The number of expatriates working in Dubai has exponentially risen since the very early 2000s. However, while Dubai sees more than two hundred thousand newcomers every year, not everyone who passes through sees Dubai as the place to settle into, long-term.
Retire In Dubai
More recently, the UAE government is starting to ease up on laws and restrictions in a bid to attract and more easily retain talented expats. Retire In Dubai is a new program being implemented by the Dubai Government.
For many non-nationals, the Dubai retirement visa is their chance to live in one of the world’s fastest growing and most culturally diverse cities.
The Retirement Visa is a five-year, renewable visa for residency in the UAE. Applicants must be retired, older than 55, and meet certain financial requirements in order to be eligible.
A retiree, in this case, is defined as someone who has worked in the past and can prove it with a letter of retirement or termination of employment from their prior employer. A housewife, for instance, would not be eligible as a retiree but could be considered a dependent of the primary applicant who is.
Holders of the retirement visa are regarded as residents of the UAE, and as long as your visa is valid, you are free to enter and exit the nation whenever you like. Furthermore, there is no requirement for a minimum annual number of days spent in the UAE.
The retiree is able to sponsor their spouse and children, with no limit to the number of children under the sponsorship. The retiree may also apply for a one-year renewable visa on behalf of his or her parents. Any sponsored family member must have current health insurance that covers the UAE.
Financial Criteria
There are four options that a candidate must fulfil in order to be able to be granted a retirement visa.
Income
- One must have a sustainable yearly income of 180 000AED;
Savings
- One must have 1 Million AED savings in a 3 year fixed-deposit account;
Property
- One must have unmortgaged property for 1 Million AED or mortgaged property for which the payments made have accumulated to at least 1 Million AED;
Savings & Properties
- One can have a combination of the Savings & Property options valued at 1 Million AED in a 3-year fixed deposit account and in property, each worth 500 000AED.
Invest in Dubai
The Dubai retirement visa program is a component of a bigger effort by Dubai Tourism and the General Directorate for Residency and Foreigners Affairs to make the emirate a more inclusive one. People can now choose to retire in Dubai and take advantage of the benefits of living in a multicultural area.
It is essential to start increasing your assets if you intend to retire in the UAE soon or in the near future in order to be eligible for the new visa for expat retirees. To ensure your golden years in the UAE, invest in Dubai, the leading emirate for the implementation of the new program.
Contact AIX Investment to connect with the top financial experts in Dubai who can help you.
