UAE Golden Visa through Dh2m bank deposit options

[liroyb]

Once you have submitted the bank‍ pledge letter, how long did it took to receive your Emirates ID?

 

[cuno]

that is not bad!

 

[kekmaw]

like a week

 

[liroyb]

Were you required to obtain local health‌ insurance?

 

[kekmaw]

Don't remember‌ if it's a requirement or not. I've had one for ages in the UAE anyway‍ and I keep renewing it.

 

[liroyb]

Would you be‍ able to withdraw your 2M deposit after 2 years and keep the 10-year visa for⁠ the remaining 8 years?

 

[JackAlabama]

very much highly‍ doubtful of this. It would negate the whole purpose of such visas.

 

[kekmaw]

Yupp

The 10‍ year visa is already issued.

2 years is the minimum period to hold so I⁠ could withdraw after 2 years.

 

[0xDEADBEEF]

Any penalties‍ for withdrawing?

 

[liroyb]

I'm asking‍ because I was told that you will need no objection letter from immigration in order⁠ to break the term deposit, and immigration will provide the letter

You made the deposit in corporate⁣ account or individual?

Was it fixed deposit or wakala?

Would you need a 'no objection'⁢ letter from GDRFA in order to withdraw the funds at the end of the 2︀ years period?

 

[kekmaw]

Not that I'm aware of.

Individual and fixed deposit account⁠ for two years.

The bank gave me a letter of this and I hired to⁤ Altaresh to help with the Golden Visa application who took care of everything.

 

[liroyb]

I was⁠ told that at any point that you wish to withdraw the capital the visa must⁤ be cancelled first. Even after 2 years.

Did you confirmed with your bank that you⁣ will be able to withdraw the capital after 2 years and keep the visa for⁢ the remaining 8 years?

 

[kekmaw]

I'm not aware of⁤ it being canceled if I withdraw after 2 years.
If you have any official link⁣ that states that or otherwise, I'd be keen to read it.

 

[JustAnotherNomad]

If you get a Golden Visa through real estate, I'm pretty sure that the visa‌ has to be canceled, before you can sell the property.
So I wouldn't be surprised‍ if there's something similar going on here.

You can also get a Golden Visa by⁠ setting up a company and hiring yourself. So you would have to do the math⁤ - what's the opportunity cost of having the money locked up in the account vs.⁣ invested in the stock market? How much would it cost to set up a company⁢ instead?

 

[liroyb]

Who told you that the visa has to be︀ canceled before the property can be sold?

 

[liroyb]

That's what I was told when I asked the golden⁠ visa department at Jafiliya immigration.