UAE Golden Visa: Bank contributes to increasing popularity of 10-year residency.
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Local banks reported a steady increase in demand for Golden Visas through bank deposits as wealthy individuals are moving to the UAE, particularly Dubai, to establish residency. In the UAE, banks mandate a minimum deposit of Dh2 million for at least two years. The banks provide a document as proof to help with obtaining permanent residency.
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The UAE Golden Visa program, which offers 10-year residency to investors, entrepreneurs, and professionals, has been gaining popularity through bank deposits. Under the program, individuals can obtain a long-term visa by making a significant investment in the UAE, such as through a bank deposit.
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Many individuals are opting to use bank deposits to qualify for the Golden Visa, as it provides a low-risk investment opportunity with a guaranteed return. Additionally, bank deposits are a simple and straightforward way to meet the financial requirements of the program.
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By choosing to make a bank deposit as part of their Golden Visa application, individuals can enjoy the benefits of long-term residency in the UAE, as well as access to the country's business opportunities, healthcare system, and high-quality lifestyle. This has led to an increase in the number of applicants seeking to secure their future in the UAE through the Golden Visa program.
The 10-year residency visa has been popular, especially after the Covid-19 pandemic, and is available for various categories like entrepreneurs, coders, professionals, students, scientists, property owners, and wealthy individuals who deposit Dh2 million with local banks.
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As of May 2024, Dubai had a total of 158,000 individuals possessing the Golden Visa. Similar to property developers in the UAE, local banks also assist their wealthy clients in obtaining long-term visas by depositing Dh2 million. Numerous local banks actively advertise this on their websites to entice additional deposits from wealthy individual clients.
Banks to use for depositing of 2 million are here as follows:
1.???? Abu Dhabi Commercial Bank (ADCB)
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2.???? Ajman Bank (Wakala Deposit)
3.???? Al Maryah Community Bank
4.???? First Abu Dhabi Bank (FAB)
5.???? RAK Bank
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As per the Central Bank of UAE’s 2023 yearly or annual report, the UAE banking system deposits growth remained strong, expanding 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. However, non-resident deposit expand has moderated following negative growth rates during the previous quarters.
RAK Bank 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. Additionally, RAK Bank has partnered with a PRO agency to offer discounted PRO services to its customers for Golden Visa processing.
??Ajman Bank provides a deposit product that customers can utilize for Golden Visa purposes, which is arranged directly with the UAE, which is dealt with directly with the UAE authorities without the direct involvement of the Bank, as per the head of consumer banking at Ajman Bank.
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Latest update: August 4, 2024