A programme developed by Dubai Tourism and
the General Directorate for Residency and Foreigners Affairs (GDRFA) has
been launched to encourage people to retire in Dubai.
Residents and foreigners above 55 years old may apply for the Retirement Visa provided they meet certain criteria.
Eligible and successful applicants will be provided with a residency visa that is renewable every five years. The retiree can choose between one of three financial requirements for eligibility: earning a monthly income of Dhs. 20,000 (approx. $5,500); having savings of Dhs. 1 million (approx. $275,000); or owning a property in Dubai worth Dhs. 2 million (approx. $550,000).
In its initial phase, the programme will focus on UAE residents working in Dubai who have reached retirement age. The programme offers long-term residents of the city who are familiar with Dubai’s value proposition an easy and hassle-free retirement option.
Announcing the initiative, Helal Saeed Almarri, Director General of Dubai Tourism said: “The Retire in Dubai programme is based on the vision of Sheikh Mohammed to further enhance Dubai’s position as an iconic global city and make it the world’s most preferred lifestyle destination. Dubai’s Retirement Readiness strategy will enable expatriates and international retirees to take advantage of the city’s open-door policy, tolerance, and outstanding quality of life and live in one of the world’s fastest growing, culturally diverse cities.
“With the continued support of our stakeholders and partners including GDRFA-Dubai, the retirement programme will contribute towards our tourism economy by facilitating frequent visits from families and friends of the retirees and increasing visitation from markets with a high retiree population. This will also have the wider effect of promoting Dubai as a retiree-friendly destination while highlighting the city’s unparalleled lifestyle and diverse destination offerings and experiences.”
Any property must not be mortgaged. A combination of cash savings and property value amounting to AED 2 million may also grant eligibility. The Retirement Visa holder can sponsor their spouse and children for visas too. If you are interested in the Dubai Retirement Visa, please contact us.