Settling in Dubai on a Five-year Retirement Visa
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 the UAE for retirement? Well, now with the recent announcement of the Dubai Retirement Visa, you can do it.
In recent 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 retirement visa in Dubai changes that. Indeed, expats now have the opportunity to make Dubai their permanent place of residence. That said, this scheme is only intended for those who meet certain criteria specific to expatriates.
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 life in the UAE after retirement. Initially, it will focus on current Dubai residents 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 extend 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 income.
The conditions for obtaining the 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 older and must have one of the following :
- Monthly income of AED 20,000 or more from investments or pensions
- AED 1 million savings
- Own property worth more than AED 2 million
- A combination of savings and real estate in Dubai worth at least AED 2 million
If this financial situation is maintained, the retirement visa can be automatically renewed at the end of the five-year period.
Previously, it was necessary to purchase medical insurance before submitting the final application. However, the government has relaxed this criterion. As part of the application procedure, applicants must pass a medical examination. Once your application is approved, you can take out 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 now aims to also become a favorite destination for retirees. 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 selection of home services and deliveries provides a very convenient way of life, as well as a large selection of restaurants, shopping centers, 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 pensioners. 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 portion of their offshore income to the UAE, which will boost the economy.
Dubai continues to innovate and strengthen its status as a global power-and now with added appeal for over-55s too.