You’re asking an important question, and you’re not alone — one of the key parts of applying for a green card is completing Form I-864, also known as the Affidavit of Support. This form proves that you, as the sponsor, have enough income or assets to support your spouse (the green card applicant) financially and prevent them from becoming dependent on government assistance.
First, You Need Enough Income
Before thinking about using assets, make sure you have enough income from your job to meet the required financial sponsorship amount. In most cases, if you are a U.S. citizen or green card holder sponsoring your spouse for a marriage-based green card, you need to show that your household income is at least 125% of the Federal Poverty Guidelines for your family size.
If your income meets or exceeds that minimum amount, then you don’t need to worry about using any assets. But if your income falls short of this requirement, that’s when you can start considering assets.
When Can You Use Assets to Meet the Financial Requirements?
If you don’t meet the income requirement through your job alone, you may be able to use your assets to make up the difference. But here’s the important part: only U.S.-based assets can be counted by the sponsor (the U.S. citizen or green card holder). This includes savings accounts, investments like stocks, and property such as your home or a car.
However, when it comes to using foreign assets (assets located outside the U.S.), there are some specific rules you need to follow:
Using Foreign Assets for Financial Support: What You Need to Know
If you are considering using foreign assets (such as money in a bank account or property in another country), here are the conditions you must meet:
The assets must be “liquid.”
The assets must be easily convertible into cash within one year. For example, stocks or bonds qualify as liquid assets because you can sell them and turn them into cash quickly. Real estate or other non-liquid assets, on the other hand, may not qualify.
You must meet a certain asset value.
The total value of the foreign assets should equal at least five times the difference between your income and the required poverty guideline amount. For example, if the income shortfall is $5,000, the total value of your assets (including foreign assets) must be at least $25,000 to make up for the gap.
The assets must be transferable.
The money or property must be transferable from the country where it is located to the United States. Each country enforces its own laws and limits on how much money can be transferred. You can only use the amount of the asset that the applicant’s home country legally allows to move to the U.S.
Can You Use Foreign Assets on Form I-864?
Yes, green card applicants can use foreign assets as part of their financial support, regardless of whether they live in the U.S. or abroad. So, if your spouse is applying for a green card from outside the U.S., they can include their foreign assets to meet the required financial sponsorship level.
However, remember that the sponsor (the U.S. citizen or green card holder) can only include assets based in the U.S., while the green card applicant can include their foreign assets, as long as they meet the conditions mentioned above.
Using Foreign Assets for Green Card Income Requirements
If including foreign assets, the immigrant visa applicant needs to file Form I-864A to account for these assets in meeting the minimum income level calculations
Eligibility of Foreign Assets:
Foreign assets can be counted towards the financial requirements, but only if they meet specific criteria. The applicant (not the sponsor) can include foreign assets when applying for a green card.
The assets must be liquid, meaning you can easily convert them into cash within one year, such as stocks or bonds. Non-liquid assets like real estate may not qualify unless you can sell them quickly without incurring significant loss.
Value Requirement:
The total value of foreign assets must equal at least five times the difference between the sponsor’s income and the required poverty guideline amount. For example, if there is a $5,000 shortfall in income, the foreign assets must total at least $25,000.
Transferability:
The foreign assets must be transferable to the U.S. This means that legal restrictions in the country where the assets are located should not prevent their transfer to the United States. Each country has different laws regarding money transfers, which must be adhered to.
Documentation:
To use foreign assets in the application, proper documentation is required. This includes bank statements, asset valuations, and proof of ownership to substantiate the claims made regarding the value and liquidity of these assets.
Form I-864A:
To sum it up, you can use foreign assets to help meet the green card income requirements, but there are strict rules and conditions to follow. The assets must be liquid, transferable to the U.S., and worth at least five times the income shortfall. Additionally, only the green card applicant’s foreign assets can be considered, not the sponsor’s. If you don’t have enough income, using assets — whether from the U.S. or abroad — is a possible solution, but you’ll need to make sure you meet the requirements and provide the right documentation.
If you’re unsure about how to proceed or need help navigating the process, consulting with an immigration expert or attorney can ensure that your green card application goes smoothly and meets all the necessary criteria.
How Law and Visas Can Help?
At Law and Visas, our team of expert immigration consultants is here to make your travel straightforward and successful. Whether you’re applying for an EB-2 Visa or a K-1 Visa, we handle every step—from preparing your application to gathering the required documents.
Our Immigration Consultants and Lawyers ensure that your application meets the highest standards, with no details missed. We’ll also keep you informed throughout the process and coordinate with the immigration office or embassy on your behalf.
Law and Visas have a strong record of helping clients secure the visas/permits they need for International travel. You can call us today at +234 812 5505 986 to learn how we can help you.
