Q. Proof of Funds required in Australia and Canada.
In Australian Skilled Visas.
For skilled migration visas like the Skilled Independent Visa (subclass 189) and Skilled Nominated Visa (subclass 190), applicants are generally not required to demonstrate a specific amount of funds.
However, applicants must meet the financial requirements to settle in Australia, which may include having enough funds to cover initial settlement costs, such as accommodation, food, and other living expenses.
Sometimes states do ask for financial stability in order to nominate for state sponsorship.
Federal Skill Visa in Canada.
The Canadian FSW program requires applicants to show proof of funds as per the number of family members they have.
|
Single Applicant |
$13,213 |
|
Applicant with Spouse/Common-law Partner and 1 Dependent Child |
$20,222. |
| Applicant with Spouse/Common-law Partner | $16,469 |
The funds required must be available to the applicant and their family members to cover initial settlement costs, such as housing, food, clothing, and other basic necessities, upon arrival in Canada. The funds can be in the form of savings, investments, or a combination of sources.
Apart from this other visas like Student visas and investment visa also require you to show funds, in order to fulfil your commitment to pay institutional fee or investments.
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