In Dubai, there has been a growing popularity of obtaining 10-year “golden visas” through investments in bank deposits. Major UAE banks such as Abu Dhabi Commercial Bank and Ajman Bank are actively promoting this scheme, which is apparently reflected in the statistics: in the first quarter of this year, the number of new deposits in Emirati banks increased by 15.2% compared to last year. Moreover, the increase is observed among both retail (+15.3%) and corporate (+24.2%) resident clients. The mechanism for obtaining the visa: the applicant must place 2 million dirhams (about 544.5 thousand US dollars) in a deposit account for a period of at least two years.
Once the funds have been confirmed, the foreigner can apply for a long-term residence permit – a “golden visa”. For investors looking to secure a long-term residence in the UAE, a bank deposit becomes an attractive and relatively simple way to obtain a “golden visa”.
