Dubai just gave the world one more reason to consider the city of dreams as not just the preferred destination for living and working, but also for retiring during the sunset years.
His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, on 2nd September, launched an initiative for retirees from around the world to apply for a retirement visa in Dubai.
Applications can be submitted under the “Retirement in Dubai” program, which is the first of its kind in the region and the result of cooperation between Dubai Tourism and the General Administration of Residency and Foreigners Affairs.
A retired expatriate and their spouse can qualify for a 5-year residency visa with the possibility of renewal.
- Expat must be at least 55 years old
- Expat must have valid UAE health insurance*
- Expat must fulfil one of the following financial criteria:
- Option 1: AED 20,000 (approx. USD 5,500) Monthly Income OR
- Option 2: AED 1 million (approx. USD 275,000) savings OR
- Option 3: AED 2 million (approx. USD 550,000) property OR
- Option 4: A combination of Options 2 and 3 valued at least AED 2 million (approx. USD 550,000)
*Health insurance must be obtained prior to the visa application
- The visa is valid for five years and can be renewed automatically online as long as the retiree continues to meet the eligibility criteria.
- Holders of this visa are allowed to work as independent workers, advisors, board members, consultants, etc.
HOW WE CAN HELP
- PKF UAE can hand hold you to draft the necessary application and documents for making a preliminary submission to the relevant authorities; and
- Guide you through the medical and emirates ID process
- Discuss and follow up with the authorities till the final visa is obtained
- Assisting you with legacy / succession planning for your personal and business assets
- Connecting you with competent local health insurance providers
- Connecting you with competent real estate brokers to plan your property purchase