UAE Golden Visa through Dh2m bank deposit options

[liroyb]

Basically medical exam and heading down for the visa place.
I hired Altaresh to do the process for me.

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

 

[cuno]

Yes they do, I believe you can loan back about 90% of it.

that is not bad!

 

[kekmaw]

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

like a week

 

[liroyb]

like a week

Were you required to obtain local health insurance?

 

[kekmaw]

Were you required to obtain local health insurance?

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]

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.

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

 

[JackAlabama]

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

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

 

[kekmaw]

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

Yupp

The 10 year visa is already issued.

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

 

[0xDEADBEEF]

Yupp

The 10 year visa is already issued.

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

Any penalties for withdrawing?

 

[liroyb]

Yupp

The 10 year visa is already issued.

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

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

Yupp

The 10 year visa is already issued.

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

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 2 years period?

 

[kekmaw]

Any penalties for withdrawing?

Not that I'm aware of.

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 2 years period?

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]

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.

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 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?

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]

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?

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

 

[liroyb]

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.

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