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What are the guidelines for using a gift as a source of funds for the U.K. Tier 1 Investor Visa?

Multiple family members have pooled funds so that I can stay in the U.K. on the Tier 1 Investor Visa after I finish my studies. I am 19 years old and am beginning the process now so that I can hopefully have permanent residency by the time I hope to work. With so many people giving money to me, I am a little uncertain how to document my ownership of the funds.

Answers

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    Nadine Goldfoot

    UK Immigration Advisor
    Answered on

    It is not uncommon for funds to be gifted to a prospective Tier 1 Investor so he or she can meet the investment threshold. If the funds have been gifted and held for less than 90 consecutive days before the date of the application then it is necessary for the applicant to evidence the source of the funds. They can do so by submitting an irrevocable memorandum of gift, together with a letter from a legal adviser in the country where the gift is made. These documents must contain certain specified information and can be complex to prepare, so Investors should seek legal advice where a gift is involved. If the gifted funds have been held in the bank account of the applicant for at least 90 consecutive days before the date of the application, then there is no need to produce additional evidence as to the source of the funds. This may be the more straightforward way to proceed if you have been gifted money from multiple sources.

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    Emil Manasyan

    UK Immigration Advisor
    Answered on

    Where the funds are coming to you as a gift from family members, you will need to provide an irrevocable memorandum of gift and letter from a legal adviser for each. This may be avoided if you allow the funds to stay in your account for at least 3 months.

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    Helena Sheizon

    UK Immigration Advisor
    Answered on

    It is very important that you get legal help with the application as the requirements are very strictly prescribed.

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