Explained: 5 Year Retirement Visa in the Dubai

by Zaara 14, Dec 2021

Explained: 5 Year Retirement Visa in the Dubai

People around the world looking to have a different retirement life can start their new chapter in the UAE. and one of its Emirate, Dubai, maybe a top choice for some long-term residents and citizens around the world if retirement is on the horizon. The city offers a world-class healthcare system; most of the population is English speaking, a sunny climate and welcoming to ex-pats. And the Emirate is the perfect blend of modern and traditional, efficiently run and safe.

So, if you are wondering where to spend the remainder of your golden years, Dubai has a lot to offer, and with the government launching a five-year retirement visa, retiring in this lovely city is possible.

Dubai's government has introduced "Retire in Dubai", a scheme that allows ex-pats to apply for a retirement visa. Residents aged 55 and above can use this visa to continue their stay in the emirate, and the visa can be renewed every five years.

Criteria for Obtaining a UAE 5-Year Retirement Visa

To get the UAE 5-year retirement visa, the individual retiree will need to meet the guidelines as under:

  • The retiree must be at least 55 years old
  • It would help if you had a valid Health Insurance in the UAE (the individual will need to get their own local UAE health insurance policy)

Additionally, the individual retiree must be able to meet one of the below mentioned financial standards:

  • Receive a monthly income of at least AED 20,000 in the UAE (evidence of income for the past six months is required)
  • Have at least AED 1 million in cash savings held in a UAE bank (letter from the bank is required)
  • Own a property worth at least AED 2 million in Dubai, Abu Dhabi or the wider UAE (provide a copy of your property value deed – the individual retiree must show equity value of at least AED 2 million, unmortgaged)

Procedure to Apply for a Five-Year Retirement Visa in Dubai?

The measures to obtain a 5-year retirement visa in Dubai are as under -

  1. Apply for your visa on Visit Dubai's "Retire in Dubai" site
  2. Fill in the details in the application form
  3. You will receive an e-mail with more information about the visa application procedure

The visa is renewable after five years. Remember that the individual retiree can still work whilst holding this retirement visa. The individual will self-issue a NOC letter to continue working in the UAE if they wish to.

Initiatives Taken for the Success of Five-Year Retirement Visa

Dubai Tourism is colluding with the General Directorate of Residency and Foreign Affairs to develop the program. According to Helal Saeed Al-Marri, Dubai Tourism's director-general, the initiative has been introduced to "further improve Dubai's position as an iconic global city and make it the world's most favoured lifestyle destination. The retirement programme will contribute towards our tourism economy by promoting frequent visits from families and friends of the retirees and increasing visitation from markets with a high retiree population," he said.

The initiative is presumed to yield positive results for the economy of Dubai. Sectors that include real estate, tourism, retail, entertainment, healthcare, hospitality, and finance are likely to benefit from the introduction of retirement visa in Dubai.

Dubai - An Ideal Destination for the Retirees

The five factors that make Dubai the best destination for the retirees are -

1. World-Class Healthcare System

The City of Gold provides the best quality of healthcare across a range of specializations. Following the current pandemic, Dubai's robust healthcare system has been further strengthened by the highest international benchmarks and best practices. The centre continues to be one of the world's safest destinations. Moreover, Dubai Tourism has developed price-competitive insurance packages for retirees in cooperation with leading companies in the industry.

2. An Active and Fit Society

Retirees in Dubai have a way to a healthy outdoor lifestyle, with a broad range of fitness options, whether it is jogging or strolling along sandy beaches, relaxing in beautiful gardens or hiking in Hatta. An ongoing citywide fitness movement driven by the Dubai Fitness Challenge displays the city's collective spirit and a strong sense of community.

3. Convenience

Dubai provides its residents with a convenient and hassle-free lifestyle, with amenities ranging from home services to food delivery. It's a place of affordable luxury where retirees can choose the quality of life they desire.

4. Legacy Management

To make sure that retirees can have their affairs planned for and protected, the DIFC Wills Service Centre has developed improved wills drafting, registration and probate services at exclusive competitive rates. The services will help retirees enjoy their life in Dubai, confident that their assets are safe and passed on to their loved ones.

5. Unique Lifestyle

With over 200 nationalities finding home in the heart of Dubai, the cosmopolitan city unites cultures, values, and beliefs under the banner of diversity and tolerance. Although Arabic is the official language, Dubai is a multilingual city where English is a widely spoken language. Therefore retirees from any part of the world can come to Dubai to enjoy their retirement life.

Dubai has been taking many steps to improve the lives of ex-pats residing in the emirate. The comfortable & luxurious lifestyle coupled with excellent infrastructure is among the many factors that attract residents and ex-pats alike to this 'safe-haven'.

We at Commitbiz can help you get a retirement visa in the UAE. To obtain one, get in touch with your consultants today!

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