Ever wished you could retire in the UAE after being a long-term Dubai resident? As of now, you may be able to apply for the Dubai retirement visa if you qualify.
As part of Dubai's new retirement scheme, 'Retire in Dubai,' those 55 years and older are allowed to reside in the emirate on a retirement visa. Interested parties worldwide are welcome to participate, including long-term residents of Dubai. In Dubai, retirees can apply for a retirement visa, a first-of-its-kind scheme in the region.
ALL ABOUT THE RETIREMENT VISA IN DUBAI
Designed to assist ex-pats and foreigners living in Dubai after retirement, the scheme was launched upon the directive of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.
In recent decades, Dubai has become a popular destination for young professionals. As they near retirement, most ex-pats return home.
Expats can now retire to Dubai permanently with the introduction of the five-year Dubai retirement visa. Expats from Dubai who meet specific retirement criteria can participate in this scheme.
For the initial phase, the retirement visa scheme will be restricted to Dubai residents living in the emirate for over ten years. However, the scheme will provide long-term residents with a hassle-free retirement option.
Additionally, in September 2018, the UAE Cabinet approved a law granting a long-term visa to retired residents over 55. Applicants who meet the eligibility criteria may renew their visas.
A retiree must meet the following criteria to qualify for a 5-year renewable retirement visa:
Invest in a 2 million AED property
Savings of no less than 1 million AED
An active income of at least AED 20,000 per month is required.
The visa is valid for 5 years and can be renewed upon meeting the eligibility requirements.