Visa applicants are required to prepare and submit a list of documents whether they are applying for a Visitor visa, Study visa, Work permit, and Residency visa. In this article, we will talk about the financial documents that we show as proof of funds to support our stay in the host country.
Finalization & encoding of the financial documents involves proper study and planning of applicant’s financial proofs and resources. Applicants must show their earning source, salary slips, account balance, and tax slips.
By showing the proof of funds we show the visa officers that we have sufficient funds to support our visit to their country. Proof of funds should be readily available to applicants which means they can’t use the equity on the property as proof of funds.
A proof of funds statement ensures that the applicants will be able to bear his or her expenses during their stay in the host country.
Which proofs are accepted?
For proofs, you must have an official letter given by the bank or financial institution where you are keeping your funds.
Letter issued by Bank or Financial institutions must:
- Be printed on Banks letterhead
- Include your name or the sponsor who is financing your stay
- List outstanding debt such as credit card and outstanding loans
- Include each current bank and investment account in use (must add account numbers, Opening date of bank account, the current balance in the account, the average balance of last six months)
Below is the list of documents that you can consider to support your stay in foreign countries;.
1. Bank Statements
The first document that you can show with your financial documents list is your bank statement that demonstrates you have sufficient funds during your stay in a foreign country.
These bank statements should be of the person who will be financing your stay abroad. These statements should be properly scanned and clear in format. It’s advisable to prepare at least six months statement.
2. Bank Letters
A bank letter mentions the details of the account holder or their sponsor. These letters are issued by banks. A bank letter includes important information, such as the name of the person who holds the account, their outstanding balance, type of account they hold, and more.
3. Income TAX Return
Income Tax Return is not a mandatory document for applying for a visa but it is one of the recommended documents. You can show your previous years ITR to make your application strong. These ITR are considered as proof of your employment and earnings.
4. Property Valuation
The value of the assets belonging to the applicants can also be used to show financial support. You can connect with the concerned department to prepare the asset valuation that belongs to you.
5. Scholarship Letter
International students who have received a scholarship from the college/university must attach the scholarship letter with the application form. These scholarship letters are offered by universities or institutions providing the scholarship.
In scholarship case, the universities take responsibility for funding the education of the student throughout his study period. However, the students are advised to have sufficient bank balance for other expenses during their stay in host countries.
6. Bank Loan
Students can also apply for education loans for their higher studies and submit an education loan approval letter as proof of funds to universities. This document is easily available from the bank you applied for the education loan.
7. Affidavit of Sponsorship
Applicants need to submit this document in case their trip is sponsored by someone else. Oftentimes immigration authorities ask this document to verify the eligibility of sponsors whether they have sufficient funds to sponsor your trips or not.
We hope this article will help you in clearing all the doubts about the financial documents and takes you a step closer to your dream of studying and settling abroad.
At Blogimmi, we help applicants to travel, study, and settle abroad by connecting them to their preferred destinations. We eliminate the frustration with complex application procedures by streamlining the process with our fully online on-demand consulting.
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