Planning to Retire in Dubai? Here's All You Must Know

Little more than a decade or two ago, it would have been unusual to hear about foreign nationals moving to the Gulf States in the Middle East. But over the last few years, the foreign population in the region has soared. 

Reason? Modern reforms in the UAE make it ideal for anyone to invest and retire in the country potentially. Retire in Dubai is a program that allows senior citizens to retire peacefully in this exciting destination. 

This program allows applicants on or above the age of 55 to obtain a retirement visa. With this visa in hand, you will be treated as a UAE resident who can freely travel around and enter the country conveniently. 

Apart from this, there are many other benefits also. However, this also includes knowing all the options that are made available to you for you to attain a citizen's status while thinking of spending your retirement years in the Emirates. 

Retire in Dubai with Tax Residency

So, if you are interested in relocating to Dubai, you may have already started thinking about the financial possibilities. With recent positive changes to retirement visas, there are more reasons than ever to make a move and invest your money in your retirement.

It is not as expensive to live in Dubai as perceived by many. The Emirate provides visas to foreign nationals who invest a minimum of $272,000 in the property. 

The Emirates does not grant permanent residency to expatriates but only multi-entry residency visas. Under tax residency reform, here are a few things you must know -

• For real estate investments lesser than Dh1 million, you are granted a 6-month multi-entry residency visa. It is much like having a tourist visa but with the capacity to make multiple entries over six months.
• The three-year property investor visa is granted for those who invest Dh1 million and more. Those who invest in property worth over Dh5 million are qualified for a five-year residency visa.
• Apart from that, there are also three- and five-year multiple-entry Dubai property visas at a higher investment cost.
• A golden visa is available to those who give a minimum investment of Dh10 million, but only 40 percent of that can be in real estate.

How to Get a Dubai Retirement Visa?

Applying for retirement visa services in Dubai is simple and straightforward. Follow the steps mentioned below:

Submit the Form

You can submit your form on the official website of Visit Dubai, or you can also call our consultants, and they can assist you with the procedure.

Provide Your Details

After submitting your name, phone number, and email, you will receive an email with further details and instructions on the required documents.

Prepare the Documents Required for Dubai Retirement Visa

The documents required are as follows:

The applicant must provide the supporting documents to prove they qualify for one of the options above.

Option 1: asks the applicant to show a bank statement for the last six months as evidence of income.

Option 2: asks for a bank letter stating that the account has a sufficient amount.

Option 3: asks for a copy of the property title deed.

Option 4: asks for both a bank letter showing the amount deposited and a copy of the property title deed.

All applicants must also provide the following documents and information:

• Copy of passport of the applicant, spouse, and children, if needed
• Marriage certificate copy, if sponsoring the spouse
• A current copy of the visa, if the applicant is a resident of the UAE
• Copy of a valid Health insurance policy covering Emirates, including policies for spouse and children if applicable
• Copy of Emirates IDs of the applicant, if the applicant is a current resident of the UAE
• Email address and mobile number on which applicants can be contacted
• Eligibility evidence copy (as explained above)
• Current home address.

The applicant will then need to submit the needed documents via email to the officials. The officials will then confirm the status of the application within three working days.

Meet the Guidelines for Obtaining a Retirement Visa in Dubai

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 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 (a 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).

Dubai - An Ideal Destination for the Retirees

The five factors that make Dubai the best destination for 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 center 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 a 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.

Our visa services point to rendering a UAE visa quickly and without any hassle. We have streamlined our regional knowledge and experience cooperating with government agencies to bring you comfortable and efficient visa processing services. 

We provide a wide array of expert support services interacting with government ministries to procure the essential approvals, licenses, and permits – so that you can sail through your business setup in Dubai without a hiccup.

We at Commitbiz have our team of experts to help business persons with visas for their employees in Dubai and the UAE. Should you decide to start a business here, contact us, even if it's just for friendly advice.