I-864 Real Estate Assets

[Snirgeu 10]

Hello,

 

I wanted to ask regarding real estate assets on the I-864. My spouse and I live abroad and have an apartment that we own. I do not currently work so once my I-130 will be approved and I will need to file an I-864 I intended to list my spouse's foreign real estate assets. 

Since this apartment is under joint ownership, do I write half of the value under the beneficiary's foreign real estate value or the full one (obviously subtracting the mortgage)? I am asking because as far as I know, the petitioner can only use US real estate assets in the I-864 and foreign real estate assets may only be used by the beneficiary, however this apartment is not something my spouse owns on his own.

 

Appreciate the help!

[arken 4,197]

15 minutes ago, Snirgeu said:

as far as I know, the petitioner can only use US real estate assets in the I-864 and foreign real estate assets may only be used by the beneficiary,

Good for you that you are wrong. As long as the assets be converted to cash within 12 months, anyone can use any assets wherever  they are. You can put fifty fifty on sponsor's and immigrant's portion for the total full price.

 

 

[Snirgeu 10]

6 minutes ago, arken said:

Good for you that you are wrong. As long as the assets be converted to cash within 12 months, anyone can use any assets wherever  they are. You can put fifty fifty on sponsor's and immigrant's portion for the total full price.

 

 

I see. 

 

I'm asking because in 

 

https://citizenpath.com/faq/use-assets-i-864/

 

And in 

https://www.boundless.com/blog/foreign-assets-income-requirements/

 

It says the sponsor must use US based assets. 

[arken 4,197]

4 minutes ago, Snirgeu said:

I see. 

 

I'm asking because in 

 

https://citizenpath.com/faq/use-assets-i-864/

 

And in 

https://www.boundless.com/blog/foreign-assets-income-requirements/

 

It says the sponsor must use US based assets. 

I'd go by the official USCIS i864 instructions.

[Snirgeu 10]

8 minutes ago, arken said:

I'd go by the official USCIS i864 instructions.

Agreed. I did not see any reference to sponsor's foreign assets on the instructions, only the immigrant visa applicant but perhaps I missed it? Can you please direct me to where it appears? 

 

Thanks! 

[JeanneAdil 6,560]

from I 864 insturctions 

 

https://travel.state.gov/content/travel/en/us-visas/immigrate/i-864-affidavit-faqs.html#aos13

 

What can be used as assets?

Financial sponsors can only include assets that are convertible into cash within one year and without considerable hardship or financial loss to the sponsor and his/her family. Examples of assets easily convertible to cash are savings, stocks, bonds and property. Sponsors may include the value of their home. They may not include the value of their automobile, unless they can show they have more than one and the primary automobile is not included as an asset.

Can the immigrant visa applicant count assets that he or she owns that are outside the United States, such as real estate or personal property?

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 must be at least five times the difference between the sponsor's income and 125 percent of the poverty guideline for the household size.

The visa applicant needs to file a Form I-864A to have his or her assets included in the minimum income level calculations.

[arken 4,197]

16 minutes ago, Snirgeu said:

Agreed. I did not see any reference to sponsor's foreign assets on the instructions, only the immigrant visa applicant but perhaps I missed it? Can you please direct me to where it appears? 

 

Thanks! 

No references mean no restrictions. If they didn't want the foreign assets, they would call it out.

 

If I am driving and approaching an intersection and it has no any traffic signs on my side, i don't think on whether i stop, yield, or if i can make a U turn. I just go. It they want me to stop first n go, there will be a stop sign n like that.

Edited October 4, 2021 by arken

[pushbrk 12,979]

38 minutes ago, arken said:

Good for you that you are wrong. As long as the assets be converted to cash within 12 months, anyone can use any assets wherever  they are. You can put fifty fifty on sponsor's and immigrant's portion for the total full price.

 

 

Um, not the full price.  The full documented equity amount.  However, unless this is going to be enough to qualify (three times the income requirement) they'll need a qualified joint sponsor anyway.  

[arken 4,197]

1 minute ago, pushbrk said:

Um, not the full price.  The full documented equity amount.  However, unless this is going to be enough to qualify (three times the income requirement) they'll need a qualified joint sponsor anyway.  

I meant OP's understanding of the full (deducting any mortgage or any of such kind)

[pushbrk 12,979]

12 minutes ago, JeanneAdil said:

from I 864 insturctions 

 

https://travel.state.gov/content/travel/en/us-visas/immigrate/i-864-affidavit-faqs.html#aos13

 

What can be used as assets?

Financial sponsors can only include assets that are convertible into cash within one year and without considerable hardship or financial loss to the sponsor and his/her family. Examples of assets easily convertible to cash are savings, stocks, bonds and property. Sponsors may include the value of their home. They may not include the value of their automobile, unless they can show they have more than one and the primary automobile is not included as an asset.

Can the immigrant visa applicant count assets that he or she owns that are outside the United States, such as real estate or personal property?

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 must be at least five times the difference between the sponsor's income and 125 percent of the poverty guideline for the household size.

The visa applicant needs to file a Form I-864A to have his or her assets included in the minimum income level calculations.

The above is correct but there is further instruction for when the visa applicant is the spouse of the US Citizen petitioner/sponsor, that indicates no I-864a is needed and that only 3 X the income requirement is required.

[pushbrk 12,979]

Just now, arken said:

I meant OP's understanding of the full (deducting any mortgage or any of such kind)

Another issue is that because the applicant does not control the asset, it is not assured to be able to liquidate within a year.  The other owner must agree.

[arken 4,197]

8 minutes ago, pushbrk said:

Another issue is that because the applicant does not control the asset, it is not assured to be able to liquidate within a year.  The other owner must agree.

Agreed. I'm assuming the other owner, being OP's spouse and the intending immigrant, would agree. If no, they can live in their beautiful apartment for life. 😁

 

To add one more point: 

OP needs to see if there are any restrictions on exporting money out of that country. If I have assets in my other country, good luck for me using that for sponsorship. I cannot bring/transfer money from Nepal to the US (legally) and US embassy in Nepal knows it.

Edited October 4, 2021 by arken

[pushbrk 12,979]

6 minutes ago, arken said:

Agreed. I'm assuming the other owner, being OP's spouse and the intending immigrant, would agree. If no, they can live in their beautiful apartment for life. 😁

 

The OP's spouse is the half owner.  The OP has not indicated any ownership.  Nothing I've seen says who the other owner is.  Worst case, it's the intending immigrant's former spouse, but it could be a friend etc.

[arken 4,197]

11 minutes ago, pushbrk said:

The OP's spouse is the half owner.  The OP has not indicated any ownership.  Nothing I've seen says who the other owner is.  Worst case, it's the intending immigrant's former spouse, but it could be a friend etc.

I'm going by - 

1 hour ago, Snirgeu said:

My spouse and I live abroad and have an apartment that we own.

 

[pushbrk 12,979]

8 minutes ago, arken said:

I'm going by - 

 

Wondering why she doesn't mention it as joint property instead of he only owns half. If it is, then the property is only listed once at its full value, not twice as half for each of them.  OP needs to clarify the ownership.

 

Rereading explains she thought she couldn't use her half.  Carry on.

Edited October 4, 2021 by pushbrk