Is Minimum Fund Requirement really that much stupid?

[josephcom]

I'm currently fully eligible to apply for both Novasotia and Saskatchewan nomination program. Also I possess a house, a car and some jewelry which cost roughly $50000.

But I'm still unable to submit my document for the sole reason that I cannot provide them with a bank account with at least $14850 in it for the last three months. So the only thing I can do for now is to open a bank account with $14850 in it and WAIT until three months has passed.

Do you think I am wrong?

 

[Asivad Anac]

I'm currently fully eligible to apply for both Novasotia and Saskatchewan nomination program. Also I possess a house, a car and some jewelry which cost roughly $50000.

But I'm still unable to submit my document for the sole reason that I cannot provide them with a bank account with at least $14850 in it for the last three months. So the only thing I can do for now is to open a bank account with $14850 in it and WAIT until three months has passed.

Do you think I am wrong?

You are wrong. Nova Scotia doesn't mind the POF being in the form of cash, bonds and equity but not real estate, vehicles or jewelry.

Read Pg 13 here ---> http://novascotiaimmigration.com/wp-content/uploads/AppGuide-NSNP-NSDEE-2June2015-English.pdf

But CIC won't recognize that as POF. For CIC, you'll need to have monies in the bank.

Hope that clarifies.

 

[lampbreaker]

The idea is that the funds have to be liquid.

 

[josephcom]

Asivad Anac, you're a real life saver. Actually I have $40000 in cash at home. To be honest I have had it for the last year (I know it's stupid, but for terrible economic situation in Iran, I trust in Dollar more than Rial).

Now that I've found out I'm gonna need it for my immigration purposes, I've decided to change it to Rial and then transfer it to a bank account as a proof of my financial situation to Novascotia's government.

But according to what I've realized from your statements, this is gonna be a matter of concern for my visa officer since it's a dramatic change in my bank account's balance.

Now I'm wondering, how I can prove that this money is absolutely mine and haven't borrowed it. The only thing that come's to my mind, is the contract that I signed last year to sell my house. Actually this money is that same money I earned from selling that house and I still have it.

Do you believe this will be enough to prove my claim. Although it's the absolute truth, but I'm not going to take any step that'll bring doubt to my case.

If this is gonna be a strong piece of proof of fund, then how long do you think I have to keep that money in the bank account?

Thank you for your invaluable help...

 

[Asivad Anac]

Asivad Anac, you're a real life saver. Actually I have $40000 in cash at home. To be honest I have had it for the last year (I know it's stupid, but for terrible economic situation in Iran, I trust in Dollar more than Rial).

Now that I've found out I'm gonna need it for my immigration purposes, I've decided to change it to Rial and then transfer it to a bank account as a proof of my financial situation to Novascotia's government.

But according to what I've realized from your statements, this is gonna be a matter of concern for my visa officer since it's a dramatic change in my bank account's balance.

Now I'm wondering, how I can prove that this money is absolutely mine and haven't borrowed it. The only thing that come's to my mind, is the contract that I signed last year to sell my house. Actually this money is that same money I earned from selling that house and I still have it.

Do you believe this will be enough to prove my claim. Although it's the absolute truth, but I'm not going to take any step that'll bring doubt to my case.

If this is gonna be a strong piece of proof of fund, then how long do you think I have to keep that money in the bank account?

Thank you for your invaluable help...

Use whatever documentation you have to prove that this is your money. Put the required amount as per your POF into the bank because you can't show cash to the VO at any point in the process. Use the LOE wisely and politely to explain to the officer about the background of this cash, the turbulent economic situation which compelled you to keep it outside the banking system and request them to consider your case favorably.

All the best!

 

[Jazzman]

What is "LOE"?

 

[rajanvnv]

What is "LOE"?

Letter of Explanation

 

[josephcom]

What does LOE stand for?