UAE: Can residents continue using bank account after visa cancellation?
Question: My husband lost his job recently, and as per the rules, he has 30 days to leave the country. If his work visa is cancelled, can he continue using his bank account? He is currently looking for another job, and we would want to keep the same account.
Answer: Based on the information provided and the applicable regulations in the UAE, the cancellation of a residency visa does not automatically lead to the freezing or closure of a bank account.
Additionally, an account is not considered dormant if the customer's address is known or if they are actively using a bank account (s).
Dormancy of accounts is governed solely by the UAE Central Bank regulations. This is under Article 9 (d) of the UAE Central Bank Regulation No. 29/2011 (dated February 23, 2011) on Regulations Regarding Bank Loans & Other Services Offered to Individual Customers, which states:
'None of the opened accounts can be considered 'dormant' if the customer's address is known or if the customer is present and has other active accounts with the bank. Accounts are classified as dormant only in accordance with the provisions of these regulations issued by the Central Bank in this regard.'
An individual's bank account may be listed as a 'dormant account' in the UAE in accordance with UAE Central Bank Circular No.1/2020 (dated January 15, 2020) on Dormant Accounts. An account may be classified as dormant only if it has had no financial or non-financial activity for three years, and there has been no communication from the account holder. This is in accordance with Article 2 (1) (1) of the UAE Dormant Bank Account Regulations, which states:
'Criteria for Determining Dormant Accounts and Unclaimed Balances:
An individual/corporate savings or call or current account where there have been no transactions (withdrawals or deposits) or non-financial actions (service requests, due diligence, particulars, update, etc.) for a period of 3 years from the date of the last transaction on the account, other than transactions initiated by the bank (such as interest and charges posted by the system or manually), and there has been no communication from the customer (whether written or electronic).'
Therefore, based on the standard banking practices in the UAE and the legal provisions mentioned, your husband can still continue using his bank account after his visa is cancelled, as long as he keeps the account active and maintains communication with the bank.
However, due to the change in residency status, the account may be classified as a non-resident account, which could be subject to different terms, conditions, or requirements. This does not necessarily result in the immediate freezing or closure of the account.
It would be advisable to inform your bank that he has lost his employment, and he will be back in UAE on a new employment visa.
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