Ansa
Can someone shed some light on this area... I have been informed that upon cancellation of the residency visa, the bank account will be freezed. First of all I wasn't aware there is an interlink between visa and the bank... and assuming that is the case, what happens if I wish to leave the UAE, but would like to keep my property by maintaining the monthly mortgage repayments?
Appreciate your feedback.
Ansa
But actually when I changed jobs towards the end of last year, my new working visa wasn't issued until a month after cancellation of the previous visa... and my bank account during that period was not affected.
I guess like everything else here... it's a "case-by-case" basis with no consistency.
sage & onion
- Ansa wrote:
Can someone shed some light on this area... I have been informed that upon cancellation of the residency visa, the bank account will be freezed. First of all I wasn't aware there is an interlink between visa and the bank... and assuming that is the case, what happens if I wish to leave the UAE, but would like to keep my property by maintaining the monthly mortgage repayments?
Appreciate your feedback.
Assuming that you had to get some sort of letter from your Employer to the Bank when you took out your loan / mortgage, your Employer is obliged to inform the bank that your residency visa is cancelled, at this time the Bank will freeze your account.
K-Dog
You can try talking to your bank. Is your mortgage from the same bank?
shaq
No the mortgage is from a different bank to my bank account...
How would my bank (of my bank account) know if my visa has been changed or canceled?
bedro
I know a friend who left the UAE and worked in Qatar for a year or so and his bank account didn't freeze or any thing. He's back now and using the same account...
I guess there is no automatic interlink between the bank and the immigration and your employer need to inform the bank that ur residency is canceled.
On the other hand: I don't see why would your original bank freeze your account unless you have obligations to it. E.g.: a personal loan, a heavy credit card bill, ...
You mortgage bank wouldn't do any thing as long as you pay ur debts on time. I guess many property owners do not live in the UAE and they must be paying overseas.
P.S.: That's only my conclusion and you need to ask the bank as some of this info might not be up-to-date.
sage & onion
- bedro wrote:
I know a friend who left the UAE and worked in Qatar for a year or so and his bank account didn't freeze or any thing. He's back now and using the same account...
I guess there is no automatic interlink between the bank and the immigration and your employer need to inform the bank that ur residency is canceled.
On the other hand: I don't see why would your original bank freeze your account unless you have obligations to it. E.g.: a personal loan, a heavy credit card bill, ...
You mortgage bank wouldn't do any thing as long as you pay ur debts on time. I guess many property owners do not live in the UAE and they must be paying overseas.
P.S.: That's only my conclusion and you need to ask the bank as some of this info might not be up-to-date.
If the Employer informs the bank that they have ceased to employ you then the bank will freeze your account, this is what they do, like it or not.