Bank Deposit Option Gains Popularity Among UAE Golden Visa Investors

Brittany Collins

Foreign investors increasingly choose bank deposits in the UAE to obtain long-term residency, according to local banks. Depositing AED 2,000,000, or about $545,000, grants a 10-year UAE residence permit.

The trend is reflected in the significant growth in deposits. By the end of Q1 2024, deposits had grown by nearly 15% year-on-year.

According to representatives of the UAE banks, the bank deposit option attracts more and more investors because foreign millionaires choose to settle down in the UAE, especially in Dubai. Most of the applicants come from the UK, Europe, and India.

To qualify for residency, the investor must deposit funds in a UAE bank for at least 2 years. The minimum amount is AED 2,000,000, or about $545,000. After making the deposit, the bank issues a letter of evidence, allowing the investor to claim residency.

Banks promoting the UAE Golden Visa via deposits include:

Ajman Bank (Wakala Deposit);
First Abu Dhabi Bank (FAB);
Al Maryah Community Bank;
Abu Dhabi Commercial Bank (ADCB);
RAKBank.

Another path to a UAE Golden Visa is through real estate investment. Applicants purchase properties in the Freehold Zones, which are special areas where foreigners can buy real estate. If necessary, they can take a mortgage in a UAE bank with a down payment of 20% or 50%, depending on the visa duration.

There are two investment options for residency:

AED 2 million, or $545,000, for a 10-year residency visa;
AED 750,000, or $204,000, for a 2-year residency visa.

The UAE Golden Visa is granted to the investor, their spouse, unmarried sons under 25, and unmarried daughters of any age. To maintain residency, they do not have to move to the UAE: visiting the country once or twice a year is sufficient.