I-864 - how are assets computed? (merged)

[pswinontario 0]

I-864 - how are assets computed?

only for bank balance.

[pswinontario 0]

I-864 - how are assets computed?

I only wanna use my bank balance to use my assets.

[himher 634]

You seriously do not know how to compute your bank balance?

[himher 634]

Double post I believe.

Assets for bank balance are computed this way:

Add up all of the deposits you ever made. Then add all of the interest that you ever earned. Subtract all of the withdrawals that have ever been made then subtract all of the fees that have ever been charged. The calculated result is the balance.

Luckily - the bank computes it for you. So print the statement, put the balance under value of assets on the I864, and paper-clip the statement to the form. Then you will be good to go.

[pushbrk 12,220]

Enter the closing balance from your latest savings account statement. If it's three times the income shortfall, you would meet the minimum requirements.

[pswinontario 0]

Thanx a lot.

Does it make difference to US citizen or LPR...?

Enter the closing balance from your latest savings account statement. If it's three times the income shortfall, you would meet the minimum requirements.

[pswinontario 0]

Thanx HIMHER.

Can I just get a bank letter and Include it with I 864?

[Penguin_ie 5,986]

They like you to show a year's woth of bank statement to show that they money is really yours, ie someone didn;t just loan it to you for a few weeks to satisfy the I-864 and then will take it back.

[pushbrk 12,220]

Thanx a lot.

Does it make difference to US citizen or LPR...?

No difference.

They like you to show a year's woth of bank statement to show that they money is really yours, ie someone didn;t just loan it to you for a few weeks to satisfy the I-864 and then will take it back.

Six months is probably enough but either way, just ask your bank how to get a copy of the statement for each of the last 12 months. They'll have them available. Really!

[himher 634]

Thanx a lot.

Does it make difference to US citizen or LPR...?

The rules are this: USC's assets need to be 3x the difference between the USC's actual income and the I-864 required income

The intending immigrant's assets need to be 5X the difference between the USC's actual income and the I-864 required income

http://travel.state.gov/visa/immigrants/info/info_3183.html The explanation is not on the USCIS website it is on the State Dept website

The general rule for sponsorship:

The total net value of assets, less liens and liabilities against them, must equal five times the difference between the sponsor's income and 125% of the poverty level for the household size

The rule for USC sponsors for spouse or children:

Sponsors of spouses and children of U.S. citizens must only prove assets valued at three times the difference between the poverty guideline and actual household income.

The rule for the non-USC applicant:

Can the immigrant visa applicant count assets that he or she owns that are outside the United States

Yes, under the following conditions:

• The assets must be convertible to cash within 12 months
• The applicant must show that the assets can be removed from the country where they are located. Many countries have limits on cash or liquid assets that can removed from the country
• The net value of assets is at least five times the difference between the sponsor's income and 125 percent of the poverty guideline for the household size.

I had to sponsor through DCF from overseas with zero income. Though it would be good to have several months worth of bank statements I printed out (1) bank statement and (1) 401K statement on the day I filled out the I864 and attatched them to the I864. The didn't ask where the money came from or how long I had it. They do not exclude letters from the bank in the instructions as proof of assets so if that is the best you have then I would make sure that the letter is an original one and clearly identifies the bank and contact info of the person at the bank who filled out the letter.

[pushbrk 12,220]

The rule for the non-USC applicant:

Can the immigrant visa applicant count assets that he or she owns that are outside the United States

Yes, under the following conditions:

• The assets must be convertible to cash within 12 months
• The applicant must show that the assets can be removed from the country where they are located. Many countries have limits on cash or liquid assets that can removed from the country
• The net value of assets is at least five times the difference between the sponsor's income and 125 percent of the poverty guideline for the household size.

The above is correct but the source quoted fails to re-clarify that for the spouse or step child of a US citizen, the ratio is still 3 to 1, not 5 to 1.

For further clarification of this and my previous remarks, if the immigrant is related to an LPR instead of a US Citizen, the ratio is 5 to 1.

[himher 634]

The above is correct but the source quoted fails to re-clarify that for the spouse or step child of a US citizen, the ratio is still 3 to 1, not 5 to 1.

For further clarification of this and my previous remarks, if the immigrant is related to an LPR instead of a US Citizen, the ratio is 5 to 1.

Of course it's correct. It's cut and pasted directly from the accompanying link. As to the clarification - it was pointed out that 5X is applied to sponsors in general, 3X is applied only to US citizens sponsoring their spouse or children, and 5X is applied if the visa applicant (immigrant) wishes to include their assets on the I864. Are there any other choices?

As to the 3X rule:

The rule for USC sponsors for spouse or children:

Sponsors of spouses and children of U.S. citizens must only prove assets valued at three times the difference between the poverty guideline and actual household income.

This part of the referenced post pointed it out. Thanks for re-iterating it though

Edited July 28, 2013 by himher

[pushbrk 12,220]

Of course it's correct. It's cut and pasted directly from the accompanying link. As to the clarification - it was pointed out that 5X is applied to sponsors in general, 3X is applied only to US citizens sponsoring their spouse or children, and 5X is applied if the visa applicant (immigrant) wishes to include their assets on the I864. Are there any other choices?

As to the 3X rule:

The rule for USC sponsors for spouse or children:

Sponsors of spouses and children of U.S. citizens must only prove assets valued at three times the difference between the poverty guideline and actual household income.

This part of the referenced post pointed it out. Thanks for re-iterating it though

I understand you copied and pasted, so quoted correctly. However, the section you quoted is missing an important clarification. You didn't mis it. It simply wasn't there in that specific section. However, if the foreiner is using their own assets or combining them with their USC spouse, the ratio is still 3 to 1. 5 to 1 would apply to say a parent or sibling, for example. This is one of at least two places where this distinction is missing from the explanation. I'm explaining how it actually is, based on my own knowledge, not just quoting something often misinterpreted. Please learn. I'm informing, not arguing.

[himher 634]

I understand you copied and pasted, so quoted correctly. However, the section you quoted is missing an important clarification. You didn't mis it. It simply wasn't there in that specific section. However, if the foreiner is using their own assets or combining them with their USC spouse, the ratio is still 3 to 1. 5 to 1 would apply to say a parent or sibling, for example. This is one of at least two places where this distinction is missing from the explanation. I'm explaining how it actually is, based on my own knowledge, not just quoting something often misinterpreted. Please learn. I'm informing, not arguing.

if the foreiner is using their own assets or combining them with their USC spouse, the ratio is still 3 to 1

I will needing to be made aware of a direct source for this statement referring to use of assets of intending immigrant. It contradicts the posted source and it contradicts the application of the rules in regards to our own case.

The CO at the embassy told me that in order for me to use cash as a sponsor the assets had to be in an account with my name on it, otherwise they would apply the 5:1 rule to us. Based on the application of the rules to our case you are correct if the assets are combined in an account with the USC as a listed account holder and you are incorrect if the assets are in the intending immigrant's account.

I'm not arguing either. Was the CO incorrect in their application of the assets requirement to our case or not? If not, is it wise to advise other members otherwise?

[pushbrk 12,220]

A Consular Officer has broad discretion in making the public charge determination. They may have been quoting a specific Consular IV Unit Director's current policy. You're free to look it up in the FAM yourself.

Common examples of specific IV units doing as they decide would be Bangkok and Manila genrally not accepting cosponsors for K1 visas, where the vast majority of other Consulate's do. It's not always accurate to use your own experience with one case as a firm assertion of the ONLY way it IS.

All this said, meeting the minimum requirement is no assurance the CO will make the desired decision on public charge.