By dubailife 
Local banks report a steady increase in demand for Golden Visas through bank deposits as millionaires are increasingly choosing to settle in the UAE, particularly in Dubai.
To qualify, banks in the UAE require a minimum investment of Dh2 million in deposits for at least two years. The banks then provide a letter of evidence to facilitate the long-term residency process.
“There is growing interest in the Golden Visa through both deposits and mortgages, with more customers seeking to secure long-term residence in the UAE,” said Shehzad Hameed, Managing Director of Retail Banking at RAKBank, to Khaleej Times.
He mentioned that there has been significant interest in the Golden Visa scheme from customers in the UK, Europe, and the Indian subcontinent.
The 10-year residency visa has seen high demand, especially post-COVID-19, as it is available for various categories such as entrepreneurs, coders, professionals, outstanding students, scientists, property owners, and high-net-worth individuals who deposit Dh2 million with local banks.
As of May 2024, 158,000 people in Dubai held Golden Visas.
Like property developers in the UAE, local banks also facilitate their high-net-worth clients in obtaining long-term visas upon depositing Dh2 million. Many banks actively promote this service on their websites to attract more deposits from high-net-worth individuals.
UAE Banks Offering 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 the Central Bank of UAE’s 2023 annual report, the UAE banking system’s deposit growth remained robust, increasing by 15.2 percent year-on-year by the end of Q1 2024. Resident retail and private corporate deposits supported this strong growth, rising by 15.3 percent and 24.2 percent year-on-year, respectively, while non-resident deposit growth moderated after negative growth rates in previous quarters.
RAKBank has developed a Golden Visa proposition for elite customers, assisting those interested in the Golden Visa through deposits and mortgages, and issuing the required letter to the authorities. Additionally, RAKBank has partnered with a PRO agency to offer discounted PRO services for Golden Visa processing, added Hameed.
“We facilitate customers in obtaining the Golden Visa by placing a Dh2 million Wakala deposit. The product offered by Ajman Bank allows customers to use the deposit for Golden Visa purposes, which is handled directly with the UAE authorities without the bank’s direct involvement,” said Faizal Kundil, Head of Consumer Banking at Ajman Bank.
CREDIT : KHALEEJTIMES