Residency visa not mandatory to maintain a bank account in Dubai

My employer terminated my contract which will officially end next month. I will then move to Europe, but I want to keep my bank account in Dubai. I don’t have any loans. Is it mandatory to have a resident visa to do so? Can the Dubai authorities freeze my bank account if I have a […]

My employer terminated my contract which will officially end next month. I will then move to Europe, but I want to keep my bank account in Dubai. I don’t have any loans. Is it mandatory to have a resident visa to do so? Can the Dubai authorities freeze my bank account if I have a six-month ban? LC, Dubai

It is not mandatory to have a residency visa to have a bank account in Dubai, but in most cases a bank will permit non-residents to have only a very basic account without any credit facilities. However, most will permit a person to have an ATM card. LC should notify the bank of the change of circumstances for the account type to be amended. She should be aware that her account may be frozen upon receipt of her final salary payment but this is simply to ensure that any liabilities in transit can be met. Once this has been clarified it should be unfrozen and this is entirely separate to any employment ban.

Keren Bobker is an independent financial adviser with Holborn Assets in Dubai, with over 20 years’ experience. Contact her at keren@holbornassets.com. Follow her on Twitter at @FinancialUAE.

The advice provided in our columns does not constitute legal advice and is provided for information only.

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Source: Business

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