Assets in lieu of Income

[JLJoseph 16]

This is my first time posting and I am hoping someone here can clarify a few questions that I have about the income requirements for a K-1 Visa (fiance').  Just as background, I am engaged to a woman in the Philippines so Manila will be the embassy processing her visa. I spent 7 months there and have been engaged since February. I started the K-1 process a month ago.

 

I have read conflicting information about the use of assets in stead of income for the spouse visa. Some of the lawyers publishing on line have said that you can only use assets instead of income for a spousal visa but that for a fiance' visa, all of the income must be ordinary. I am a stock trader and have been for ten years. I trade my own money and it never yields an income but a capital gain. The last five years I have been semi retired and have really not traded much so I don't have any real income. I live off savings. I am only 54.

 

I have assets though and I pretty much live on those. I have $400,000 dollars in savings, $120,000 in an IRA, and a house worth about $480,000. Will the embassy accept those assets as a substitute for an income for a fiance' visa???

 

I also read that the Manila embassy was not looking at the I-134 lately. Is that accurate or just something that has only happened to a few people? Any advice or information would be greatly appreciated.

 

JJ

[Ben&Zian 4,398]

14 minutes ago, JLJoseph said:

This is my first time posting and I am hoping someone here can clarify a few questions that I have about the income requirements for a K-1 Visa (fiance').  Just as background, I am engaged to a woman in the Philippines so Manila will be the embassy processing her visa. I spent 7 months there and have been engaged since February. I started the K-1 process a month ago.

 

I have read conflicting information about the use of assets in stead of income for the spouse visa. Some of the lawyers publishing on line have said that you can only use assets instead of income for a spousal visa but that for a fiance' visa, all of the income must be ordinary. I am a stock trader and have been for ten years. I trade my own money and it never yields an income but a capital gain. The last five years I have been semi retired and have really not traded much so I don't have any real income. I live off savings. I am only 54.

 

I have assets though and I pretty much live on those. I have $400,000 dollars in savings, $120,000 in an IRA, and a house worth about $480,000. Will the embassy accept those assets as a substitute for an income for a fiance' visa???

 

I also read that the Manila embassy was not looking at the I-134 lately. Is that accurate or just something that has only happened to a few people? Any advice or information would be greatly appreciated.

 

JJ

 

By just your savings alone you should be fine. The other is just extra but definately can use it. And yes it is true that the Manila Embassy sometimes does not even ask for the I-134. For what reason, not sur, but always go prepared.

 

They did not want to see the I-134 I provided for my partner; but also on the original I-129f petition, it states me job and been with same ocmpany for 6 years now, so perhaps that made them not even want to look, where as someone like yourself perhaps, who technically I suppose could say "Unemployed" or "Self Employed" they may want to see it you know?

[JLJoseph 16]

Ben and Zian.                          Salamat.

[KFettario 0]

17 hours ago, JLJoseph said:

This is my first time posting and I am hoping someone here can clarify a few questions that I have about the income requirements for a K-1 Visa (fiance').  Just as background, I am engaged to a woman in the Philippines so Manila will be the embassy processing her visa. I spent 7 months there and have been engaged since February. I started the K-1 process a month ago.

 

I have read conflicting information about the use of assets in stead of income for the spouse visa. Some of the lawyers publishing on line have said that you can only use assets instead of income for a spousal visa but that for a fiance' visa, all of the income must be ordinary. I am a stock trader and have been for ten years. I trade my own money and it never yields an income but a capital gain. The last five years I have been semi retired and have really not traded much so I don't have any real income. I live off savings. I am only 54.

 

I have assets though and I pretty much live on those. I have $400,000 dollars in savings, $120,000 in an IRA, and a house worth about $480,000. Will the embassy accept those assets as a substitute for an income for a fiance' visa???

 

I also read that the Manila embassy was not looking at the I-134 lately. Is that accurate or just something that has only happened to a few people? Any advice or information would be greatly appreciated.

 

JJ

Well, I was told that assets could ONLY be used if you were already married. That the consulate looking at granting a fiancé visa would not consider assets in stead of income. I think you need to speak to some people that HAVE been successful using assets. You have substantial assets but if you get to the interview and they say... nope... you are out of luck. In Manila they won't even let you use a co-sponsor.  I would get a regular job quickly.... just my 2 cents worth.   Someone else chime in here.....