In September 2020, the UAE government amended the law to allow expatriate residents and citizens around the world to stay in the country after retirement by offering a long-term retirement visa valid for five years. This significant change has led to increased interest among expatriates who have spent their working lives in Dubai and now consider it home. The city's high quality of life, safety, multiculturism, and perfect location make it an ideal destination for retirees.
To qualify for this visa, retirees must meet specific eligibility criteria:
1. Age and Work Experience:
- The retiree must be at least 55 years old at the time of retirement. - Have worked for at least 15 years, either within the UAE or abroad.
2. Financial Requirements (one of the following):
- Own property in Dubai, valued at no less than AED 1 million (approximately USD 275,000). - Have financial savings of at least AED 1 million in a three-year fixed deposit. - Earn a minimum monthly income of AED 15,000 (USD 4,100) or yearly income of AED 180,000. This could be through pensions, investments, or other revenue. - A combination of financial savings of at least AED 500K and an owned property worth AED 500K in Dubai. The combined total should be AED 1 million or more.
The visa extends to the retiree’s spouse and dependents and can be renewed every five years, provided the retiree continues to meet the eligibility criteria.
How to Apply for Retirement Visa
To apply for a retirement visa in Dubai, there are two main pathways: the savings/income option and the property option. Each has its own process and involves different authorities.
Savings/Income
After choosing savings as an option for your retirement visa application, you need to begin by using the General Directorate of Residency and Foreigners Affairs (GDRFA) website and follow the process.
Property Ownership
For those opting for the property route to apply for a retirement visa in Dubai, the process involves visiting the Dubai Land Department (DLD) in person with the required documents, including the title deed and proof of property ownership. The in-person submission allows for immediate verification and handling of your application, potentially speeding up the process. Once your application is complete and submitted, it may take up to 15 working days to process.
Documents Required for Retirement Visa Application
Here’s a detailed breakdown of the required documents:
1. Passport Copies: For the applicant and all dependents (spouse and children), valid for more than 6 months. 2. Marriage Certificate: If sponsoring a spouse. 3. Current Visa Copy: For UAE residents, for both the applicant and all dependents. 4. Emirates ID Copies: For UAE residents, for the applicant, and all dependents. 5. Health Insurance: GDFRA states that medical insurance is compulsory for all residence permit applications. Applicants must submit a copy of their health insurance from an insurance company in Dubai or their home country if the cover extends to Dubai.
Additional Documents Based on Eligibility Criteria
1. Retirement visa based on the income criteria: Documents confirming the source of income, including the beneficiary's name and commencement date. This can be: - A letter from the relevant party providing the income source (e.g., pension scheme). - A letter from the previous employer if they continue to provide retirement income. - Supporting documents demonstrating sustainable income. - A 6-month Bank Statement from a Dubai-based bank and stamped by the bank, showing a minimum monthly deposit of AED 15,000 or an annual deposit of AED 180,000 from sources like a pension scheme or retirement fund.
2. Retirement visa based on financial savings: Proof of Retirement Letter from the last employer, specifying the years of service and confirming retirement, or letter from social services or an equivalent entity detailing retirement status. Proof of Savings Letter stamped by a UAE-based bank (in Arabic), confirming that AED 1 million was placed in a 3-year fixed deposit. It should be addressed to the General Directorate of Residency and Foreigners Affairs (GDRFA), confirming the funds are secured.
3. Retirement visa based on Property Ownership: - The title deed should be in the applicant’s name or fully owned by a company entirely owned by the applicant. The property value stated in the title deed must be at least AED 1 million. Property owned in other emirates is not accepted and must be in Dubai. - The applicant must also submit an evaluation certificate of the property, to show an accurate estimation of its value. - If shared ownership, the applicant’s share (or the combined share with the spouse) must be at least AED 1 million. - Property must be fully paid. If mortgaged, payments to date must be at least AED 1 million. - Multiple properties can be combined to meet the AED 1 million value, in which case title deeds of all the properties must be submitted.
4. Retirement visa based on a combination of financial savings and property ownership: Copy of Title Deed: - Property in Dubai with a minimum value of AED 500,000. - If shared ownership, the applicant’s share (or the combined share with the spouse) must be at least AED 500,000. - Multiple properties can be combined to meet the AED 500,000 value. - Proof of Savings Letter, stamped by a UAE-based bank (in Arabic), confirming the balance amount to reach a total of AED 500,000, placed in a 3-year fixed deposit and addressed to GDRFA, confirming the funds are secured. - Applicants who currently reside in Dubai need to make sure that all bank letters are translated into Arabic, while international applicants require having their bank letters attested.
Final Take
With world-class healthcare, modern infrastructure, and a wide range of recreational and cultural activities, Dubai offers an attractive retirement option. Apart from the promise of a superior standard of living, retiring in Dubai means living in one of the safest cities in the world.
