The UAE has approved a new visa scheme for retired expats under which they can now stay in the country after retirement. The new visa scheme was approved by the Cabinet, on November 9, 2021, during a meeting chaired by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai.
Previously in September 2018, the UAE Cabinet had sanctioned a law to provide retired residents over the age of 55 a long-term renewable visa for five years. This modification would attract this valuable category of retirees. Additionally, the scheme underscores UAE efforts to attain more flexibility in terms of residency laws and visa requirements.
This will firmly contribute to the growth of tourism in the country. This apart it attracts high net worth individuals to the UAE as well. There’s a possible count of around eight million expat workers in the UAE. Furthermore, it’s believed that a sizable proportion of the white-collar community would want to retire in the UAE.
The retire in Dubai program which was introduced in collaboration with Dubai Tourism and General Director of Residency and Foreign Affairs (GDRFA), is a retirement visa scheme that grants eligible expats with a five-year Residency visa. Under this, the expats who retire can enjoy a high standard of living in Dubai.
This retirement visa in Dubai is open to expat residents above the age of 55 years, as well as their spouses and dependents, provided they meet one of the following criteria:
Monthly income of AED 20,000 from pensions or previous employer
Savings of AED 1M in a three-year fixed deposit in the UAE
Property investment worth AED 2M (must be located in Dubai, not mortgaged and fully ready)
Combination of savings and property investment worth AED 2M
You can apply for the Dubai retirement visa through Dubai Tourism’s official website. If your application meets the criteria, it will be processed by either the GDRFA or Dubai Land Department (DLD). This five-year retirement visa in Dubai can be renewed as well if you continue to meet the financial requirements. The retirees must have medical insurance, either from a local or international provider.
Expats who wish to get retired in Dubai can also apply for one of the UAE’s long-term visas or golden visas. There are several categories that retired expats could be eligible for if they meet the necessary criteria.
These include the 10-year visa for general investors, which is granted to those with investments worth at least AED 10M within the UAE. Such investments could include deposits in an investment fund, the establishment of a company or a partnership with an existing or a new company.
The UAE expat retirees can also apply for a five-year real estate investor visa. This can be issued to expats with property investments worth AED (United Arab Emirates Dhiran) 5M in the UAE. But the property cannot be mortgaged or under a loan. It must be retained for at least 3 years to apply for this visa.
Other than long-term visas, expat retirees can also get a 3-year partner visa in Dubai. This visa is issued to expats who have shares worth at least AED 72,000 in an existing company or planning to establish one with a capital amount worth the same. This type of visa offers expat retirees the flexibility to continue working post-retirement.
Expats also have the option of setting up a company in Dubai’s free zones, which also offer various options for investors. The minimum share capital, process and cost can vary depending on the free zone you’re interested in.
Another option for expat retirees in Dubai is the three-year property investor visa, which is issued to residents with property investments worth AED 1M and above. With this type of visa, expat retirees can enjoy benefits such as opening a bank account, obtaining a driving license and acquiring an Emirates ID card. Moreover, holders of this visa will also be able to sponsor their family members.
You can apply for this visa with a mortgaged property; however, 50% of the mortgage must be paid and you will require an NOC from the bank. You can contact the Dubai Land Department to learn more about this type of visa and its application process.
You can apply for this visa with a mortgaged property; however, 50% of the mortgage must be paid and you will require an NOC from the bank. You can contact the Dubai Land Department to learn more about this type of visa and its application process.
Retired expatriates would undoubtedly contribute significantly to the tourism sector, receiving family and friends and continuing to enjoy a quality lifestyle that they have become accustomed to.
Applicants must bear in mind that residents are not allowed to establish a company if they are on a retirement visa in Dubai. Additionally, if retirees wish to take out a loan, then the same will depend on the bank’s decision, as it is the relevant authority in such cases.
Holders of the Retirement Visa are allowed to work and can work as independent workers, consultants, advisors, board members etc.
Visa holders can also sponsor their children to study in Dubai. While boys who come under the sponsorship of their parents as per the Dubai Retirement Visa must be below 18 years of age, however, girls can be sponsored until they are 21 years of age. Older children do not qualify as dependents and will be required to apply on their own for their Dubai study visas.
