Have you, as a Dubai resident, ever dreamt of staying in the UAE post-retirement? The retirement visa in Dubai now makes that possible.
Dubai’s ‘Retire in Dubai’ initiative permits individuals aged 55 and older to obtain a retirement visa, welcoming applicants from around the globe, including Dubai’s long-term residents. This pioneering program is the first of its kind in the region, subject to specific eligibility criteria.
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Exploring the Retirement Visa in Dubai
The Dubai retirement visa program, initiated by the Dubai Tourism and General Directorate for Residency and Foreigner Affairs (GDRFA), is a result of the directives from His Highness Sheikh Mohammed bin Rashid Al Maktoum. It’s designed to offer expats and foreigners the opportunity to enjoy the benefits of staying in the UAE after retirement.
Dubai has been a go-to place for young professionals in recent decades, but most expats tend to return to their home countries upon retirement. The five-year Dubai retirement visa, however, changes the game, allowing expats to make Dubai their permanent home. To be eligible, expats need to meet specific retirement criteria.
Initially, the retirement visa program is geared towards current long-term residents of Dubai who have dedicated over a decade to the emirate. It offers a seamless retirement option for these individuals, and it also aims to stimulate the city’s economy by attracting retired expats’ friends and family, increasing tourism and revenue.
Eligibility Criteria for a Retirement Visa in Dubai
Here are the criteria for a Dubai retirement visa:
- Age Requirement: The applicant should be 55 years old or above or have spent at least 15 years in the country.
- Financial Criteria: The applicant must meet one of these financial requirements:
- Monthly income of AED 15,000
- AED 1 million in savings in a three-year fixed deposit
- Property in Dubai worth at least AED 1 million
- A combination of income and savings totaling at least AED 1 million in a three-year fixed deposit and a property valued at AED 500,000.
- Visa Validity: The retirement visa is valid for five years.
- Attestation: International applicants should have their bank letters attested.
Mandatory Document Submissions for Retirement Visa in Dubai
Irrespective of your local or foreign applicant status, you must provide copies of the following documents:
- Latest Visa: Required for UAE residents and their dependents.
- Marriage Certificate: Necessary for spousal sponsorship.
- Emirates ID: For both dependents and applicants who are UAE residents.
- Passport Copies: Required for both children and spouses.
Additionally, individuals applying for a retirement visa in Dubai should be aware that there might be additional document requirements for various options. These can include bank statements, bank-issued savings certificates, retirement verification letters, and more. A comprehensive list of these documents can be found on the Visit Dubai website.
Where to Apply for Dubai Retirement Visa
Choose one of these options based on your financial criteria:
- For savings-based applications, apply at Dubai Land Department (DLDA).
- For property-based applications, apply at the General Directorate of Residency and Foreign Affairs (GDRFA).
As part of the process, all applicants must complete a medical examination. After approval, you can select a suitable medical plan.
International applicants can use their current insurance plans if they cover the UAE, along with a company-issued letter.
Dubai Retirement Visa Fees
After approval by the DLD or GDRFA, the applicant must pay a total of AED 3,714.75 or USD 1,011. This fee covers:
- Entry permit
- Residency stamping
- Emirates ID
- Management fee
- Medical exam
- Visa adjustment
Financial Criteria for Dubai Retirement Visa
There are four financial options to meet the criteria for a retirement visa in Dubai:
- Income: You need a stable yearly income of at least AED 180,000 (approximately US$49,000), equivalent to AED 15,000 (about US$4,100) per month.
- Savings: Maintain AED 1 million (around US$275,000) in a 3-year fixed deposit.
- Property: Possess AED 1 million (about US$275,000) in unmortgaged property or mortgaged property with payments totaling at least AED 1 million.
- Savings & Property: A combination of Options 2 and 3, valued at a minimum of AED 1 million (approximately US$275,000) in a 3-year fixed deposit and AED 500,000 each in property.
Renewing Your Retirement Visa in Dubai
Under the retirement visa scheme, the visa will be automatically renewed as long as the applicant continues to meet the established criteria.
How can I Apply for Retirement Visa in Dubai?
Applying for a retirement visa in Dubai is quite straightforward. You need to complete these steps in order to obtain a retirement visa in Dubai:
- Apply for the visa
- Submit relevant documents
- Sign the documents and pay the fees
- Complete the medical test
- Get your passport stamped
What are the benefits of UAE Retirement visa?
Benefits of the UAE Retirement Visa:
- Long-Term Residency: It provides a stable, renewable five-year residency.
- Financial Rewards: Encourages property investment and significant savings in Dubai.
- Tax Advantages: Income from pensions and investments is tax-free.
What is the retirement visa?
The retirement visa in Dubai is a 5-year renewable UAE visa. It’s for individuals aged 55 or older who are retired and meet specific financial criteria. To qualify, a retiree must have a retirement or end-of-service letter from a past employer, showing they’ve worked in the past. For instance, a housewife wouldn’t qualify as a retiree but could be a dependent of a retiree who meets the criteria.
How can I get retirement visa in Dubai?
To obtain a retirement visa in Dubai, you can:
- Own property/properties worth a minimum of AED 1 million.
- Maintain financial savings of at least AED 1 million.
- Demonstrate a monthly income of AED 20,000 (AED 15,000 monthly for Dubai).
- Submit your six-month bank statements for verification.
How much is the retirement visa in Dubai?
Upon approval by the DLD or GDRFA, the applicant must pay a total of AED 3,714.75 or USD 1,011.
Legacy planning through the DIFC Wills Centre:
Legacy planning through the DIFC will center will allow you to register your will and decide on how your asset will be distributed among your family members. This is especially helpful for the non-Muslim ex-pats living in Dubai after their retirement.
If you are looking for assistance to obtain a Dubai retirement visa, but you do not know where to get started, then you are in the right place. This is because Company Setup Consultants have helped more than thousands of ex-pats with their visas. Our experienced business consultants will answer all your visa-related queries. Contact us today and hit the ground running.
Check our website to book a free consultation with our experts and learn more about how to apply for a retirement visa in Dubai; call +971582595164. You can also send a WhatsApp message at +971582595164. For email assistance, mail your query at info@companysetup.ae
