Dubai is among the destinations that keep rolling out essential and also interesting plans not only for travelers but also expats that are living in the emirate. Here’s one more that’s recently been announced: the gorgeous city of Dubai is giving out retirement visas for those that plan on making the place their escape during retirement! It’s perfect as Dubai is the one place where you will be able to indulge with the finer things in life and relish the life of a retiree.
Eligibility for the retirement visa
The retirement program of Dubai allows expatriates and foreigners to stay in UAE for five years following their retirement. Eligibility criteria in applying for the retirement visa include:
- Applicant must be fifty-five years old or above
- The person has to hold valid health insurance in UAE
There is also financial eligibility. Anyone of the financial criteria listed below is to be fulfilled by the retirement visa applicant:
- Monthly income of AED 20,000;
- Savings of AED 1 million;
- Ownership of property in Dubai worth AED 2 million
Essential information for applicants:
- Retirement visa issued by authorities is valid for five years.
- During the first stage of Dubai’s retirement visa program, expats in Dubai as well as their spouses may send in their application. The program will then be made available for foreigners thereafter.
- The visa may be automatically renewed online. (Take note: applicant must provide sufficient proof that he/she meets the eligibility criteria.)
- Retirees can work independently e.g. as board members or advisors.
- Health insurance is mandatory for applicants.
- Process of the application takes fifteen days but can be quicker with the help of a PRO service in Dubai.
- Applicant issued with a retirement visa can sponsor children under the age of 18 for boys and 21 for girls in order to study anywhere in Dubai.
Impact of retirement visa issuance in the UAE
This initiative of the government to issue retirement visas for expats who are older than 55 will be able to boost the property market of the emirate, as well as Dubai’s overall economy. Retirement visas are positive from the perspective of the market. Highly developed infrastructure, low tax environment, and top-notch healthcare facilities make the scheme attractive to expats and foreigners. There’s a ton of sectors that can benefit from this, such as real estate and domestic consumption.
Now that retirement visas are open for those who are from outside the UAE, we are likely to see a rise in the purchase of holiday homes. Dubai is very famous among tourists worldwide. It’s an awesome country to spend winter in and enjoy everything that the emirate has in store for its occupants. The UAE is already catering to significant demand from second and holiday home investors that are from international markets.
If you want to know more about visa processing in UAE or PRO services in Dubai, call us here in FAR Consulting Middle East.