000) ÷ 2.5 = £3,600. Deducting £3,600 from the total threshold of  £29,000, you would need an additional £25,400 from another income source to meet the requirement.  

If you currently have £40,000 preserved so (£40,000 – £16,000) ÷ 2.5 = £9,600. In order to reach £29,000, you would require an additional £19,400 from another source of income. 

It’s significant to remember that the minimum income requirement does not increase or rise regardless of the number of dependent children. Hence, the required level of cash savings remains unchanged. 

Important updates for UK spouse visa financial requirements in 2024 

2024 will see some major changes or reconsiderations to the financial requirements for a UK spouse visa. As of April 11, 2024, all UK families are required to have a minimum income of £29,000. The bar is expected to rise further £34,500 later in 2024 and £38,700 by early 2025 which means that applicants will need to meet higher revenue thresholds to qualify for a UK spouse visa. 

These changes will affect the applicants in the following ways: 

New Applications After April 2024: Those without a five-year partner spouse visa need to have a UK partner who earns at least £29,000.  

Applications Filed Before April 2024: Applications filed before April 2024 will be evaluated using the prior £18,600 minimum income threshold.  

Those who are currently in the UK on a spouse visa under the five-year route (before April 2024) will still be assessed under the £18,600 income threshold for extensions, leave to remain, or permanent settlement.

For individuals holding a different visa category and wishing to shift to the five-year partner route (a visa particularly for spouses or partners of British residents or stable entities), you will be required to show an annual income of at least £29,000 

How can spouse visa solicitors assist you with your spouse or any other family visa?  

It is particularly difficult to bring spouse or family members to the UK due to the complexity of UK immigration rules. It is important that you seek professional guidance so that your application has a high chance of getting approved. 
 
At Claim Time Immigration, we have dedicated solicitors specialising in UK family and spouse visas. We can help you every step of the way – from confirming your eligibility, assisting you with the application to dealing with visa refusals, judicial reviews, and appeals, if necessary.
 
For expert advice and guidance on applying for your UK visa and to greatly improve your prospects of a successful application, contact us today on 0800 970 2727, or by using the online enquiry form. We can ensure your family moves to the UK without hassle and with confidence.