POF Dilemma, advice needed

[A.Awan]

Hi Guys,

I'm an expat with salary account here in HK and I don't have required funds in my account in HK. I've been constantly sending family maintenance remittence back in my home country. I can ask them to send me back some money so that I have required amount of funds in my account. However, it cannot be credited directly into my account in HK from my family as the money is to recovered from selling some land and recovering some loans from people. Furthermore, direct transfer into my HK account might not be possible. I have a couple of bank accounts in my home country but they don't have any funds. I want to have funds in single place so it's easier to manage POF. I can't go back to my home country just to have the POF letter issued and stamped by the bank.

1. Is it mandatory that the funds need to be in account for at least six months ?
2. When does the six months count ? EE profile submission or when apply after getting ITA ?
3. Can gift deed work in form of Western Union transfer ?
4. Can funds source be shown as loan recovery from family member ?
5. Can younger brother do gift deed (with very low salary as his income) ?
6. Does gift giver need to show the source of his/her income ?
7. Is it mandatory to provide 6 months' bank statement in POF ?

The majority of my family's income is from the remittence I did over the years.
I don't have any stock or bond etc etc and the land is on the name of my younger brother, not me.
I have the required money but not in the bank, how to make a solid POF ?

I'm sitting at CRS 387 with CLB 8. I hope to improve it by giving another test on July 29. Result of my re-attempt of IELTS is on 7 June but I'm not much hopeful to get CLB9. So July 29 is the next possible IELTS date.

Any advice is much appreciated.
Thanks in advance.

 

[jackdawn]

Hi Guys,

I'm an expat with salary account here in HK and I don't have required funds in my account in HK. I've been constantly sending family maintenance remittence back in my home country. I can ask them to send me back some money so that I have required amount of funds in my account. However, it cannot be credited directly into my account in HK from my family as the money is to recovered from selling some land and recovering some loans from people. Furthermore, direct transfer into my HK account might not be possible. I have a couple of bank accounts in my home country but they don't have any funds. I want to have funds in single place so it's easier to manage POF. I can't go back to my home country just to have the POF letter issued and stamped by the bank.

Hi will try to answer the points im aware of
1. Is it mandatory that the funds need to be in account for at least six months ?
Not necessary, six month statement is asked to check if the funds are steady or there is a windfall/loan/huge amount
2. When does the six months count ? EE profile submission or when apply after getting ITA ?
Six months prior to eAPR
3. Can gift deed work in form of Western Union transfer ?
Gift deed is a legal document and western union will only have a transaction receipt
4. Can funds source be shown as loan recovery from family member ?
Not sure, how is this recovery explained in statement?
5. Can younger brother do gift deed (with very low salary as his income) ?
He can gift you the money and should be backed by a deed
6. Does gift giver need to show the source of his/her income ?
They may ask his statement
7. Is it mandatory to provide 6 months' bank statement in POF ?
Yes

The majority of my family's income is from the remittence I did over the years.
I don't have any stock or bond etc etc and the land is on the name of my younger brother, not me.
I have the required money but not in the bank, how to make a solid POF ?

If u are getting it by selling the land, ur brother can gift u and show the sale deed as proof if asked ofr his statement

I'm sitting at CRS 387 with CLB 8. I hope to improve it by giving another test on July 29. Result of my re-attempt of IELTS is on 7 June but I'm not much hopeful to get CLB9. So July 29 is the next possible IELTS date.
Good luck with your IELTS

Any advice is much appreciated.
Thanks in advance.

 

[A.Awan]

Hi

Thanks for your prompt reply.
Do I still need 6 months' statement even after I get a gift deed ?

 

[jackdawn]

Hi

Thanks for your prompt reply.
Do I still need 6 months' statement even after I get a gift deed ?

Yes it is needed but it will not matter if there is a single big credit since u will back it up with the gift deed

 

[A.Awan]

Yes it is needed but it will not matter if there is a single big credit since u will back it up with the gift deed

So I can have a gift deed 1 week prior to filing an eApr to meet PoF criteria and it's still gonna be fine ?

 

[jackdawn]

So I can have a gift deed 1 week prior to filing an eApr to meet PoF criteria and it's still gonna be fine ?

It wud be fine, you can get a gift deed done and get the amount deposited in your account and along with the POF letter you should submit a gift deed and an LOE detailing the deposit in your account

 

[hemaka]

Hey folks! a quick question about when to get a gift deed. i received a gift from my parents but this was after I received my ITA. Would the fact that i disclosed I have sufficient funds to meet the minimum threshold on the EE application before receiving the ITA count as misrepresentation? Anyone who has got a gift deed done after receiving an ITA??

 

[ezio]

hi guys,

Is it mandatory to include a gift deed with the POF documents? Or only if they asked for the source of the money. thanks.

 

[gurik]

hi guys,

Is it mandatory to include a gift deed with the POF documents? Or only if they asked for the source of the money. thanks.

If you are getting the money as a gift from someone then yes it is best to include the gift deed in your POF section.
It is best to get a gift deed on a notarised stamp paper, way more legitimate and adds to authenticity of the documents.

 

[ezio]

If you are getting the money as a gift from someone then yes it is best to include the gift deed in your POF section.
It is best to get a gift deed on a notarised stamp paper, way more legitimate and adds to authenticity of the documents.

Thank you for your prompt reply. So this gift deed should be written by my father himself or should my father get it done by his bank?

 

[gurik]

Thank you for your prompt reply. So this gift deed should be written by my father himself or should my father get it done by his bank?

Better get it done by a notary advocate. This gift deed will be from your father to you. In it, it will be mentioned, that your father gifted you the money out of their free will, love and affection and without any coercion or undue influence etc., on so and so date via so and so cheque number from their account number-abc, in Bank-xyz. That you are free to use the money as per your wish and needs. Also that you accept this gift etc. Something along these lines will be fine. It will be signed by your father as donor and by you as the donee and by few witnesses. (2-4).

 

[ezio]

Better get it done by a notary advocate. This gift deed will be from your father to you. In it, it will be mentioned, that your father gifted you the money out of their free will, love and affection and without any coercion or undue influence etc., on so and so date via so and so cheque number from their account number-abc, in Bank-xyz. That you are free to use the money as per your wish and needs. Also that you accept this gift etc. Something along these lines will be fine. It will be signed by your father as donor and by you as the donee and by few witnesses. (2-4).

thanks for the details, this is extremely helpful

 

[Narahu]

Hi All,

I am gathering required documents and information for my EE application.
This query is regarding the Proof Of Funds(POF).
I do have an 10 Lakhs in my savings account. However my wife is primary applicant and I am secondary applicant.
I do have below queries:
1) When do I need to show POF? During creation of EE Profile or During submission of eAPR?
2) Is there any format to get the statement from bank?
3) Can I submit my bank details as POF, though I'm not primary applicant?
4) Can I show this amount as Fixed Deposit amount for 6 months or this amount has to be in savings account balance?
5) Do I need to gift the amount to my wife via Gift Deed?
Please do provide multiple options which are suitable for my situation.

Thanks in advance.