As a long-term Dubai resident, have you ever wished that you could stay on in the UAE after retirement? Well, that option may be open to you now with the recent announcement about the retirement visa in Dubai.
Dubai has announced its new retirement scheme – ‘Retire in Dubai’ – which allows those aged 55 years and above to stay on in the emirate on a retirement visa. It is open for interested parties across the world, including long-term Dubai residents. The retirement visa in Dubai is the first-of-its-kind scheme in the region and can be availed by fulfilling a set of criteria.
ALL ABOUT THE RETIREMENT VISA IN DUBAI
The Dubai retirement visa scheme is a project by the Dubai Tourism and General Directorate for Residency and Foreigner Affairs (GDRFA). Following the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, the scheme was introduced to help expats and foreigners enjoy the unique benefits of living in the UAE after retirement.
Over the last few decades, Dubai has become a preferred destination for young professionals. But after reaching the retirement age, most expats generally move back to their home country.
The announcement of the five-year Dubai retirement visa changes that, giving expats the option to make Dubai their forever home. Having said that, this scheme is only for those who meet some specific retirement criteria for Dubai expats.
In the initial phase, the retirement visa scheme will focus on the current residents of Dubai who have worked in the emirate for more than a decade. Simply put, this scheme will be a hassle-free retirement option for long-term residents. According to Helal Al Marri, Director General of Dubai Tourism, the Dubai retirement scheme will boost the city’s economy. This would be partly enabled by the retired expats’ friends and family visiting them in the UAE, increasing tourist numbers and revenue.
“Dubai’s Retirement Readiness strategy will enable expatriates and international retirees to take advantage of the city’s open-door policy, tolerance and outstanding quality of life, and live in one of the world’s fastest-growing, culturally diverse cities,” Mr Al Marri said.
The second phase of the Dubai retirement visa, set to entertain international applicants, will be announced later.
CRITERIA FOR RETIREMENT VISA IN DUBAI
Here’s the clear, easy-to-understand eligibility criteria for the Dubai retirement visa scheme for expats.
- The applicant has to be 55 years of age or older.
- The applicant must have AED 20,000 monthly income, or AED 1 million in savings, or AED 2 million worth of property in Dubai, or a combination of savings and property in Dubai valued for at least AED 2 million.
Earlier one had to buy medical insurance before submitting the final application. However, the government has eased that criteria. Now you can proceed with your visa application without buying medical insurance.
As a part of the application process, candidates need to go through a medical exam. Once your application is approved, you can buy a medical plan that suits your needs.
RETIRE IN DUBAI VISA APPLICATION
All applications are to be made via the official Retire in Dubai website.
RETIRE IN DUBAI VISA FEES
Fee breakdown has also been announced by the government.
RETIREMENT VISA RENEWAL
As per the retirement visa scheme, the visa would be renewed automatically if the applicant continues to meet the set criteria.
The Dubai retirement visa scheme is part of a larger initiative by the Dubai Tourism and the General Directorate for Residency and Foreigners Affairs to make this beautiful city a more inclusive emirate. Now people have the option to retire in Dubai and enjoy the privileges that come along with living in a multicultural place.
A significant impact on property 5-year post-retirement visa is also expected. It is all about making Dubai an attractive destination for residents across the globe.
Thinking of applying for a UAE visa? Visit MyBayut to learn about different types of UAE visas you could opt for.