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#501397 - 02/22/15 09:00 PM 401K as proof of income  
Joined: Oct 2006
Posts: 79
Kgryfon Offline
Kgryfon  Offline
Hi there! I searched for the answer to this I this forum and on google, but no luck...The "rules" indicate that you have to have proof of a minimum of $2k monthly income to qualify for the retiree immigration status, but withdrawals from a 401K are not the same and how can a bank sign a letter "guaranteeing" that I'll withdraw the minimum? I'm a bit confused by this. Anyone know how this works?

#501399 - 02/22/15 09:27 PM Re: 401K as proof of income [Re: Kgryfon]  
Joined: Jun 2008
Posts: 1,994
ragman Offline
ragman  Offline
At the time I applied I was in a somewhat similar position. Just give them a statement from your accounts and depending on your circumstances they will accept that. Many people have somewhat different circumstances so just provide what you have and if it is reasonable they will go along with it.

I'm assuming you are talking about QRP program. Good Luck

Formerly from somewhere on a beach in Belize
#501400 - 02/22/15 11:02 PM Re: 401K as proof of income [Re: Kgryfon]  
Joined: Nov 2000
Posts: 5,469
ScubaLdy Offline
ScubaLdy  Offline
They keep changing the wording on this subject. The last few years they have required me to show my Belize bank statement proving that I SPENT $2,000.00 US each month.

Take only pictures leave only bubbles
#501407 - 02/23/15 06:31 AM Re: 401K as proof of income [Re: ScubaLdy]  
Joined: Jun 2008
Posts: 1,994
ragman Offline
ragman  Offline
Yes, everyone I know in the program has to show their bank statement proving deposits and expenditures.

In today's world with many people retiring without a defined pension plan and maybe before they are old enough to collect Social Security, if they are qualified for such, people who apply for the program have to prove they actually have funds in a slightly different way. Statements from accounts where these funds will be withdrawn from will be accepted I believe provided their are what the country considers sufficient funds. (please don't ask because I do not know what that level is)

Formerly from somewhere on a beach in Belize
#501411 - 02/23/15 08:20 AM Re: 401K as proof of income [Re: ScubaLdy]  
Joined: Nov 2012
Posts: 105
Johnhenry Offline
Johnhenry  Offline
I don't believe that they actually check to see if you have spent the annual requirement of US$24,000. What they need to see is that you have transferred that amount in to a Belize based bank account.
How would they know you spent e.g I withdraw US$4,000 say from Atlantic International Bank, take it to America and spend it there. Or I just withdraw it and do nothing with it.

#501417 - 02/23/15 09:51 AM Re: 401K as proof of income [Re: Kgryfon]  
Joined: Nov 2000
Posts: 5,469
ScubaLdy Offline
ScubaLdy  Offline
Not saying I do this ---- but you can withdraw and few days later redeposit. I spend w-a-y more than necessary so don't need to do this but I have heard of others that do.

Take only pictures leave only bubbles

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