Proof of Funds for Visa – CA Report, Property, Income

Hello everyone welcome back to Globexa immigration this is Jitender Grover in this blog we are discussing Proof of Funds for Visa – CA Report, Property, Income If you’re planning to apply for any type of visa—whether it’s a study visa, visitor visa, work permit, spouse visa, or any other type of visa for countries like Canada, the USA, the UK, Australia, New Zealand, or any European country—this blog is a must-read for you. One of the key documents required for visa applications is the CA Report (Chartered Accountant Report), which proves your financial capacity.

In this blog, I will cover the essential sections of the CA Report in detail, including fixed assets, liquid assets, and family income. Understanding these components will help you demonstrate your financial stability and improve your chances of a successful visa application.

Table of Contents

1. Sections in CA Report

A CA Report serves as a net worth report that summarizes your financial capacity. This document can help visa officers easily assess your financial situation. Here’s what the report generally includes:

Fixed Assets (Immovable Assets): These include properties, land, or other real estate you own.
Liquid Assets (Movable Assets): These are assets that are either in liquid form (like cash) or can be converted into cash quickly (such as savings accounts, fixed deposits, etc.).
Family Income: The total income of your family members, such as parents, spouse, or anyone contributing financially.

1.1 Why You Should Submit a CA Report for Your Visa Application

In this write up, we will be discussing an essential document required for various visa applications the “CA Report”. If you’re applying for any type of visa, including a study visa, visitor visa, work permit, spouse visa, or any other visa for countries like Canada, the USA, the UK, Australia, New Zealand, or any European country, then this blog is for you!

I’ll cover everything you need to know about the CA report, including key sections like fixed assets, liquid assets, and family income. You might be wondering: Why should I submit a CA Report? It’s going to cost me around ₹2,000 to ₹3,000 (depending on your country). Additionally, if you’re submitting a property evaluation report, you might need to pay a civil engineer or evaluator as well. So, is it really worth the expense, and is it crucial to submit these documents?

We’ll also dive into why these proofs are necessary to show your financial capacity. Is it important to submit these documents, or can you get away without them? How do these proofs help you for different kinds of visas? Read this blog until the end to clear all your doubts. It may be a bit lengthy, but trust me, it will cover everything you need to know!

1.2 What Does a CA Report Look Like?

First Page: The first page of your CA Report usually contains a summary of these sections. If you’re preparing the report on your own and don’t have access to a Chartered Accountant (CA), you can skip the CA-specific details but still prepare the financial summary. However, if you can get the report prepared by an authorized CA, it’s always better. An authorized CA will give your report more credibility, with the official stamp and certification.

Summary Page: This page will typically list the total value of your movable assets, immovable assets, and family income in both your local currency (for example, INR in India) and the destination country’s currency (such as CAD for Canada, EUR for Europe, GBP for the UK, etc.).
Detailed Tables: Subsequent pages in the CA Report will break down the details of fixed assets, liquid assets, and family income, making it easier for the visa officer to understand the complete picture of your financial situation.

1.3 Why is the CA Report Important for Your Visa Application?

Even though the CA Report is not a mandatory document, it simplifies your visa application. Here’s why:

Clarity for Visa Officers: Visa officers are busy and typically spend only 5 to 10 minutes on each application. A clear, concise CA Report gives them a quick overview of your financial capacity, allowing them to decide if they need to look into additional documents
.
Saves Time: If you submit various documents (property evaluation reports, bank statements, etc.) in different formats, the visa officer has to spend a lot of time understanding and calculating your net worth. This process can lead to delays or even refusals, as visa officers may not have the time to verify everything.
Improves Your Chances: A well-prepared CA Report helps demonstrate that you have sufficient financial capacity to support yourself during your stay. If your report clearly shows that you have sufficient funds (e.g., 5 lakh CAD for Canada), the visa officer can quickly verify your financial eligibility.

1.4 CA Report and Its Impact on Different Types of Visas

Whether you’re applying for a study visa, visitor visa, or work permit, having a CA Report increases the credibility of your application. For instance:

Study Visa: A student visa application will require proof that you can cover tuition fees and living expenses. A CA Report can easily show the required financial capacity for your education in the destination country.
Visitor Visa: A visitor visa often requires proof of funds for your stay. The CA Report can show the visa officer that you have the means to support your travel and stay without any financial issues.
Work Permit: Employers or authorities might need evidence that you can sustain yourself in the country until you start earning, and a CA Report can prove that.

1.5 Should You Save Money on CA Reports and Property Evaluation?

If you’re already spending a significant amount on your visa application, saving a small amount (₹2,000 to ₹3,000) by skipping the CA Report is not worth the risk. Even if the report costs you a few thousand rupees, it can significantly improve your chances of getting the visa approved.

Remember, one refusal can hurt your visa history, leading to complications in future applications. If a CA Report and property evaluation report can increase your chances of approval, spending a small amount is well worth it.

When applying for any visa, it’s crucial to present a clear, well-organized application. A CA Report is not just a financial document; it is a summary of your entire financial capacity, making it easier for visa officers to assess your eligibility. Even if it requires a bit of extra investment, a CA Report could be the key to your visa approval.

By following this advice and ensuring your financial documents are complete and clear, you’ll increase your chances of a successful visa application. Don’t underestimate the power of a well-prepared CA Report!

1.6 Why You Should Never Skip the CA Report or Property Evaluation Report

Many people argue about the necessity of submitting a CA report or a property evaluation report when applying for a visa. Some applicants ask, “Why do I need to submit these documents?” or “Why should I spend money on a CA report and property evaluation report?” Let me explain why these documents are crucial for your visa application.

While these documents may cost you around ₹10,000 (or less in some cases), they can significantly increase your chances of getting your visa approved. If submitting these reports increases your chances by even 1%, it’s worth the investment. After all, you’re already spending a substantial amount on your visa application, and skipping such important documents to save a few thousand rupees could hurt your chances.

1.7 The Value of CA and Property Evaluation Reports in Your Application

When I prepare visa applications, especially for study visas, visitor visas, work permits, or any other type of visa, I often receive questions like:

“Why are you asking me to attach a CA report?”
“Why do I need to prepare a property evaluation report?”

The answer is simple: These documents add credibility to your application and help prove your financial capacity. Keep in mind that these documents are not just for me, or for the agency helping with your application. They’re for you, to improve the chances of visa approval.

In fact, preparing these documents requires extra effort on the part of my team. We must ensure everything is in order and make sure these documents are properly attached to your file. But we do it because we know they are important for your application.

The Myth of “Getting a Visa Without CA or Property Evaluation Reports”

Some applicants argue, saying, “My cousin applied for a visa last year without the CA report or property evaluation report and got approved.” While this might have worked for them, it doesn’t guarantee that your application will be treated the same way. Here’s why:

Visa officers vary in their approach. Some visa officers are very thorough and carefully check every document you submit. They may want to understand your complete financial capacity, and in that case, having a CA report and property evaluation report makes your application much clearer and easier for them to assess.

On the other hand, there are visa officers who may not pay as much attention to your Statement of Purpose (SOP) or other documents. They might simply approve or reject your application based on initial impressions or incomplete assessments. So, you never know what kind of visa officer will review your file.

1.8 You Shouldn't Skip These Documents

You Shouldn’t Skip These Documents

Even if a visa officer doesn’t review every document, it’s always safer to submit complete and clear documentation. Don’t take the risk of not providing the proper financial evidence, just to save a few thousand rupees.

If these financial documents like the CA report or property evaluation report can increase your chances of approval, then they are definitely worth the cost. Consider the long-term benefits. A small investment today can save you from the emotional and financial loss caused by a visa refusal.

If you don’t attach these documents, the visa officer may have difficulty understanding your financial capacity. This could lead to delays or even a rejection. By attaching the right documents, you make it easier for the officer to assess your application quickly, and this could result in a faster approval.

When applying for a visa, clarity and completeness are essential. The CA report and property evaluation report help paint a clear picture of your financial situation. Even if your friend or cousin got a visa without these documents, it doesn’t mean you’ll get the same treatment. Each application is assessed individually, and it’s better to submit all the necessary documents and improve your chances, rather than risk rejection by leaving out important ones.

So, don’t cut corners. Spending a small amount (₹5,000 – ₹10,000) on financial documents is a smart investment in your future. It could make the difference between an approved visa and a rejected application.

2. Fixed Assets in Your CA Report

One of the key components of your CA report is fixed assets. So, what exactly are fixed assets? Fixed assets refer to any property that you own, such as land, buildings, agricultural land, commercial properties, or even residential properties. These are considered “fixed” because they cannot be sold overnight, unlike liquid assets.

2.1 Important to Show Establishment

Fixed assets play a crucial role in your visa application as they demonstrate your financial stability and strong establishment in your home country. For example, if you own property worth over CAD 5 lakh, it signals a significant financial standing. If you’re planning to own a home in Canada, the value of that property is likely to exceed this amount, highlighting the importance of showcasing your assets.

While liquid funds (cash or easily liquidated assets) are important for proving your ability to fund your visa application, fixed assets serve a different purpose. They don’t directly replace your liquid funds but are used to demonstrate that you are well-established in your home country.

Having substantial property ownership shows that you are financially secure and grounded, which also strengthens your prospect of returning home after your stay in the visa-issuing country. Visa officers are often concerned with ensuring that you will return to your home country after your visit or stay abroad. Fixed assets serve as evidence that you have ties to your home country and a reason to return.

2.2 How Fixed Assets Can Support Your Application

For example, if you are applying for a Canada study visa and are 25 years old, but you do not personally own any property, it is still possible to demonstrate your financial stability. If your parents own the property, you can still include this in your application. By providing a sponsorship letter from your parents, you can show that these properties are part of your family’s establishment, and that you will inherit these assets in the future.

In this case, the sponsorship letter should include details about your parents’ liquid and fixed assets, and it should clearly state that you are the heir to the property. This way, you can prove that although the property is not directly in your name, it is part of your family’s wealth, and you will inherit it in the future.

This approach does two things:

Shows your family’s strong financial establishment in your home country, enhancing the credibility of your financial stability.
Strengthens your case for returning home after your visa expires, as you will have valuable assets to return to, like land, buildings, or other properties in your home country.

Fixed assets in your CA report are more than just a list of properties you own. They serve to demonstrate your strong ties to your home country and show that you have significant reasons to return after your stay abroad. Whether the property is in your name or will be inherited from your family, it is a vital part of your visa application that proves your financial stability and the prospect of returning home.

By including your fixed assets, you are not only showing that you are well-established but also giving visa officers confidence that you are likely to return after your stay, making your visa application much stronger.

2.3 Proofs to Attach with Your CA Report

When submitting a CA report as part of your visa application, it’s essential to provide supporting proofs for the financial details mentioned in the report. For example, if your CA report states that your total property value amounts to 5 lakh Canadian dollars, you will need to back this claim with proof of value. Without these supporting documents, the information in your CA report may not hold significant weight.

Here are some of the key proofs you can attach along with your CA report:

Property Evaluation Report

One of the most crucial proofs is a property evaluation report prepared by an authorized evaluator or civil engineer. This evaluation will provide the current market value of your properties, which will then be reflected in your CA report.

For example, if your total property value is stated as 5 lakh Canadian dollars in the CA report, you may own three properties:

Property 1: 1 lakh CAD
Property 2: 2 lakh CAD
Property 3: 2 lakh CAD

The property evaluation report should confirm these values. Each individual property will have its own evaluation report, and the total value will then be summarized in the CA report. The CA will not independently assess the value of the properties but will rely on the evaluations provided by the authorized evaluator.

If you are submitting a property evaluation report, ensure that it is done by a certified evaluator to add credibility to your report.

Property Sale Deed

Another supporting document you can submit is the sale deed of the property. If you purchased the property recently, the sale deed will list the property’s value at the time of purchase. In some cases, the sale deed may show a lower value than the actual current market value, especially if the property was bought several years ago.

In such cases, property evaluation reports become even more important because they reflect the current market value of the property, which is often higher than the value listed in the sale deed. For instance, if you bought a property years ago for 10 lakh rupees but the current market value is 1 crore rupees, the property evaluation report will show the updated value.

If the property was purchased recently and the sale deed reflects its current market value, you can directly attach the sale deed as proof, as it will demonstrate the actual value of the property.

2.4 Why Providing Proof is Crucial

Whether you attach a property evaluation report or a sale deed, it is important to back the values mentioned in your CA report with authentic proof. The CA report itself is a summary of your financial standing, but it must be substantiated by supporting documentation, such as property evaluations or sale deeds, to be fully credible. These documents not only validate the value of your assets but also ensure that the visa officer can easily verify your financial capacity.

Attaching these proofs with your CA report can significantly enhance your visa application. It provides the visa officer with clear, verifiable evidence of your financial stability and net worth, helping to ensure your application is processed smoothly. Remember, a well-documented application can go a long way in securing your visa approval.

2.5 Backed by a Sponsorship Letter

In many cases, the property might be owned by your parents, and in such situations, a sponsorship letter can serve as a valuable document to support your visa application. As we discussed earlier, if the property is in your parents’ name, they can issue a sponsorship letter stating that they are willing to support you financially. The sponsorship letter can mention the following:

Inheritance of Property: Your parents can state that you are their only child or one of their children and that you will inherit the properties in their name after their passing. For example, they could specify that the value of the inherited properties exceeds 5 lakh Canadian dollars.
Liquid Assets: Your parents can also include details of their liquid assets (e.g., savings, investments, or other financial resources) that will be available to support you, especially if needed for your visa or study abroad expenses.
Income Details: In addition to assets, your parents can mention their income sources (salary, business profits, etc.) and confirm that they are financially capable of sponsoring your studies or any other expenses.

The key point is that all the relevant financial details, both fixed assets and liquid assets, can be combined into one comprehensive sponsorship letter. This approach saves you from needing multiple separate letters for different types of assets, such as one for property, one for liquid assets, and one for income. Instead, you can consolidate everything in one letter from your parents, which will cover:

Your inheritance of fixed assets (properties),
The liquid assets your parents are ready to offer, and
The income they can use to support your education or other needs.

By providing this clear and detailed sponsorship letter, you strengthen your visa application and demonstrate your financial stability, making it easier for the visa officer to assess your case.

2.6 Example of Property Evaluation Reports

Along with the sponsorship letter, you will need to provide supporting documents such as a property evaluation report. For instance, a property evaluation report from a certified evaluator like Balyan Engineers (as shown in the image) is an excellent example. These reports often contain the following details:

Evaluator’s Name: The name of the certified evaluator.
Evaluation Reference Number: A unique identifier for the report.
Property Value: A detailed assessment of the property value, broken down by individual property.
Property Details: Address, type of property (residential, commercial, etc.), and current market value.

This report can be several pages long, depending on the complexity of the evaluation. Different evaluators may use different formats, but the core information should be consistent across all reports. This report provides an official, credible estimate of the property value, which can then be referenced in your CA report.

To summarize, when your property is owned by your parents, a sponsorship letter combined with property evaluation reports and other financial proofs can significantly strengthen your visa application. The sponsorship letter should cover all aspects of your financial support, including both fixed and liquid assets, as well as your parents’ income. This approach ensures that your financial capacity is well-documented and easily verifiable, which can improve your chances of securing a visa.

3. Liquid Assets

Next, let’s discuss liquid assets, which are extremely important when applying for a visa. While fixed assets serve the purpose of showing your establishment and wealth in your home country, liquid assets are essential to demonstrate your ability to cover your expenses during your stay in the foreign country. The role of liquid assets varies depending on the type of visa you are applying for.

Study Visa: If you are applying for a study visa, you will need to prove that you can cover both your tuition fees and living expenses.
Visitor Visa: For a visitor visa, you will need to show you have the financial capacity to cover expenses such as airfare, travel costs, and your overall stay.
Work Permit: If you are applying for a work permit, you must demonstrate that you have the financial capacity to support yourself for the long term, including living expenses, until you start earning.

Regardless of the type of visa you are applying for, it is crucial to prove that you can support yourself financially. This is where liquid assets come into play.

3.1 Liquid Assets vs. Savings

It’s important to note that liquid assets and savings are not the same thing. Liquid assets encompass a broad range of financial resources, while savings refer to a smaller portion of your available funds.

Savings are the money you have saved in your bank accounts, which is a part of your liquid assets. Liquid assets, however, include not only savings but also other easily accessible resources like stocks, bonds, and other investments that can be quickly converted to cash. This makes liquid assets a more comprehensive term than savings alone.

3.2 Why Liquid Assets Matter

You must demonstrate that you have sufficient liquid assets to cover your expenses while staying in the foreign country. For example, if you need to spend $1,000, $10,000, or $20,000 (depending on the visa and the length of stay), your liquid assets must be able to support those expenses.

When applying for a visa, it is crucial to show that your liquid assets are sufficient to cover:

Living expenses (e.g., rent, food, transportation),
Tuition fees (for study visas),
Travel expenses (for visitor visas), and
Any unforeseen expenses during your stay.

By presenting a clear and detailed account of your liquid assets, you can assure the visa officer that you are financially prepared for your stay in the country, enhancing your chances of a successful application.

3.3 Liquid Assets: Applicant, Parents, or Other Family Members

When presenting your liquid assets for your visa application, the ownership of these assets plays a crucial role in their value. Ideally, the assets should be in the applicant’s name, as this carries the most weight. If the assets are in the parents’ name, they still hold value but are considered less significant than if they were in the applicant’s name. If the assets are in the name of other family members, their value is considered even lower. Therefore, when arranging your liquid funds, prioritize them as follows:

Applicant (highest value)
Parents
Other family members (lowest value)

By organizing your liquid assets in this way, you can present the strongest possible financial position for your visa application.

3.4 Proofs of Liquid Assets

There are various types of proofs you can submit to demonstrate your liquid assets, especially when applying for visas like the Canada study visa or visas for other countries like the UK or Germany. Here are the most common types of proof you can include:

Guaranteed Investment Certificate (GIC)

A Guaranteed Investment Certificate (GIC) is a financial instrument commonly used for the Canada study visa. This is a fixed deposit account where a specific amount of money is held by a Canadian bank for a set period. GICs are considered part of your liquid assets because they represent savings that are accessible to you once you arrive in Canada. Similar blocked accounts exist in other countries as well:

Blocked account funds in Germany: If you are applying for a visa to Germany, you can show funds that are held in a blocked account as proof of your liquid assets.
GIC in Canada: For students going to Canada, GICs are a solid proof of available funds.

These accounts demonstrate that you have the necessary financial resources available in your destination country.

Savings Accounts

Savings accounts in the destination country: If you are applying for a visa to the UK, Canada, or another country, you can show funds in your destination country’s savings account.
Savings accounts outside the destination country: If you have savings accounts in a country other than your destination country, those funds can also be considered part of your liquid assets.

Both types of savings accounts—whether in your home country or the destination country—can be used to prove your financial capacity.

Funds from a Spouse

If you are married, the funds of both the husband and wife can be combined and presented as a part of the visa application. Funds available to either spouse are typically considered jointly, meaning that the total amount can be used to demonstrate your financial capability for the visa application. This is especially relevant when applying for a work permit or other visas that require proof of financial support.

Fixed Deposits

Another form of proof of liquid assets is the fixed deposit. If you have fixed deposits in your home country or the destination country, these can also be counted as part of your liquid assets. Fixed deposits are considered highly reliable financial proof because they demonstrate a committed financial amount.

Provident Funds (PF, EPF, and Other Retirement Funds)

Many countries, including India, have Provident Funds (PF), Employees’ Provident Fund (EPF), and other retirement savings schemes where a portion of your salary is deducted and saved for future use. These funds can be used as part of your financial capacity when applying for a visa. Make sure to show the balance and relevant documents to prove the amount in your PF account.

Surrender Value of Policies

If you have a life insurance policy or any other type of policy where you have been saving, you can present the surrender value of the policy. In India, for example, LIC policies have a surrender value that you can withdraw at any time. This value can be included as part of your financial capacity.

Mutual Funds

Mutual funds that can be liquidated (i.e., withdrawn at any time) can also be shown as part of your liquid assets. These funds are considered valuable financial assets and can be included to strengthen your visa application.

Shares

If you own shares or stocks in any companies, these can be considered as part of your financial portfolio. Providing the value of your shares can help demonstrate your financial stability and capacity to support your stay in the destination country.

Gold Evaluation Certificate

If you own gold, you can boost your financial profile by providing a gold evaluation certificate. For example, if you have 10 lakh rupees worth of gold, you can submit a gold evaluation certificate that demonstrates its value. This can significantly increase your total liquid assets.

Study Loan Approval

For those applying for a study visa, a study loan approval can be used to show your financial capacity. A bank’s loan approval letter indicates that you are financially supported for your studies, and this can be included in your CA report. However, keep in mind that loans cannot be used to demonstrate financial capacity for other types of visas, such as tourist or work visas.

Vehicle Valuation

If you own a car, bike, or any other vehicle, you can have a vehicle valuation conducted to demonstrate their worth. The value of your vehicle can be included as part of your financial capacity to show that you have valuable assets.

Cash in Hand

Finally, cash in hand can also be shown as part of your liquid assets. If you have a significant amount of cash available, make sure to include this in your application to boost your financial standing.

By providing solid proofs of your liquid assets, whether through GICs, savings accounts, or fixed deposits, you can increase your chances of a successful visa application. Remember to prioritize assets in your own name and organize them logically to present the best financial profile. By including these additional assets, such as Provident Funds, gold, mutual funds, and more, you can create a stronger financial profile for your visa application. Ensure you have the necessary documents, such as valuation certificates, loan approvals, and policy surrender values, to back up your claims. Presenting a well-documented and comprehensive financial report increases your chances of a successful visa application.

3.5 Understanding Core and Additional Financial Capacity for Visa Applications

When applying for a visa, it’s crucial to demonstrate your financial capacity to support yourself during your stay. Depending on the type of visa application, the financial documents you need to provide may differ. This guide will explain the distinction between core financial capacity and additional financial capacity, and how to effectively showcase your financial strength in your visa application.

3.6 Core Financial Capacity

Core Financial Capacity

For some visa applications, particularly when you are not doing a GIC (Guaranteed Investment Certificate) or similar financial guarantee, you need to show core funds, the funds that will directly support your stay. For example, if you are applying for a Canada study visa and have already paid your first-year tuition fee and deposited the required $21,000 GIC, you have covered the essentials for the first year of your stay. However, additional funds still need to be shown.

Core funds typically include:

Savings in your bank account (either in your home country or in the destination country).
Fixed deposits under your name.

These funds must be long-term and easily accessible to show your financial stability. If you are applying for a study visa without a GIC, the funds in your account become crucial in demonstrating your ability to finance your stay. For instance, you must show a clear source of these funds—whether from salary or personal savings. It’s important that the source of funds is transparent, and that it’s evident these funds come from legitimate, long-term savings rather than borrowed money.

3.6 Additional Financial Capacity

In addition to core funds, you can also showcase additional financial capacity. These are assets that may not be immediately liquid, but they can still strengthen your application. Examples of additional assets include:

Provident Funds (EPF), which are not always easily accessible, so they are considered additional financial capacity.
Mutual funds, shares, and gold evaluation certificates can boost the total amount of your liquid assets. While these cannot serve as core financial capacity, they demonstrate your overall financial stability and may be used to show you have additional resources if needed.

It’s essential to note that while core funds are required to be in your saving account or fixed deposit, additional assets like mutual funds or gold can be included to highlight your overall financial standing. However, they cannot replace core funds.

3.7 Example: Applying for a Canada Study Visa

When applying for a Canada study visa, if you are not doing a GIC, you need to show core funds in your account. In this case, you must have a clear balance of savings in your bank account (preferably in India or outside India) and the source of those savings must be transparent. If you’re applying with the GIC, you don’t need to worry about showing all the funds in your bank account because the GIC amount will be counted as part of your core financial capacity.

If you’re applying for a spouse work permit in Canada or any other country, the same principle applies. Funds should be shown in your account in the destination country (e.g., Canada, Australia) or your home country. In this case, savings in your bank account and fixed deposits are the most important. Other assets like EPF or shares cannot be counted as core funds, but they can be included as additional financial capacity.

By understanding the difference between core and additional financial capacity, you can organize your financial documents more effectively and present a strong visa application.

3.8 Understanding the Role of Additional Liquid Assets in Visa Applications

When applying for a visa, it’s essential to demonstrate your financial capacity to cover your stay. While core financial capacity (such as funds in a savings account or fixed deposits) is often required, additional liquid assets can significantly enhance your application. These assets might not be immediately accessible but still contribute to your overall financial strength.

3.9 Surrender Value of Policies and Mutual Funds

Surrender value of policies and mutual funds are examples of assets that may not be easily accessible, and their withdrawal conditions can vary. For example, you may not be able to withdraw from a life insurance policy or a mutual fund if it has a lock-in period. This uncertainty means that while these assets may have value, they cannot always be relied upon for immediate use.

For instance, the surrender value of a life insurance policy is not guaranteed to be accessible immediately, as you may need to wait for a certain period or meet specific conditions. Similarly, mutual funds often have a lock-in period (e.g., 3 years), meaning the funds cannot be accessed during that time.

Since these assets are not immediately liquid, they are not ideal to show as your core financial capacity. If you need to demonstrate your ability to support yourself immediately (such as for a study or work visa), it is better to rely on funds in your bank account or fixed deposits.

3.10 Core vs. Additional Financial Capacity

Core Financial Capacity: This refers to funds that are readily available for your use. For a visa application, core funds typically include:
- Savings accounts in your name.
- Fixed deposits that you can liquidate when necessary.

These funds are considered reliable and accessible. They can be used to show that you have enough financial support for your stay. Visa officers place high importance on these funds because they can be readily utilized.

Additional Financial Capacity: These assets can strengthen your application but cannot replace core funds. They include:
- Surrender value of policies.
- Mutual funds (if they don’t have a lock-in period).
- Shares, gold evaluations, or other investments.

These additional assets show that you have a more substantial financial standing, which can improve your chances of visa approval, but they are not as reliable as core funds because they may not be immediately liquid.

3.11 Example: Visitor Visa Application

Let’s consider an example where you’re applying for a visitor visa. You have 10 lakh Rupees in your savings account and 5 lakh Rupees in a fixed deposit. In this case, you can show that your core liquid assets (the funds in your savings and fixed deposit) total 15 lakh Rupees.

However, you can also include additional assets like the surrender value of life insurance policies, mutual funds, or gold evaluations. This boosts your total liquid assets and demonstrates that you have strong financial backing, which can further improve your visa chances.

4. The Importance of Family Income in Visa Applications

When applying for a visa, particularly for study or work visas, demonstrating your financial capacity is a crucial part of the process. One of the key components of your financial capacity is family income, which can significantly strengthen your application.

4.1 Types of Family Income Proofs

To showcase your family income, there are various types of documentation you can submit, depending on the income sources. Here are some of the common proofs you can include:

Income Tax Returns (ITR):
- Income tax returns are accepted in many countries, including India, where you can provide your Form 16 as proof. If you have one year of ITR, that’s acceptable, but providing two or three years of returns will add more weight to your application. The more years of income history you provide, the stronger your case will be.
Pension Income:
- If you or a family member is receiving pension income, this can be shown through a pension letter and bank statements. This is especially relevant for retired individuals
  .
Agriculture Income (J Form):
- In India, J Form is used to prove agricultural income. If you have agriculture-based income, submit this form along with any supporting documents. The same applies in other countries with similar income proof forms
  .
Salary Slips and Salary Account Statements:
- If you do not have other documentation, you can provide your salary slips and salary account statements to demonstrate your income. Additionally, your offer letter may also contain salary information, which can support your financial standing.
Income Certificate:
- Some countries offer an income certificate issued by government agencies, which can also be used as proof of income.

4.2 Including Family Income in Your CA Report

When compiling your CA report, it’s crucial to include the income of all family members who contribute to your financial capacity. This can include:

The applicant’s income
Parents’ income
Other family members’ income

Family income can be sourced from various places, including your home country or any other country where you or your family members may be working. For example, if you are working in a Gulf country, your income from there is also considered part of your family income.

Income can come from different sources:

Salaried income
Business income
Rental income
Investment income

Including these documents in your CA report adds depth to your financial profile, showing your establishment and financial stability.

4.3 Why Family Income is Important for Your Visa Application

Family income plays a critical role when your liquid assets (such as savings or fixed deposits) are not sufficient to cover your financial needs for the visa application. For example, if you need to show 10 lakh Rupees for the second-year fee but currently have only 5 lakh rupees in your account, you can demonstrate the future availability of funds by showing your family income.

For instance, if your family earns 20 lakh rupees per year, and their expenses are 7 lakh rupees, the remaining 13 lakh rupees can be saved and used for future financial needs, such as paying your fees for the second year. This shows your future financial capacity and strengthens your financial plan.

Moreover, if you are taking out a study loan for your education, particularly for countries like Australia or New Zealand, the visa officer will want to ensure that your family has the capacity to repay the loan. If your income is insufficient to meet these requirements, your visa application may be rejected. Therefore, it is essential to provide a clear and convincing income proof to demonstrate your ability to repay the loan.

In many cases, particularly when parents are repaying the loan, you will need to show their income to confirm that they can afford to pay the loan back. This further emphasizes the need for a comprehensive breakdown of your family’s income in your application.

5. Loans as Part of Your CA Report

When submitting a CA report for your visa application, it is crucial to consider how loans are handled in your financial documentation. Loans can either strengthen or weaken your financial position, so it’s important to know how to declare them properly. Here’s what you need to understand:

5.1 Declaring Loans in Your CA Report

Ideally, your CA report should accurately reflect all of your financial standing, including both assets and liabilities. A loan is considered a liability, which means it will decrease your total net worth.

Avoid Showing Unnecessary Loans:
- If you have loans, especially personal loans or other types of loans that are not related to your study visa, it is better to avoid showing them in your CA report. Declaring loans that are not necessary can lower your financial capacity and negatively affect your visa application.
Study Visa Loan Approval:
- If you have been approved for a study visa loan, it is acceptable to include this in your CA report. Since this loan is approved by the bank, it becomes part of your financial capacity. This type of loan shows that you have the means to cover your educational expenses in the future, and it can be a helpful addition to your application.

5.2 Key Points to Remember When Submitting Statements

When submitting bank statements or other supporting documents with your visa application, it’s important to be cautious about what information is visible:

Do NOT show any Statement where Loan Deduction is Visible:

If you have not declared a loan in your CA report or net worth certificate, but your bank statement shows loan deductions, it can cause issues. Be careful not to submit statements where loan deductions are visible, especially if these loans are not declared in your CA report. This can raise questions about your financial capacity and affect the visa officer’s evaluation of your case.

Do NOT show any statement with Loan Deposit in Account:

If you have taken out a personal loan or any other type of loan and deposited the funds into your account, it’s important to be cautious about which bank statement you submit. Do not submit statements that show the loan deposit transaction. This is considered borrowed money, and visa officers will not accept borrowed funds as proof of financial capacity. Showing borrowed funds in your statement can lead to the rejection of your application.

Note: If you need to submit a statement that shows the loan deposit, make sure to get a new statement after the loan deposit has been made. This ensures that the loan is not visible in your financial documentation.

While it is essential to declare loans in your CA report, only include the loans that are necessary for your visa application. Avoid showing unnecessary loans or loan deposits that could harm your application. Properly managing your financial capacity by ensuring all transactions are transparent and consistent will significantly improve your chances of visa approval.

6. Withdrawing Funds After Taking the Statement

A common question many applicants ask is, “Can I deposit funds into my account and withdraw them after taking the bank statement for my visa application?” While this may seem like a quick way to show sufficient funds, it is strongly discouraged and can lead to serious consequences.

6.1 Why You Should Never Withdraw Funds After Taking a Statement

If you claim to have a certain amount of money in your bank account for e.g., 10 lakh Rupees, it must remain in your account until your visa application is processed and finalized. Withdrawing these funds after taking the statement is not allowed and can severely impact your application.

Visa officers have the ability to check your balance at any time, even after you submit your documents. If they find discrepancies or see that the funds have been withdrawn, it can result in severe consequences, including a visa ban for 5 to 10 years, depending on the country you are applying to.

6.2 Withdrawal Can Lead to a Ban

Many applicants believe they can manage their accounts by working with a bank manager in their local branch, but this can be dangerous. Nowadays, visa officers can check your balance from a central system, often from a larger branch like those in Mumbai or Chandigarh. If the funds are not available when the officer checks, even after the statement has been issued, you could face serious penalties.

Even if you think you have “arrangements” with a local bank branch, you cannot control what a visa officer might do. They may verify your account balance from a larger or central branch, and if the funds have been withdrawn, your visa application will likely be rejected and you could face a long-term ban.

It’s essential to understand the risks involved. If you withdraw funds after taking the statement, it can lead to a visa ban, and you could face this ban for 5 to 10 years depending on the country. This is a severe penalty, and it is not worth the risk.

6.3 Keep Funds in Your Account

The best practice is to keep the funds in your account until your visa application is processed, whether approved or refused. You should never withdraw funds after obtaining the statement for your visa application. By maintaining a consistent and truthful financial record, you’ll avoid unnecessary complications and ensure a smoother visa process.

To summarize, always ensure that the funds in your account remain stable until you receive your visa decision. Withdrawing funds can lead to serious consequences, including a long-term ban.

7. Cost of Preparing Important Documents

When preparing documents for your visa application, it’s important to know the costs involved. Below are the typical charges for some essential documents commonly required for visa applications, especially for countries like Canada, Australia, and others.

CA Report

The cost for preparing a CA (Chartered Accountant) report generally ranges from ₹1500 to ₹2500 INR in most cases. This cost depends on the complexity of the report.

Property Evaluation Report

The cost of a property evaluation report typically falls between ₹1000 and ₹3000 INR. The final price depends on the type of property and the nature of the evaluation.

Gold Evaluation Report

If you need a gold evaluation report, the cost is generally between ₹1000 and ₹1500 INR. This can be useful for showing additional financial capacity through gold assets.

8. How We Can Help at Globexa

If you need assistance with preparing these documents, Globexa can help guide you through the process. We provide expert support for preparing your CA report, property evaluations, gold evaluations, and other essential documents required for your visa application.

If you are ready to apply for any type of visa, whether it’s a study visa, visitor visa, or work permit for Canada, Australia, or any other country, we at Globexa can take care of the entire visa application process. We specialize in all types of visa applications for major countries across the world.

For more information or personalized assistance with your visa application, you can contact us. If you’re interested in learning how to apply for Canada PR from outside Canada using French, feel free to check out this blog for detailed information.

If you have any questions related to this topic, please leave them in the comments below.

See you in the next blog!