Dubai’s wonderful infrastructure, environment, and quality of life make a retired expat want to stay in the city for a long time. The introduction of the new retire in Dubai program gives expats various options to live in Dubai after retirement. Here below we’ll mention different ways to retire in Dubai.
How to Retire in Dubai?
Here are the different ways of retirement in Dubai.
Retire in Dubai Programme
Dubai tourism and the General Director of Residency and Foreign Affairs (GDRFA) have collaborated to launch the Retire in Dubai program, which allows expat retirees to guarantee a quality standard of living. This retirement visa allows expats, if they’re eligible, to get a 5-year residency visa. This retirement visa is open to all expat residents above 55 years of age, including spouses and dependents, if they meet at least one of the mentioned criteria below:
- Getting a monthly income from pensions or previous employer of AED 20,000.
- Have an AED 1 million savings in a 3-year fixed deposit.
- Own property that's not mortgaged and is worth AED 2 million.
- Have investments in both savings and property worth AED 2 million.
You can get the Dubai visit visa online through the official website of Dubai Tourism. If your application fits the criteria, the process will be done either by the Dubai Land Department or GDRFA. This 5-year retirement visa in Dubai is renewable, only if you match the financial requirements. Also note, that retirees must have medical insurance, from either a local or an international provider.
UAE Golden Visa
Expat retirees can also apply for a long-term visa, a 5-year real estate investor visa. It’s issued to expats having property investments in the UAE worth AED 5 million. But it can’t be mortgaged or loaned and has to be retained for a minimum of 3 years to be eligible for this visa. The golden visa can be renewed as long as you continue to meet the visa criteria. There may be other requirements for a golden visa, which could differ from case to case.
Invest or Establish a Business
Apart from long-term visas, expats retirees can choose a 3-year partner visa. This type of visa is issued for ex-pats having shares worth AED 72,000 at least in an existing or established company with the capital amount having the same worth. Expat retirees are offered the flexibility to continue work post-retirement with this visa. Once the licence for trade and business has been issued, then the Dubai investor visa application can be done through any Amer centre in the UAE. Although, keep in mind the amount mentioned above for minimum investment applies to companies located on Dubai’s mainland. There’s also an option to set up a company in the free zones in Dubai, which offers many options for investors. Minimum share capital, cost, and process varies depending on your interest in the free zone.
Invest in Property
Another option for expats retiring in Dubai is the 3-year property investor visa, issued to residents having property investments of AED 1 million or above. This type of visa will help retirees enjoy benefits like bank account opening, getting a driving licence, and Emirates ID card. If you have this visa, you can also sponsor your family members.
There are various conditions to getting a 3-year property investor visa. The property has to be completely constructed and inhabitable. The visa isn’t granted based on the property's current market value, but on the amount, you’ve paid for it. Also, you can apply for this type of visa if you’re an owner of several properties worth a total of at least AED 1 million, or if you own a property jointly with your spouse. In case the property is owned by someone else, your share must be a minimum of AED 1 million for eligibility for this visa.
A mortgaged property is permitted for this visa application, but 50% must already be paid and you’ll require the bank to provide a NOC.
Your Children can Sponsor You
Now ex-pats can get a residence visa with their children being the sponsors, or even if they work or live in the UAE. According to GDRFA, individuals sponsoring their parents should have a salary of AED 19,000 or AED 20,000 with a two-bedroom accommodation. The sponsor has to provide proof of being their parents' sole providers. Another option is both parents can be sponsored together unless there’s a case of divorce and death.
What are the Costs of a Retirement Visa?
The cost of a retirement visa in Dubai is a non-refundable fee of AED 92 per applicant. If your application gets approved, you’ll have to pay an AED 2,214.25 fee per applicant. This covers costs for visas and ID.
This change of rules will help expats retire in Dubai. The country is a great place for retirement and has great amenities, which makes it well aware on the global stage.
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