A bank deposit of AED 2 million equals a 'golden visa.
Thanks to a 5.5% interest rate deposit without withdrawal for 2 years, you can obtain a 'Golden Visa' in Dubai.
Placing 2 million dirhams in a bank deposit is a secure investment: deposit rates range from 3.99% to 5%. Therefore, an increasing number of candidates for long-term visas are using this method to obtain the desired permits.
"The option of a bank deposit is perfect for investors who have the means but are not necessarily inclined to invest them in real estate. A nearly 5% return on deposits, accompanied by a lock-in period, is a favorable option for these investors," says a consultant.
How does the bank deposit scheme for obtaining visas work?
To obtain a long-term residence visa, you need a letter from an investment fund accredited in the UAE, which should be provided to immigration authorities.
Direct 'Deal' This is the essence of it all. Investors have a clear plan regarding how long these funds should stay in their deposit and what profit they can gain from them.
James Swallow, Commercial Director of PRO Partner Group, says, "The deposit and interest rates are fixed, so it is usually a straightforward way to get a UAE Golden Visa. While investments in real estate and businesses undergo a much more rigorous evaluation process, including other approvals, including from the Dubai Land Department."
"The growing popularity of the deposit scheme is due to its simplicity. For this option, you need to obtain a letter from an investment fund accredited in the UAE and provide it to immigration authorities," he added.
Reducing Risk Factors Real estate and business investment options can also lead to investment income instability.
"Real estate is assessed based on capital value, which can fluctuate depending on the market and needs to be revalued every 5 years," said James Swallow.
He also added, "Companies will be required to provide verified financial reports and other confirming financial and corporate documents, as well as considerations regarding other ongoing business expenses and maintenance."
Deposit Term During the minimum fixed period of 2 years, 2 million dirhams "must remain in the individual's account," after which they can be withdrawn. Individuals should review the terms of their bank's fixed deposit necessary to obtain a Golden Visa, as for some banks, the fixed period may be longer than 2 years.
This is something that everyone opting for this method to obtain a long-term residence visa should pay attention to. According to one source in the market, "A prerequisite for obtaining a visa is that the funds must be locked for two years. Visa authorities have made it clear that the bank will hold it as collateral for only 2 years."
Sources in banking institutions also clarified that the deposit term may sometimes vary depending on the institution, and investors should "look closely" at the one that suits their interests.