Not Enough Funds

[purplepple]

Hi ya!

I need regarding proof of funds. I submitted my application for Skilled Worker category in March 2004. I submitted proof of funds at that time. In Sept 2007, I received a letter asking for updated documents, including updated proof of funds.

Unfortunately, I already spent a significant amount of that money to buy a condominium unit and invest in business. Now, I don't have enough funds that meets the required amount.

Will my application be denied if I submit proof for less than the amount required? If I take out a loan, it will show a large amount recently deposited to my account. Will that be questioned by the immigration officers?

What should I do in this situation?

[Richter]

I think you will find that London is the only visa office which will accept a valuation of property together with mortgage statement to show equity as proof of funds.

With regards to a loan, I believe that the funds must not be subject to any finance arrangement and must be 'unemcumbered'. Also, any large deposits into bank accounts at this stage are likely to throw up a red flag and will be investigated. I know that some immigration consultants have said that even gifts from family can cause problems.

Certainly with regards to the simplified application process (Sept 06 onwards), you are expected to have the money in the bank or the property equity (London only) when applying. I am not sure what the situation is with applications before this time.

Perhaps someone else has experience of this?

[purplepple]

Can I try saying in my cover letter that the money went to buy a property but if I get the permanent residence visa, I will sell that property to finance my stay in Canada while I'm still looking for work?

[Richter]

I seriously think you need to take some professional advice on this very quickly. If you write a letter like that they will just refuse you a visa. As I mentioned, property values are only taken into account if you apply through London. You need cash in the bank.

I think the only way to get in without minimum required funds is to get a job offer.