Local banks said demand for Golden Visas through bank deposits is steadily growing as millionaires flock to the UAE, especially Dubai, to settle down.
Banks in the UAE require investments with a minimum value of Dh2 million in deposits for a minimum period of two years. The banks then issue a letter of evidence to facilitate the long-term residency.
The 10-year residency visa has been in high demand, especially post-Covid-19 pandemic, as it was rolled out for different categories such as entrepreneurs, coders, professionals, outstanding students, scientists, property owners and high net worth individuals who deposit Dh2 million with local banks.
In Dubai alone, 158,000 people were holding Golden Visa as of May 2024.
Like property developers in UAE, local banks also facilitate their high-net-worth individual clients to get long-term visas upon depositing Dh2 million. Many local banks strongly promote this on their websites to attract more deposits from high-net-worth individual clients.
According to Central Bank of UAE’s 2023 annual report, the UAE banking system’s deposits growth remained robust, growing at 15.2 per cent year-on-year at the end of Q1 2024.
Resident retail and private corporate deposits supported the strong deposit growth, increasing by 15.3 per cent and 24.2 per cent year-on-year, respectively. Meanwhile, non-resident deposit growth has moderated following negative growth rates during the previous quarters.
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