Local banks in the UAE are witnessing a steady rise in demand for Golden Visas as millionaires, particularly from regions like the UK, Europe, and the Indian subcontinent, flock to the country—especially Dubai—to secure long-term residency. The Golden Visa program has become increasingly popular post-Covid-19, offering a 10-year residency to various categories of individuals, including entrepreneurs, coders, professionals, outstanding students, scientists, property owners, and high-net-worth individuals (HNWIs).
How the Golden Visa Works Through Bank Deposits 🏦
To obtain a Golden Visa via bank deposits, applicants must invest a minimum of Dh2 million in a local bank for at least two years. Once this requirement is met, the bank issues a letter of evidence, facilitating the long-term residency process.
According to Shehzad Hameed, Managing Director of Retail Banking at RAKBank, there has been significant interest in this scheme, particularly from customers in the UK, Europe, and the Indian subcontinent. Hameed noted that both deposits and mortgages are popular methods among customers looking to secure their Golden Visas.
UAE Banks Offering Golden Visa Through Deposits 📈
Several UAE banks have introduced specific products and services to cater to the rising demand for Golden Visas. These banks include:
- Abu Dhabi Commercial Bank (ADCB)
- Ajman Bank (Wakala Deposit)
- Al Maryah Community Bank
- First Abu Dhabi Bank (FAB)
- RAKBank
Each of these banks offers unique packages to facilitate the Golden Visa process for HNWIs. For example, RAKBank has developed a Golden Visa proposition for elite customers, assisting them with deposits, mortgages, and necessary documentation. They have even partnered with a PRO agency to offer discounted services for Golden Visa processing.
Similarly, Ajman Bank offers a Wakala deposit product, allowing customers to place the required deposit for Golden Visa purposes. The bank facilitates the process but leaves the direct dealings with UAE authorities to the customers.
Impact on UAE Banking Sector 🚀
The increased interest in the Golden Visa program has contributed to robust growth in the UAE’s banking sector. According to the Central Bank of UAE’s 2023 annual report, the banking system’s deposits grew by 15.2% year-on-year by the end of Q1 2024. This growth was supported by resident retail and private corporate deposits, which increased by 15.3% and 24.2% year-on-year, respectively.
