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UAE Golden Visa: 10-year residency gains popularity through bank deposits

Local banks promote the long-term permit on their websites to attract more deposits from high-net-worth individual clients

Published: Mon 5 Aug 2024, 6:00 AM

Updated: Mon 5 Aug 2024, 8:40 PM

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Local banks said demand for Golden Visas through bank deposits is steadily growing as millionaires flock to the UAE, especially Dubai, to settle down.

Banks in the UAE require investments with a minimum value of Dh2 million in deposits for a minimum period of two years. The banks then issue a letter of evidence to facilitate the long-term residency.

“There is growing interest in the Golden Visa through both deposits and mortgages, with an increasing number of customers looking to secure long-term residence in the UAE,” Shehzad Hameed, managing director, retail banking at RAKBank, told Khaleej Times.

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He said they have seen a great deal of interest in the Golden Visa scheme from customers in the UK, Europe, and the Indian subcontinent.

The 10-year residency visa has been in high demand, especially post-Covid-19 pandemic, as it was rolled out for different categories such as entrepreneurs, coders, professionals, outstanding students, scientists, property owners and high net worth individuals who deposit Dh2 million with local banks.

In Dubai alone, 158,000 people were holding Golden Visa as of May 2024.

Like property developers in UAE, local banks also facilitate their high-net-worth individual clients to get long-term visas upon depositing Dh2 million.

Many local banks strongly promote this on their websites to attract more deposits from high-net-worth individual clients.

UAE banks that offer Golden Visa through Dh2 million deposit:

  • Abu Dhabi Commercial Bank (ADCB)
  • Ajman Bank (Wakala Deposit)
  • Al Maryah Community Bank
  • First Abu Dhabi Bank (FAB)
  • RAKBank

According to Central Bank of UAE’s 2023 annual report, the UAE banking system’s deposits growth remained robust, growing at 15.2 per cent year-on-year at the end of Q1 2024. Resident retail and private corporate deposits supported the strong deposit growth, increasing by 15.3 per cent and 24.2 per cent year-on-year, respectively. Meanwhile, non-resident deposit growth has moderated following negative growth rates during the previous quarters.

RAKBank has developed a Golden Visa proposition for elite customers. It assists those interested in the Golden Visa through deposits and mortgages and issues the required letter to the authorities.

In addition, RAKBank has also tied up with a PRO agency for discounted PRO services for its customers for Golden Visa processing, added Hameed.

“We facilitate customers in Golden Visa by placing a Dh2 million Wakala deposit. The product offered by the Ajman Bank is the deposit, and customers are free to use the deposit for Golden Visa purposes, which is dealt with directly with the UAE authorities without the direct involvement of the Bank,” said Faizal Kundil, head of consumer banking at Ajman Bank.

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