Categorized | Financial Requirements

Financial Requirements

Financial Requirements

The rationale for the imposition of strict financial requirements is mainly to avoid allowing entry of persons who may in the future be public charge to the state.

For example, visitors need to have adequate funds to support themselves for the entire length of stay taking into consideration the purpose of the visit, price of accommodation and lodging. Some countries even require visitors to have insurance policy which can be used on the country to be visited and must be for more or at least a certain specified amount of coverage.

Visas to the United States

Financial Requirements for visas in the United States varies according to the type of visa applied for. In applying for US Tourist visas financial adequacy means the assets that will be left in the home country may be huge enough too support the applicant’s claim that he or she has “strong ties”  for him or her to go back home before the visa expires. In this case the financial requirement is not only used to avoid the “public charge issue” but also to prevent entrance of potential immigrants who uses nonimmigrant visas to enter the country.

On the other hand, when it comes to immigrant visas like IR-1 and CR-1, the US Immigration necessitates relatives of the intending immigrant to file along with the petition the Affidavit of Support using the Form I-864. This form is not the same as that used for the applications for K1 visa (also known as the fiancé visa) and the K3 visa which is the Form I-134.  The Form I-864 creates a greater obligation against the sponsor for he may be compelled to reimburse any amount paid by the US government to support the beneficiary of the affidavit.

Visas to Thailand

The Kingdom of Thailand features different standards with regard to financial requirements in visa applications contingent to the visa category. The kingdom imposes minimum income requirements on certain visa like the type O or retirement visa which is annually monitored. In all types of visas, the Thai consulates always verify for the financial capacity and stability of visa applicants.

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