If you are considering retiring or nearing your retirement age, then know that the UAE has something exciting in store for you. Endless sunshine, a lively cityscape, and a lifestyle that’s all about luxury and convenience. That’s Dubai for you! So who wouldn’t want to spend their retirement years in such a place? Well everybody does.
Back in 2021, Dubai launched a retirement visa for expats who wish to spend their lives in the emirates even after biding adieu to their work life. People over age 55 can obtain this unique type of visa and live it up in one of the most dynamic cities on the planet.
Think about it: safety, diversity, and growth opportunities abound in this multicultural hub. It’s not just about kicking back and relaxing (although you can totally do that too), it’s about living in a world where every day feels like an adventure.
From on-demand services to mouth-watering cuisine available at your fingertips, Dubai has everything you need to make your retirement years truly unforgettable. So, why wait? It’s time to take on the next chapter of your life in a city that’s as exciting and opportunistic as you are. Let’s dive in and discover everything you need to know about the retirement visa in Dubai.
You might also like to read: 4 Best Tips for Early Retirement in UAE
Everything You Need To Know About the Retirement Visa in Dubai
In November 2021, The Government of UAE launched exclusive amendments to the residency law for expats and allowed foreign residents to live in the country after retirement.
Expat residents who are retired and are over 55 years old now stand eligible to apply for a 5-year retirement visa. Residents with such type of visa can also sponsor their dependents including spouses and children. However, certain criteria need to be met to successfully obtain the permit. Let’s take a closer look and see who is eligible, what documents are required, and what is the total cost to get a retirement visa in Dubai.
Eligibility Criteria for Retirement Visa in Dubai
The below-mentioned criteria must be met for an expat resident to stand eligible for a retirement visa.
- The applicant should have worked for at least 15 years in or outside the UAE.
- The applicant must be 55 years old or above at the time of retirement.
Financial Criteria
For a resident to be eligible for a retirement visa in Dubai, any of the four below-mentioned criteria should be fulfilled.
- The applicant must have a minimum annual income of AED 180,000 or at least AED 15,000 monthly income.
- There should be at least AED 1 million in savings in a 3-year fixed deposit.
- The applicant must have an unmortgaged/mortgaged property worth AED 1 million.
- The applicant can also be eligible if he/she fulfills options 1 and 2 value for a minimum of AED 1 million in a 3-year fixed deposit and property and each should be worth AED 500,000.
How to Obtain Residency Permit for Retired Expats in Dubai
To begin with your application process, you must first choose one of the four above-mentioned eligibility options.
- If you opt for the savings option, then you will proceed with the General Directorate of Residency and Foreigners Affairs (GDRFA).
- Applicants who wish to proceed with the property option must refer to the Dubai Land Department (DLD) to process their applications for retirement visas.
- To initiate the application process with GDRFA, you can log on to https://smart.gdrfad.gov.ae. After landing on the website, select the “individuals’ login” option and sign up to process a new application.
- Follow the prompts that appear on the screen and fill out the registration form online with all the details required.
- To apply through DLD, you must visit a real estate agency in person and initiate the application process.
Documents Required to Apply to Retirement Visa
To successfully apply for a retirement visa in Dubai, you must have the following documents ready beforehand and submit them at the time of registration.
- A copy of the valid passports of the applicant and his/her dependents.
- A copy of attested marriage certificate for sponsoring the spouse.
- A copy of the existing visa of the applicant and his/her dependents if they are a UAE resident.
- A copy of the Emirates ID cards of the applicant and his/her dependents if they are a UAE resident.
Other documents required depend on the type of option you choose when applying.
Required Documents for the Income-based Applications
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Income Proof
This document must mention the beneficiary’s name and the commencement date. This document can be a letter from an organization/establishment that is responsible for providing the income or a letter from the previous employer if they are providing a monthly retirement income. Supporting documents should be attached to prove that you have a sustainable income.
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6 Month Bank Statement
The bank statement must reflect a minimum deposit of AED 15,000 per month or AED 180,000 per year from the source of income mentioned in the application.
The bank must be based in Dubai and the bank statement must be signed and stamped by the bank itself.
Required Documents for Savings-based Applications
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Retirement Proof
Proof of retirement must be presented to prove that you have been legally employed in the past and fulfill the retirement age criteria. This proof can be an end-of-service document issued by the previous employer which confirms that you have retired with several years worked explicitly mentioned.
The proof of retirement can also be a letter issued by a social service organization that confirms that you are a retired expat and stand eligible for Dubai’s retirement visa.
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Proof of Savings
Proof of savings is an officially signed and stamped letter issued by the bank in Arabic from a registered bank in UAE. The letter must mention that AED 1 million in savings are reserved in a 3-year fixed deposit in a UAE-based bank.
This letter must be addressed to the General Directorate of Residency and Foreign Affairs (GDRFA).
Required Documents for the Property-based Applications
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A copy of the title deed:
The title deed must prove that the property is located in Dubai and is worth a minimum of AED 1 million. The document must also be registered in the name of the applicant and not the spouse.
In case the property is registered in the name of the company, the applicant must have 100% ownership of that company. If it’s a shared property, the applicant’s share must be worth at least AED 1 million.
If the property is not mortgaged, it must have been paid in full, and if it’s a mortgaged property, the latest payment should be at least AED 1 million. The property cannot be off-plan.
You as an applicant can present multiple properties with a minimum total value of AED 1 million.
Required Documents for Property and Savings-based Applications
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Copy of the title deed
The property presented must be located in Dubai and DLD should issue the title deed. It should have a minimum worth of AED 500,000. The rest of the eligibility criteria are the same as mentioned above.
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Proof of savings
This can be a signed and officially stamped letter from a UAE-based bank in Arabic that mentions the balance amount. This means that if the value of the property is AED 500,000, then the letter should mention the savings of a minimum of AED 500,000 so that the total amount comes out to be AED 1 million.
The letter should also state that the 500,000 million in savings are reserved in a 3-year fixed deposit in a UAE-based bank. The letter should be addressed to the General Directorate of Residency and Foreign Affairs (GDRFA).
Cost of Retirement Visa in Dubai
If your application is approved by the said authorities i.e. GDRFA/DLD, a net amount of AED 3,714,75 must be paid per applicant.
This amount covers all expenses including visa, entry permit, visa status adjustment, visa stamping, Emirates ID, medical tests, and management fees.
Please note that this total cost does not include the medical insurance expenses which are mandatory to reside in UAE as an expatriate.
FAQs
What is the retirement visa in Dubai?
A Dubai retirement visa is your ticket to living the good life in the UAE for five whole years, and guess what? You can even renew it when that time’s up! But here’s the catch: you have to meet some requirements.
First off, you have to be officially retired and be at least 55 years old. Plus, you must have your finances in order as they’ll be checking that out too.
Now, let’s talk about who exactly counts as a retiree. You must have had a job in the past, and you need a letter from your old workplace saying you’re officially retired or that your service has ended.
Does a retirement visa allow multiple entries into the UAE?
Absolutely! Once you’ve got that retirement visa in hand, you’re considered a resident of the UAE. It means you’ve got the freedom to come and go as you please, no strings attached. Whether you’re itching for a quick getaway or planning an extended trip back home to visit family and friends, it’s all good – as long as your visa is still valid.
And here’s the best part: there’s no need to stress about meeting some sort of minimum stay requirement. You’ve got the flexibility to spend as much or as little time in the UAE as you like. So go ahead, live it up in Dubai, and explore the world beyond – it’s all within your reach with that retirement visa in your pocket.
How long does it take to process the application?
Once your application is all squared away and you’ve been given the green light, it’s time to sit tight for a bit. The application process typically takes around 15 working days to wrap up.
Can we sponsor dependents with a retirement visa?
Certainly. Under the Dubai retirement visa scheme, the retiree holds the privilege to sponsor their spouse and children, with no numerical limitation on the number of children eligible for sponsorship.
Additionally, the retiree has the option to sponsor their parents for a one-year renewable visa. It is imperative to note that any family member sponsored under this arrangement must possess valid health insurance that provides coverage within the UAE.
Can retired expats live in Dubai without a visa?
For retirees seeking residence in Dubai, there are two viable avenues. Firstly, a retiree may reside in Dubai without acquiring an independent visa if they are sponsored as a dependent by an individual, typically a spouse or child, who already holds a resident visa in the UAE. Alternatively, eligible retirees can pursue their own retirement visa, thus securing independent residency status.
Can foreigners retire in Dubai?
It is pertinent to note that Dubai extends the opportunity for expatriates or foreigners of any nationality to retire within its borders, provided they fulfill the minimum financial requisites or property ownership criteria stipulated for the retirement visa application.
Is it allowed to work in the UAE with a retirement visa?
Yes. People residing in UAE with a retirement visa are legally allowed to work by obtaining a No Objection Certificate (NOC) which essentially grants permission for lawful employment activities within the Emirates.
Is Dubai’s retirement visa renewable?
Yes. A retirement visa in Dubai can be renewed every 5 years given all the criteria are met.
Can people living outside the UAE also obtain a retirement visa in Dubai?
You don’t have to be a resident of the UAE to apply for a retirement visa there. If you own property in the country valued at least AED1 million, you’re eligible to apply.