A friend of mine from Hong Kong is making an application for permanent residence as a skilled worker (she completed her university studies here in Australia, and is currently on a bridging visa).
In order to have permanent residence granted she needs an "assurer of support" for the first two years. If she makes a claim from Centrelink (eg unemployment benefits) in the first 2 years, the assurer of support has to pay back any money she claims.
http://www.centrelink.gov.au/internet/internet.nsf/factors/a ssurance_support.htm
I was wondering if it would be possible to set up a bank account or similar which she could put the $25 000 in. That money would be held for the first 2 years of her permanent residence and then returned to her. The money could be accessed by the assurer, but only if required to pay back centrelink. The money in that account would serve as insurance for the assurer should she make a claim from Centrelink in the first two years.
Is this possible?
2007-11-07 14:52:43 · 4 answers · asked by drewstah 1 in Politics & Government ➔ Law & Ethics
Yes, but it is a lot of stuffing around. As the owner of the account she will be able to withdraw the funds without your authority. If you set it up as an escrow account held by a solicitor you would have to pay quite a bit in fees and administration costs.
It is far easier in these circumstances to ask for a bank guarantee. This is an unconditional promise by the bank to pay you a set sum on demand.
Read the letter carefully. Sometimes an assurer of support needs to also put up a cash bond. In this case the funds are lodged with the government. They will have to be put in your account first.
2007-11-08 02:42:29 · answer #1 · answered by djb3500 4 · 0⤊ 0⤋
Yes she can set up an account with any bank as an investment account over any number of years she like.
Investment account is for a set period and can not be use or drawn from until time is up. There are other ways of setting up such accounts that will pay interest on the sum deposited.
You would have to find the best one that pays the most and does the job of holding the money in trust so that it can only be turned over to the account holder when the full term is reached.
Good look and go do it, Do not give any other person the right to sign for withdrawals.
2007-11-08 00:49:31 · answer #2 · answered by aiddogs5 4 · 0⤊ 0⤋
A line of credit could be set up through the bank, but there is a charge for this. A second option would be to open an account that requires both signatures to withdraw the money and to draw up a contract between the two of you. The contract should specify who can have the money and under what circumstances, and it should be worded as clearly and as simply as possible. If Australian laws are similar to Canadian laws, each signature should be witnessed by someone who is not a family member.
2007-11-07 15:00:16 · answer #3 · answered by Anonymous · 0⤊ 0⤋
YES, it is possible. Set the account up as a CERTIFICATE OF DEPOSIT with a two year maturity. There is a severe penalty if withdrawn before the end of the two years, but in an emergency, the funds can be withdrawn.
2007-11-07 14:57:42 · answer #4 · answered by Mike 7 · 0⤊ 0⤋