UAE Golden Visa Through Bank Deposits: An Opportunity to Long-Term Residency6 min read
- 10.08.2024
- Posted by: Uwe Hohmann
- Categories: Dubai, Middle East
Among UAE residency options, the Golden Visa program has gained significant traction, particularly through the bank deposit route. This article explains this increasingly popular pathway to long-term residency.
The Bank Deposit Route to UAE Golden Visa
The UAE Golden Visa program, offering up to 10 years of residency, includes an accessible option for high-net-worth individuals: the bank deposit route. This method has become a preferred choice for many seeking long-term residency in the UAE, especially in Dubai.
Key Requirements:
Minimum Deposit: AED 2 million (approximately EUR 500,000)
Deposit Duration: Minimum of two years
Eligible Institutions: Selected UAE-based banks
Upon meeting these criteria, the bank issues a letter of evidence to support the Golden Visa application, streamlining the process for eligible individuals.
Participating Financial Institutions
Several prominent UAE banks facilitate the Golden Visa through deposits, including:
– Abu Dhabi Commercial Bank (ADCB)
– Ajman Bank (Wakala Deposit)
– Al Maryah Community Bank
– First Abu Dhabi Bank (FAB)
– RAK Bank
These institutions have developed specific propositions for high-net-worth clients seeking the Golden Visa, often providing additional services to support the application process.
Advantages of the Bank Deposit Route
Simplicity: A straightforward process compared to other investment options
Flexibility: Funds remain accessible, subject to the bank’s terms and conditions
Potential Returns: Possibility of earning interest on the deposited amount
Credibility: Leveraging the reputation of established UAE financial institutions
Impact on the UAE Banking Sector
The Central Bank of the UAE reported strong deposit growth in the banking system, with a 15.2% year-on-year increase at the end of Q1 2024. This growth has been partly attributed to the influx of high-net-worth individuals utilizing the Golden Visa bank deposit option.
TME Services: Your Partner in Golden Visa Acquisition
As specialists in UAE company formation and relocation services, TME Services offers comprehensive support for individuals and businesses exploring the Golden Visa bank deposit route:
-Assessment of eligibility and financial requirements
-Guidance on selecting the most suitable banking institution
-Assistance with documentation and compliance procedures
-Coordination with banking partners and relevant authorities
As Dubai continues to position itself as a global hub for business and innovation, the Golden Visa program, particularly through the bank deposit route, is expected to evolve. This pathway represents an opportunity for high-net-worth individuals seeking to establish a long-term presence in the UAE.
Our comprehensive services are designed to support you every step of the way:
- Company Formation: We guide you through all aspects of setting up your company, whether in a free zone or on the mainland, ensuring you choose the best option for your business.
- Visa and Emirates ID Services: We streamline the process of securing visas and Emirates IDs for you and your employees, allowing you to focus on your business operations.
- Accounting: Our team ensures your business stays compliant with local financial regulations, which is crucial for maintaining good standing in Dubai’s business community.
- Tax: We help navigate Dubai’s tax environment, ensuring your business remains compliant while optimizing your tax position.
- Business Consulting: Leveraging our deep understanding of Dubai’s market, we provide valuable insights and help you develop effective strategies to thrive in the food and logistics sector.
Visit our services page to learn more about everything we do.
