The United Arab Emirates (UAE) government declared in September 2020 the implementation of a retirement visa as part of the Dubai retirement scheme. And after completion of service, the latest visa gives resident expatriates and foreigners over 55 years of age the chance to remain in the Emirates. The initiative was first launched in 2018 and is one of a range of changes that would broaden the possibility of securing and retaining residency visas in the UAE for foreigners. As long as the retiree continues to follow the qualifying requirements, a former expatriate, his spouse and dependents may apply for a 5-year residence visa with the option of renewal.
What is the New Dubai Retirement Visa?
While the visa program was originally targeted at existing citizens of Dubai, it would be expanded to citizens around the world. The premise is that they come here to invest their retirement and appreciate the sunshine throughout the year and the many events that the city has to offer. The goal of the retirement visa is not only to emphasize the distinctive lifestyle of the region but also to further improve the country’s economic growth as a business and investment centre.
For those interested in staying in Dubai after retirement, this visa is valid for five years and is intended strictly for retirees aged 55 and over. Retirees will enjoy a five-year revolving residency visa if they fulfil certain financial requirements, enabling them to enjoy the family-oriented lifestyle and healthy climate of Dubai.
Eligibility Criteria and Requirements
Dubai has been a popular choice for young professionals over the past few years. But the majority of ex-pats generally move back to their home country after hitting the retirement age. The five-year Dubai retirement visa implementation changes it, offering ex-pats the opportunity to call Dubai their home indefinitely. Having said that, this program is only for those who fulfil certain specific retirement criteria for ex-pats from Dubai.
The individual retiree would need to follow the conditions below in order to receive the UAE 5-year retirement visa:
- You have to be at least 55 years of age.
- In the UAE, you have to have valid health insurance (the individual will need to obtain their own local UAE health insurance policy)
In addition, the individual retiree must be able to fulfil one of the financial conditions below:
- Receive a monthly income of at least AED 20,000 in the UAE (evidence of income for the past 6 months is required)
- Have at least AED 1 million in cash savings held in a UAE bank (letter from the bank is required)
- Own a property worth at least AED 2 million in Dubai, Abu Dhabi or the wider UAE (provide a copy of your property value deed – the individual retiree must show equity value of at least AED 2 million, unmortgaged)
After 5 years, the visa will be extended if the above requirements appear to be fulfilled. For the qualifying applicant, the retirement visa is valid for his or her spouse and children. Consequently, in the emirate, the entire immediate family can retire. However, boys must be under 18 years of age and girls must be less than 21 years of age. They are not presumed to be dependent once they reach the age and must instead file for their own (student) visa. There must still be valid health insurance for a sponsored family member, covering the UAE. The Visa for Retirement is valid for 5 years. The visa may be renewed online if the conditions stated to above are still being fulfilled. Furthermore, if they are self-employed, visa applicants may choose to continue working.
Applicants must, however, keep in mind that citizens are not permitted to set up a business while they are in Dubai on a retirement visa. In addition, whether retirees decide to take out a loan, this would depend on the judgment of the bank, since, in such situations, it is the responsible authority.
Required Documents for Visa Application
Please make sure the translation of all letters into Arabic. Make sure that, if you are a foreign applicant, the letters are accredited by the UAE embassy in your state.
Basic Documentation (mandatory for all applicants)
- Passport copy of applicant and dependents – spouse and children
- Marriage certificate copy – if you are sponsoring your spouse
- Copy of current visa – if you are a UAE resident for you and all dependents
- Copy of Emirates IDs of applicant and dependents – if you are a UAE resident
Health Insurance Guidelines
- Without getting a medical insurance plan upfront, you can initiate your application.
- You will be invited to perform a medical examination following the approval of your visa.
- After that, you would be required to buy a medical insurance plan that fits you.
- Make sure that you do not need to buy policies from local insurers, but local providers are preferred to maximize the customer experience and help facilitate any reimbursement processes.
- As long as you have a letter from the insurer specifying that the policy includes the UAE, you can use your current foreign insurance (post-issuance of the visa).
How Can Riz and Mona Consultancy Help You?
Riz and Mona Consultancy will provide you with guidance about if you are eligible for a long-term visa and which choice to select. For all the processes needed to acquire a visa, we will assist. If you require assistance in getting started, relocation, local partnership or PRO help for this or some other similar business in Abu Dhabi, Dubai, or any other emirate in the UAE, please do get in touch in with us. Contact us today to book your appointment.