Did some research but my situation is a bit unique. I will receive a CoE to for a student visa in August (studies start in October). I am apprehensive concerning the financial requirements for being a self-sponsor. Some background info:
\- I worked all of 2021 and have a tax return for the income (\~$50k). I have not been working since around March 2022.
\- I currently have about $17k in savings, which will hold roughly steady until August (starting part time work next month). After paying tuition, however, it will drop to around $11k.
I understand I need around 2+ million yen (\~$15k at current exchange rate) for an approval. My plan is to sell my car, worth around another $11k, before I leave. The issue is, I will need the cash in my bank before I go to the embassy, and I’m not willing to sell the car if I get denied a VISA, so I can’t do it beforehand. Would it be an issue if I instead sell some stocks to get my bank account balance above 2 million yen, then after approval, sell the car for funds and invest any large excess over the expected 1 year cost?
It’s all a timing game, and I understand I need readily accessible cash instead of assets like stocks and potential car worth, so I’m wondering if this plan is against any rules, or if the lack of work (dropping bank balance over several months) will be an issue. Any insight?
TL:DR- I will have 2 million yen heading into embassy for student visa approval, but 5 million will have come from recently sold stocks, which I plan to re-invest and instead sell my car for extra cash since this is smarter financially in my situation. Ok, or not?
2 comments
I had less money than you when I applied and I got mine via self-sponsor. Just make sure that your documents are in shape and you’ll be fine.
A friend tried something similiar during 2019. He was doing part time at a fast food place at that time and got 20k from a inheritance. The visa was denied because the sponsor(or self sponsor) should have proof of a “stable” income besides the money in the bank.