The UAE Digital Government (UAE DGov) has introduced an exciting opportunity for retired expatriates to apply for a 5-year residence visa in the UAE, provided they meet the necessary criteria.
This visa offers a long-term solution for those who wish to live in the UAE and enjoy its unique offerings and lifestyle. If you are over the age of 55 and have been considering retiring in the UAE, this visa option might be the perfect fit for you.
Five-year UAE visa for retired expatriates
To be eligible for the 5-year residence visa, retired expatriates must fulfil one of the following requirements:
Minimum Service Requirement: Retirees should have a minimum of 15 years of service before retirement, either within or outside the UAE. This demonstrates the valuable experience and contribution they have made throughout their careers.
Age Requirement: Applicants must be at least 55 years old to qualify for the 5-year residence visa. This age criterion ensures that retirees can fully embrace the benefits of living in the UAE during their golden years.
Real Estate Ownership: Retired expatriates should own real estate valued at a minimum of Dhs1 million.
Financial Stability: Retirees must have financial savings of at least Dhs1 million or a monthly income of Dhs20,000 (Dhs15,000 in Dubai). By demonstrating their financial stability, applicants can show their ability to support themselves comfortably during their stay in the UAE. This requirement can be met by providing a bank statement for the past six months.
To obtain further information about the retirement programme in Dubai and to learn how to apply for the 5-year residence visa, retired expatriates are encouraged to get information here. This comprehensive resource provides detailed guidance and support throughout the application process.
Residency visa for spouses, children
It’s worth noting that the 5-year residence visa is not limited to retired expatriates alone. Foreigners’ spouses and children are also eligible for this visa, allowing families to enjoy the UAE’s exceptional living standards together. As long as the retiree continues to meet the eligibility requirements, the visa can be renewed, ensuring a seamless and prolonged stay in the country.
There are various financial options that can meet the eligibility criteria:
Annual Income: Applicants can qualify if they have an annual income equal to or greater than Dhs180,000 ($49,000) or a monthly income of Dhs15,000 ($4,100).
Fixed Deposit Savings: Retirees can fulfill the requirements by maintaining savings of Dhs1 million ($275,000) in a fixed deposit for three years.
Real Estate Investment: Another viable option is investing in non-mortgaged real estate worth Dhs1 million.
Combined Income and Real Estate Investment: Lastly, applicants can choose a combination of the first and third options by investing no less than Dhs1 million in a fixed deposit for three years and meeting the income requirements.
The UAE DGov’s initiative aims to provide retirees with an opportunity to enjoy a comfortable and secure life in the UAE. By meeting the eligibility criteria and taking advantage of the retirement program, retirees can embrace a new chapter filled with unique experiences, rich cultural heritage, and a welcoming community.
tanvir@dubainewsweek.com
ALSO READ:
