How to navigate the UK spouse visa's financial requirements using cash savings

In 2024, the UK government increased the income threshold for those applying for a spouse visa. We explore an often forgotten way to reduce this amount with cash savings.

Since 2012, UK Visas and Immigration (UKVI) has required that UK spouse visa applicants (officially known as a “family of a settled person” visa) meet a minimum income threshold. In early 2024, this threshold increased from £18,600 to £29,000, making it more challenging for some.

Unfortunately, further increases may be on the horizon. Reports suggest that this figure is set to increase to £34,500 later in the year and £38,700 in early 2025.

However, there's a lesser-known way to reduce this income requirement by combining employment income with cash savings. Here, we break down how this option works and how it can help you meet the financial requirements for your visa.

UK spouse visa financial requirements

To secure a UK spouse visa, the British/Irish or settled partner must demonstrate financial stability without needing public funds. This can be done through employment income, self-employment income, or certain benefits, pensions or investments. Currently, the income requirement is £29,000 per year.

If the couple holds cash savings of £88,500 in a bank account for at least six months, they automatically meet the financial requirements. But the good news is that if you have cash savings of more than £16,000, these savings can be used to lower the income threshold.

See also: Why your UK spouse visa may have been refused

How to reduce the income requirement using cash savings

To work out how much your cash savings can reduce the income requirement, you can use the following formula:

Cash savings - £16,000 ÷ 2.5 years = the amount that can reduce the income requirement.

For example, if you and your partner have AUD 80,000 in joint savings held for at least six months, this is how you can use the formula to reduce the income threshold:

£41,000 (AUD 80,000) – £16,000 ÷ 2.5 years = £10,000

In this case, you can reduce the income requirement by £10,000, bringing the total income requirement to £19,000 for both overseas income and the British spouse’s job in the UK.

With potential increases to the income threshold, knowing about this cash savings option could be the key to avoiding unnecessary stress when applying for your visa.

Important details to consider

Keep in mind that cash savings cannot be combined with self-employment income or employment income if the sponsor has not been with their current employer for at least six months. Make sure you review all the details before applying.

Understanding and planning around these financial requirements can make the process smoother and improve your chances of a successful visa application.

---

At Sable International we're here to assist. If you have any questions about obtaining a UK visa, switching to a different visa or extending your current visa, get in touch with our Australian office at +613 (0)86514500 or ausoffice@sableinternational.com.