UAE Golden Visa: 10-year residency sees rising popularity via bank deposits

Local banks are seeing a steady increase in demand for Golden Visas through bank deposits, as millionaires increasingly choose to settle in the UAE, especially in Dubai.

To obtain a Golden Visa, UAE banks require an investment of at least Dh2 million in deposits for a minimum of two years. The banks then provide a letter of evidence to support the long-term residency application. The 10-year residency visa has become particularly popular post-Covid-19, catering to entrepreneurs, coders, professionals, outstanding students, scientists, property owners, and high-net-worth individuals who deposit Dh2 million with local banks. As of May 2024, Dubai alone had 158,000 Golden Visa holders.

Similar to property developers, local banks in the UAE help their high-net-worth clients obtain long-term visas by facilitating the necessary Dh2 million deposit.

Many local banks promote this option on their websites to attract more deposits from affluent clients.

Banks in the UAE offering Golden Visas through a Dh2 million deposit include:

- Abu Dhabi Commercial Bank (ADCB)
- Ajman Bank (Wakala Deposit)
- Al Maryah Community Bank
- First Abu Dhabi Bank (FAB)
- RAK Bank

According to the Central Bank of UAE’s 2023 annual report, the UAE banking system’s deposits grew robustly, increasing by 15.2 percent year-on-year at the end of Q1 2024. This growth was driven by resident retail and private corporate deposits, which increased by 15.3 percent and 24.2 percent year-on-year, respectively. In contrast, non-resident deposit growth slowed after experiencing negative growth rates in previous quarters.

RAK Bank has developed a specialized Golden Visa program for elite customers, assisting them through deposits and mortgages and issuing the necessary letter to the authorities. Additionally, RAK Bank has partnered with a PRO agency to offer discounted PRO services for its customers applying for Golden Visas.