Cash savings held by you, your spouse or held jointly on the application date can be transferred from stocks, investments, bonds, shares or trust funds in the space of 6 months preceding the application date as long as:
- The money is owned by or is controlled by the person, his/her spouse or both of them for a minimum of six months preceding the application date.
- Your ownership of investment funds, shares, stock, bonds or trust funds; the value of this form of fund in cash as at six months or more before the application was made; and the conversion of this fund to cash, are confirmed by relevant documents from financial institutions that are supervised by the suitable regulatory body of the state where the institution operates.
- The Appendix FM-SE requirements as it relates to cash saving owned by you at the application date are fulfilled, unless a minimum of 6 months period before the application date will be lessened by the time where the applicable fund was held as investments, stock, shares, bonds or trust funds.
Furthermore, in a situation where you, your spouse or both of you have owned the cash savings in the form of investments, stocks, bonds, shares or trust funds; the time in which you have held this fund in this form could add up to the 6 month period. However the funds held as cash savings in your possession as at the application date could be converted from the investment form into cash, it could have been held as investments in the beginning of the six months period before the application is made and then towards the later period of the six months be held as cash saving. You are however required to prove that:
- You, your spouse or both of you have owned savings in the form of investments, stocks, bonds, shares or trust funds for part of the six months period preceding the application date before converting the fund into cash savings;
- The investments, stocks, shares, bonds or trust funds on or before the commencement of the six month period is at least of equivalent value to the cash depended on to meet the application’s requirements; and
- The Cash Savings fulfills Appendix FM-SE requirement.
- In a situation where the above evidences are not made available, cash saving owned in the form of investments, stocks, shares, bonds or trust funds would not be apply as financial requirement.