UAE, one of the safest countries in the world is now offering 5 year retirement visa for their UAE residents and foreigners. On Wednesday 2nd September, 2020 UAE announced the retirement visa which is mostly focused for expat and foreigners aged 55 and above as an opportunity to stay and maintain residence visa status in UAE. This retirement visa will allow expats to sponsor their family and also allow individuals to work in UAE, he/she just needs to give NOC letter addressing them to continue to work in UAE.
This new scheme, unveiled under the directive of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, intends to showcase Dubai as the world’s preferred retirement destination. Led by Dubai’s Department of Tourism and Commerce Marketing, in collaboration with the General Directorate of Residency and Foreigners Affairs – Dubai, the global retirement initiative aims to boost economic development in the country and enhance its global reputation as a business investment centre.
In order to obtain the retirement visa, below are the requirements and criteria you need to meet:
- You must be at least 55 years old
- You must have valid UAE health insurance
Additionally, individual must also meet the below financial criteria:
Option 1: AED 20,000 (approx. USD 5,500) Monthly Income
Option 2: AED 1 million (approx. USD 275,000) savings in account
Option 3: AED 2 million (approx. USD 550,000) property value owned by the individual
Note: The visa is valid for five years and can be renewed automatically online as long as the retiree continues to meet the eligibility criteria.
Documents requirement depend on the process. For eg: going with property option, we need to submit title deed and passport copy. Going with savings, need to provide bank letter that states required value money is deposited in account.
The Retirement Visa is a great initiative by UAE Government, providing option to foreign national to stay and live in UAE. A great location which has different nationalities staying together and attracting tourists from different parts of the world to explore the art and luxury of Dubai.
To apply for the retirement visa, consultancy may be required for helping and smoothening the process and taking approval from the authority. Flyingcolour aims to provide their client’s an efficient and inexpensive business establishment process.
This blog is written by Mr Ajmal Idrisi, Business Advisor at Flyingcolour Business Setup, VAT and Accounting Services, Dubai. If you have any question regarding Dubai retirement visa anywhere across the UAE then please contact us at +971 4 4542366 or email us at info[at]flyingcolour[dot]com.
*Please Note: This article was published on 25th December, 2020. The information provided in the article is based on the policies and rules applicable at the time of writing it. Talk to one of our consultants for any recent update or change.