How should I document Source of Funds in the UK Tier 1 Visa application?
I am preparing to invest from Saudi Arabia in the Tier 1 (Investor visa). I have some funds in the UK in various investments. Some funds will come from money I've inherited from a relative. What are the requirements and documentation required to show the source of funds?
The answer to this question depends on several factors. In general, if you have inherited money you must provide: (1) a notarized copy of the will, (2) a letter from a legal adviser confirming the validity of the will. The will itself must include the date of the will, the beneficiary of the will, the amount of money that your spouse/partner have inherited, the names of any executors, plus any codicils (additions) to the will that affect the amount of money that was received.
Thank you for your query regarding source of funds for a Tier 1 (Investor) application. To show you have the required investment funds, you must show how much money you have and where it is being held. You will also need to show that the money can be transferred to the UK and converted to sterling (if it is not already in the UK). In addition, if you have not held the money for at least 3 consecutive months (because you inherited it from a relative) you will need to show where the money came from. If you inherited the money under a will, you must provide: (1) a notarized copy of the will. This must clearly show the date of the will the beneficiary of the will, the amount of money you have inherited and the names of any executors plus any codicils (additions) to the will that affect the amount of money that was received. You also need (2) a letter from a legal adviser. The legal adviser must be permitted to practice in the country where the will was made. This must be an original letter, not a copy. The letter must show the name of the legal adviser, the name of the beneficiary, the date the letter was produced, the registration or authority of the legal adviser to practice legally in that country, proof the will is signed and valid, confirmation of the amount of money received, proof the will is valid according to the laws of the country in which it was made and, finally, the relationship between the person making the will and the beneficiary. Please note that the requirement to demonstrate source of funds is in addition to the requirement to evidence the investment funds themselves. You will therefore also need to demonstrate that the money is held in a regulated financial institution, is disposable in the UK and amounts to €2 million or more.
Documentation will depend upon applicants' personal circumstances and source of funding available or previous investment. When money is coming from various sources, you (and your immigration advisor) have to detail every source and documentation may vary from case to case.
The documents should be tailored to individual circumstances. You should instruct your solicitor to deal with your Tier 1 application for you.