The financial requirement for a Skilled Worker
If you are applying for entry clearance (where you are outside the UK and seeking permission to enter as a Skilled Worker), either you must have funds of at least £1,270, or your sponsor must certify that they will, if necessary, maintain and accommodate you up to the end of the first month of your employment, to an amount of at least £1,270.
Where you are within the UK and seeking permission to remain as a Skilled Worker, if you have been in the UK for less than 12 months on the date of application, either you must have funds of at least £1,270, or your sponsor must certify that they will, if necessary, maintain and accommodate you up to the end of the first month of your employment, to an amount of at least £1,270.
Where you must show that you have held funds of at least £1,270, you must demonstrate that the required funds have been held for a 28-day period, calculated by counting back from the date of the closing balance on the most recently dated piece of financial evidence covering the whole 28-day period.
Accounts relied on must be in your name (either alone or as a joint account holder). You must have control of the funds.
Funds may be held in any form of personal bank or building society account (including current, deposit, savings, pension from which the funds can be withdrawn or investment account) provided the account allows the funds to be accessed immediately. Funds held in other accounts or financial instruments such as shares, bonds, credit cards, pensions from which the funds cannot be withdrawn immediately, regardless of notice period, will not be accepted as evidence of funds.
Funds will only be considered if they are held in a financial institution which uses electronic record keeping, which is regulated by the appropriate regulatory body for the country in which that institution is operating, and only where the decision maker is able to make satisfactory verification checks.
Overdraft facilities will not be counted towards meeting financial requirements. Promises of future third-party support will not be accepted as evidence of funds.
If funds were earned or acquired when you were in the UK, they must have been earned or acquired lawfully and while you had permission and was not in breach of any conditions attached to that permission.
Where money is held in one or more foreign currencies, this will be converted into pound sterling (£) using the spot exchange rate which appears on www.oanda.com for the date of the application.
If you are applying for permission to stay (where you are within the UK and seeking permission to remain as a Skilled Worker) and if you have been in the UK with permission for 12 months or longer on the date of application, you will meet the financial requirement and do not need to show funds.
If you want to apply for a Skilled Worker Visa and need my specialist advice, feel free to contact me. Please note that I am an accredited immigration adviser, not an employee of the UK Visas and Immigration. I charge fees for the advice provided.