PROPERTY VALUATION FOR FINANCIAL PROOFING WHEN VISA APPLICATION

The financial proof is a mandatory requirement and is an important factor in deciding whether or not you will successfully apply for a visa. However, many people do not understand the nature of the financial proofing procedure, leading to the visa application being rejected, unfortunately. So what is proof of finance and how to prove finance for a visa? SunValue will help you thoroughly through the content below.

WHAT IS FINANCIAL PROOF?

The financial proof is simply understood as showing to the Consulate that you have enough financial capacity to pay for the trip.

The financial proof is also a way to show the applicants commitment to Vietnam. Make sure you do not immigrate illegally or come to the host country with malicious intent. Financial proof is also the basis for determining whether you are going abroad for the right purpose (for tourism, work, visiting relatives, medical examination, and treatment). Thus, it can be said that financial proof is a key factor, in deciding whether the Embassy/Consulate will issue a visa to the applicant.

HOW DO FINANCIAL PROOF FOR VISA?

The key to proving finance for a visa is shown through two binding parts, including a Passbook or other valuable assets and the source of the property (also known as proof of income).

Passbook and proof of income are two complementary factors. Passbook proving your ability to pay for your trip. Meanwhile, proving the origin of assets is the answer to the question "Where does the money come from".

“Financial proof” for visa application is also the basis for determining that the applicant is applying for a visa for the right purpose. In the case of sightseeing, and tourism, you need to prove that you have enough financial capacity to cover the trip. On the other hand, if you apply for a student visa, you need to prove that you have enough financial capacity to pay for living and studying expenses for at least the first year.

1. Savings book

Providing proof of a passbook is one of the most important forms of financial proof. This is also a prerequisite you need to have when applying for a visa to go abroad. Especially, for developed countries, the visa passbook requires a minimum amount of 5,000 USD. Some other countries also require the validity period of the savings book to be more than 3 months, and the book must be translated and notarized at the request of the competent authority of each country.

A savings book with a large enough amount is a strength to help your visa application increase a higher pass rate. On the other hand, the minimum amount required in the passbook also depends on the country you are applying for and the type of visa you are applying for. For example, proof of finance for a tourist visa will require less money than proof of finance for a student visa.

2. Some other financial proofs

Besides the passbook, the applicant for a visa to go abroad can provide other documents certifying the ownership of assets (if any) to increase the chances of visa approval. Other financial proof procedures that the applicant can add include:

• Certificate of Real Estate Ownership: Provide photocopies and full notarized English translations. If there is no notarized translation, you need to submit the original certificate of house/land ownership for comparison.
• Provide certificates of ownership of stocks, securities, etc. Use the English version stamped by the securities company.
• Car ownership certificate: Registering car ownership,…

3. Proof of income (source of property)

To prove the origin of assets, most jurisdictions will require visa applicants to prove their finances through the source of the assets. To do this, you need to provide proof of salary and other income (if any). The larger the amount in the passbook, the more you will need to prove the legitimacy of the money.

For applicants whose financial evidence is unclear, your application will be questioned. On the other hand, having a stable job with a high income is also proof of the applicants commitment to Vietnam. Thereby increasing the rate of being granted the highest visa.

For employees and officials:

• Labor contract or position appointment letter: Provide a copy or original of bilingual English - Vietnamese, if the contract is in Vietnamese you need to translate it into English (the contract clearly states the salary, signature, and child). seal of the Board of Directors).
• Salary account statement for the last 3 months: To apply for a tourist visa or visit relatives, you also need to provide a bilingual or English translation of your banks certified salary account statement. Bank accounts must show transactions, not just current balance confirmations.
• Salary slips for the last 3 months: If you receive your salary via account, please provide bank account statements for the last 3 months in English with the banks red stamp.

For business owners: Provide tax payment confirmation for the last 3 months; business registration license and company account statement for the last 3 months.

For students, students: Student ID card, student stamp with the schools stamp, Birth Certificate (Household Book). Proof of parents finances through savings books, bank account statements, real estate assets, etc.

If the applicant is retired: Retirement decision, retirement card, monthly pension receipt book, if receiving salary via account, the account statement of salary receipt of the last 3 months.

For cases where parents are paid by their children, it is necessary to provide:

• Documents proving the relationship: Family registration book
• Proof of guarantors income: Savings book, bank account statement, proof of ownership of the real estate, car, securities, etc.

FINANCIAL PROOF SERVICES FOR VISA APPLICATIONS

The financial proofing procedure has never been easy, especially when you apply for a self-sufficient visa. To avoid unnecessary mistakes, and at the same time increase the visa success rate. You should use a reputable property appraisal service.

Currently, on the market, many units provide financial verification services for visa applications. Choosing a reputable and quality financial proofing company will not only help your visa pass rate higher but also ensure that the information in your documents will be confidential.

SunValue – Vietnams leading real estate appraiser, a strong brand in Asia 2021, a national brand that has actively contributed to the development of the appraisal industry in Vietnam with a system of nearly 50 branches and transaction offices across the country. As a reputable, independent appraisal unit with more than 20 years of establishment and development, pioneering the application of technology in valuation, helping to monitor real estate price fluctuations, and completing price data to support development. Vietnam and international real estate market development.

With a fast implementation process, quality, free consulting services, appropriate appraisal costs, confidential information, along with a reliable source of price data will bring the best experience to customers.

Contact SunValue now for questions and consultation!