confused, what qualifies as assets on AOS???

[R and L 5]

Hi,

have a question again (!!!!) on assets...confused

Even though I haven't seen any mention in the NVC website (unless I'm just blind?) on that assets residing outside USA won't be many times accepted, I have understood this might be the case and better be prepared it is so. (And at least this is what the US consulate in Finland indicated when I asked them straight.)

BUT, even if our assets (my USC husband's apartments located outside US and my bank account in Finland) outside US won't work,

wouldn't his money in his USA checking account (25K) and fine art that is professionally appraised for at least 60K, be enough for the household size of 2 (my husband and myself)?

Does anybody have any idea if fine art is accepted? The professional appraisal is from well known auction house so you would think it doesn't seem to be a problem to liquidating the art within a year's time either?

I'm just confused that is this actually enough, or should we just keep on working in getting a joint sponsor?????

Feeling very much confused! :bonk: :bonk: :bonk:

[Done--Really 331]

What the instructions on the I-864 say is that the assets must be convertible into cash within a year and not cause any financial hardship. So cash, stocks,bonds, IRA, etc are all easily convertible. The equity in a home is convertible, the value of a SECOND car, and so on. But a house outside the US may or may not be easily convertible plus in some countries it is hard to get the cash out of the country, Fine art might be an issue unless you can show that it is easily convertible to cash within a year, but even if it can be converted, it almost certanly would get a haircut becasue the appraisl doesn't guarantee a sales price.

Is there an income stream from the apartments--if yes and it will continue after he comes to the US, it can be used as income--not an asset, but income.

[R and L 5]

What the instructions on the I-864 say is that the assets must be convertible into cash within a year and not cause any financial hardship. So cash, stocks,bonds, IRA, etc are all easily convertible. The equity in a home is convertible, the value of a SECOND car, and so on. But a house outside the US may or may not be easily convertible plus in some countries it is hard to get the cash out of the country, Fine art might be an issue unless you can show that it is easily convertible to cash within a year, but even if it can be converted, it almost certanly would get a haircut becasue the appraisl doesn't guarantee a sales price.

Is there an income stream from the apartments--if yes and it will continue after he comes to the US, it can be used as income--not an asset, but income.

Thank you so much again, Magical! I was hoping you would answer!!

Ok, so the fine art might be little bit on the borderline for being accepted or not. In some sense would think liquidating it is the same challenge as a house, but then again there are more house buyers than fine art buyers. Just feels bad asking our friends to be a joint sponsor, but looks like it is just what we have to do.

THANK YOU!! :)

[Anh map 2,098]

Also keep in mind that the test on assets includes: Only assets that can be converted into cash within one year and without considerable hardship or financial loss to the owner may be included. As magical pointed out, a CO may not be willing to accept art based on the hardship/financial loss aspects. A forced quick sale could yield a much lower price.

With cash and anything else easily "portable" showing a history of ownership is important. A CO will be reluctant to consider assets that have been recently acquired to be sure the asset isn't just being "parked" in a sponsor's account/possession for immigration purposes. Typically showing ownership of cash for 12 months (via bank statements for example) is a good thing.

[Navyk 78]

Thank you so much again, Magical! I was hoping you would answer!!

Ok, so the fine art might be little bit on the borderline for being accepted or not. In some sense would think liquidating it is the same challenge as a house, but then again there are more house buyers than fine art buyers. Just feels bad asking our friends to be a joint sponsor, but looks like it is just what we have to do.

THANK YOU!! :)

If your own I-864 is on the borderline or even a bit more, NVC may treat it as fine but the Consulate in most cases insist on a joint sponsor. Don't feel bad, go for a Joint sponsor.

Just to encourage you I am let you know that my wife was asked if she can provide a joint sponsor to make her case strong, eventhough I have more than 125% level for the last 3 years and current making more than 100,000 (was a student till this May). Once she submitted my Dad's I-864, the interview became simple and easy. I know people who got 221G, eventhough they had 125%, asking for joint sponsorship.

[R and L 5]

Thanks a million Anh map and Navyk!! Truly appreciate it!

Yeah, it feels more and more essential to have a joint sponsor, it's just not so easy to ask people about that.

It's a heavy thing to sign but hopefully they understand. Still unsure if our friend agrees to do it.