Local banks report a consistent increase in demand for Golden Visas linked to bank deposits, driven by the influx of millionaires settling in the UAE, particularly in Dubai. UAE banks mandate a minimum investment of Dh2 million in deposits for at least two years, after which they provide a letter of evidence to support long-term residency.
"Interest in the Golden Visa is on the rise, both through deposits and mortgages, as more customers seek to secure long-term residence in the UAE," stated Shehzad Hameed, Managing Director of Retail Banking at RAK Bank, in an interview with Khaleej Times. He noted significant interest from customers in the UK, Europe, and the Indian subcontinent.
The 10-year residency visa has seen high demand, especially after the Covid-19 pandemic, and is available to various categories including entrepreneurs, professionals, outstanding students, scientists, property owners, and high net worth individuals who deposit Dh2 million with local banks. As of May 2024, Dubai had 158,000 Golden Visa holders.
Similar to property developers, local banks help high-net-worth clients obtain long-term visas by depositing Dh2 million. Many banks actively promote this on their websites to attract deposits from high-net-worth clients. Banks offering Golden Visas through a Dh2 million deposit include Abu Dhabi Commercial Bank, Ajman Bank, Al Maryah Community Bank, First Abu Dhabi Bank, and RAK Bank.
The Central Bank of UAE's 2023 annual report highlighted robust deposit growth in the UAE banking system, with a 15.2% year-on-year increase by Q1 2024. This growth was supported by resident retail and private corporate deposits, which rose by 15.3% and 24.2% respectively, while non-resident deposit growth slowed following previous negative rates.
RAK Bank has tailored a Golden Visa offering for elite customers, assisting with both deposits and mortgages, and issuing necessary letters to authorities. Additionally, RAK Bank has partnered with a PRO agency to offer discounted services for Golden Visa processing.
"We facilitate Golden Visa applications by arranging a Dh2 million Wakala deposit. The product from Ajman Bank is the deposit, and customers can use it for Golden Visa purposes, managed directly with UAE authorities without bank involvement," explained Faizal Kundil, Head of Consumer Banking at Ajman Bank.
