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Thread: Funds requirement for residence visa under SMC

  1. #1
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    Default Funds requirement for residence visa under SMC

    Hello experts,

    Few days back, my EOI got selected from the pool; I had 150 points at the time of selection.

    Assuming I get an ITA, when I fill out an application, there is a declaration section asking if I'm able to provide monetarily for myself and my dependants for 24 months of my residence in New Zealand. Now, will the CO ask for proof of assets /cash, if yes at what stage? I'm planning to collect all the funds from multiple sources like estate disposal, family if need be and other sources.

    Will the CO ask for money to be in NZD? If yes, at what stage and in what form? I only see the declaration but nothing to suggest that a CO may demand specific proof?
    I've not been working in the past 6-7 years but am an experienced ICT professional software developer with over 7 years of experience. Assuming I don't land a paid job in New Zealand at the time of applying for residence, will lack of employment turn against me? Is there a ground for the CO to defer /reject my application?

    Since I'll be mostly making it to NZ based off of the 2 yrs' self + dependent support (I intend to look for a job after arriving in NZ), I'm in a chicken/egg kind of a situation.

    My husband is a BE-Mechanical and I've claimed 20 points toward his recognised qualification. He is also confident of finding a job in NZ.

    He is presently working in our home country India in a permanent MNC IT job but can't claim bonus points for skill shortage if he were to be the main applicant reason being his qualification and job do not have a direct match nor is BE -Mechanical listed in the LTSSL.

    So, if we were to make a decision to move to NZ, it will be based on the ability to support ourselves for 24 months and not mostly due to skilled employment (although NZD proof is not something that we are able to or willing to show at the time of my application).

    We like NZ a lot and want to make a calculated risk of going there with the hope that I and /or my husband will land skilled jobs there. Not to say it is easy, but is not impossible, I feel.

    Please review my very specific situation and let me know your expert thoughts.

    Thanks a lot in advance

    Regards,
    laxgr

  2. #2
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    Default

    Just to clarify, my EOI category is SMC. I missed mentioning that in my previous post

  3. #3
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    Default

    Any idea, experts?

  4. #4
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    Default

    I'm answering what I know here, although there are gaps, since I see nobody else has replied.
    I've not been working in the past 6-7 years but am an experienced ICT professional software developer with over 7 years of experience. Assuming I don't land a paid job in New Zealand at the time of applying for residence, will lack of employment turn against me? Is there a ground for the CO to defer /reject my application?
    No, there is nothing in the regulations to allow your career break to be held against you. If you don't get a previous job offer and you have to have an interview with your CO near the end of processing, that person could well have some questions for you about having maintained links in the industry and having kept up with more recent developments, but if you have convincing answers, that will be fine.

    I hope one of the LIAs on the forum will see this thread to answer your question about proof of the financial support required.

  5. #5
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    Default

    Thanks a lot JandM !

  6. #6
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    Hi. Assuming you have a bachelor degree which is an exact match for one of the ones on the LTSSL list for your occupation and this is Exempt from Assessment http://www.immigration.govt.nz/opsmanual/35171.htm or has been assessed as equivalent by NZQA and your husband's degree is also assessed as level 7 and you both have IELTS 6.5 or other proof of English language, then you should be okay points-wise. However, if your degree is not an exact match to the LTSSL then not only will you lose the bonus points for work experience and qualification , but none of your work experience will count unless it is for a MNC with HQ in a Comparable Labour Market. If all is well, then the proof of financial situation may well not be specifically requested until you are interviewed. However, if you can show that you have money in a bank account in your name and/or a property or other assets valued at a specific provable amount then you could include these with your residence application and mention them in your cover letter. The money does not need to be in NZ$ and you don't have to pay it to anyone, just prove you have it. You are looking at showing you have at least $30,000 NZ for two years. JandM is quite right in saying that you my have difficulty getting a job because of the gap in employment. As you know, ICT moves on rapidly. Maybe you could look at completing a vendor qualification of some sort while you are waiting for your visa application to be processed. Then you can show any potential NZ employer that you have taken steps to remain fully up to date. Good luck!

  7. #7
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    Hi Karen,

    Thanks a lot. I, my partner and 2 dependent children both under 12 years of age are all in my application for residence. So, does the amount 30000 NZD change because of that- I should have mentioned that in my original post though, sorry about that!

    B/w, in an extreme case if my partner's qual. is assessed at 6 (asking this as there seem to be many cases of that nature), do I lose 20 points? I remember seeing that for points from partner, partner's qual must be at 6.

    Regards,
    laxgr

  8. #8
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    Here http://www.immigration.govt.nz/opsmanual/6954.htm is the place to look for all the detailed requirements for being able to claim different kinds of points on the EOI. SM6 has a chart with all the possible points, and in the last column it tells you what other section to look in for the regulations that cover that.

    For your question about your partner's qualification, see here. http://www.immigration.govt.nz/opsmanual/42640.htm

  9. #9
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    Thanks again JandM! Saved off these links..

  10. #10
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    To get the 20 points or your partner's qualification, it must come back as Level 7, otherwise, if it is level 6, then you can still claim 10 points. There is no exact figure that you must show you have. It is assumed that you will get work to support yourselves. You would certainly struggle to live for two years on $30,000 for a family of four without any income, but given that with a residence visa you can accept any job, you should be able to convince INZ that the funds you own is a contingency to see you through expenses until you have your first wages. The amount you need on which to live will vary depending on where in NZ you choose to settle. Others on the forum will have recent experience to guide you in this.

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