Have you ever thought about making a real estate investment and then retiring to Dubai? Or are you a long-term resident and wish to be able to stay in UAE for retirement? Well, now with the recent announcement of the Dubai Retirement Visa, you can do it.
Over the past decades, Dubai has become a preferred destination for young professionals. However, after reaching retirement age, most expats usually return to their home country.
The announcement of the Dubai retirement visa changes that. Indeed, expats now have the option of making Dubai their permanent place of residence. That said, this scheme is only intended for those who meet certain criteria specific to expats.
The Introduction of the Dubai Retirement Visa
Following the guidance of His Highness Sheikh Mohammed bin Rashid Al Maktoum, the Dubai Retirement Visa Scheme was introduced to help expats and foreigners enjoy the unique benefits of living in the UAE after retirement. Initially, it will focus on current residents of Dubai who have worked in the emirate for more than ten years. In other words, this plan will be a hassle-free retirement option for long-term residents. It will then expand to citizens around the world who also meet the criteria.
This Dubai retirement visa scheme will boost the city's economy. Indeed, this will be possible thanks to the friends and family of retired expats who will visit them in the UAE, which will increase the number of tourists and the income.
The conditions for Obtaining a Retirement Visa
The Dubai Retirement Visa is the first of its kind in the region. It can be obtained by fulfilling a number of criteria.
In this case, the applicant must be 55 years of age or over and must have one of the following:
- Monthly income of AED 20,000 or more from investments or pensions
- AED 1 million in savings
- Own real estate worth over AED 2 million
- A combination of savings and real estate in Dubai worth at least AED 2million
If this financial situation is maintained, the retirement visa can be automatically renewed at the end of the five-year period.
Previously, you had to purchase medical insurance before submitting the final claim. However, the government has relaxed this criterion. As part of the application process, applicants must pass a medical examination. Once your request is approved, you can purchase medical insurance tailored to your needs.
The Benefits of Moving to Dubai for Retirement
Already established as a global center for business and tourism, the emirate is now aiming to become a favorite destination for retirees as well. Its year-round sunshine and safe, family-friendly environment welcome nationalities from all over the world. Added to that, the incredible infrastructure makes getting around extremely easy.
A wide choice of home services and delivery offers a very convenient way of life, as well as a large choice of restaurants, shopping malls, entertainment venues and sports facilities. Parks, beaches, beautiful deserts and mountains only enhance the experience, while connectivity in terms of airports and technology makes it easy to stay in touch with family and friends around the world.
The new retirement visa also creates a financially advantageous situation for retirees. Indeed, they can benefit from the tax exemption when they receive their retirement income. It can also encourage this new type of resident to commit a fair share of their offshore income in the UAE, which will boost the economy.
Dubai continues to innovate and strengthen its status as a global powerhouse – and now with added appeal for the over 55s too.