You should apply for a 5-year retirement visa in Dubai as an international resident older than 55. The UAE government announced the introduction of this visa in November 2021. After retirement, it enables expats to stay in Dubai for five years. You can sponsor your spouse and kids in addition to yourself when you apply for a Dubai retirement visa.
Prospr will provide all the information regarding the Dubai Retirement visa programme for people over 55. Together, we will explore all aspects of the retirement visa, including eligibility requirements, application fees, and costs.
Who is eligible to apply? Requirements for a 5-year retirement visa in Dubai
These are the four requirements to be eligible for a five-year retirement visa to Dubai. One of the following four requirements must be met if you’re interested in obtaining this visa:
- Option 1-AED 1-million savings in a 3-year fixed deposit
- Option 2- Minimum yearly income AED 180,0000 or monthly income AED 15,000
- Option 3- AED 1-million property
- Option 4-Minimum investment of AED 500,000 each in 3-years deposit and AED 500,000 property valued
Documentation needed for a retirement visa to the UAE
During the application for a Dubai retirement visa, you will need to furnish the following documents:
- Marriage certificate copy if you are sponsoring spouse visa
- Passport copies of applicants and dependents, such as spouses or children
- If you reside in the UAE, please provide copies of the applicants’ and their dependents’ current visas and Emirates ID cards.
Option 1: Extra documentation needed for an income-based application for a UAE retirement visa
A letter from the organisation that provides your source of income is what you will present as proof of income. You must provide a letter from your previous employer as proof of income if your employer still pays you a monthly retirement benefit. As proof of your stable income, you can also provide other documentation.
You will provide a six-month bank statement for validation. A statement must show a minimum deposit of AED 15,000 from your source of income. Verify that the bank on this statement is in Dubai and that the bank authority has stamped it.
Option 2: Additional documentation needed for the application based on savings
You need to provide proof of retirement. This might be a letter detailing your years of service from your former employer stating that you are leaving. This must attest to your eligibility as a retiree. A letter from a social assistance organisation stating that you are an eligible retiree is another option.
Your proof of savings is another document you will need to provide to receive approval for a Dubai 5-year retirement visa. This letter is addressed to GDRFA and needs to be stamped by UAE Bank. You must specify in this letter that you have a 3-year fixed deposit in the bank with savings of AED 1 million.
Option 3: Extra documentation needed for the application based on property
A copy of the title document proving that the property has a minimum value of AED 1 million, is in the name of the applicant and is in Dubai is required if you own a property in the United Arab Emirates and are applying for a retirement visa. If the company owns the property, the applicant must be the business’s sole owner. If this property is co-owned, the applicant must hold a portion of AED 1 million.
If a property is mortgaged, the minimum payment due on the application date is AED one million. If the property is off plan, a retirement visa application from a resident of the United Arab Emirates will be denied.
The intriguing part is that you can apply for a retirement visa based on the value of various properties if the total worth is AED 1 million.
Option 4: Documents needed for the application based on property and savings
When applying for a retirement visa in the United Arab Emirates-based on your property and savings, you must furnish both proof of savings and a copy of the title deed document.
According to a copy of the title deed issued by DED, the property is in Dubai and has a minimum worth of AED 500,00.
You need to provide a stamped Arabic bank letter as proof of savings. This letter should confirm that you have AED 500,000 savings in a 3-year fixed deposit with your bank balance. GDRFA must be addressed in this letter.
How can I apply for a UAE retirement visa?
If you are applying for a UAE retirement visa through saving choices, you need to apply to the General Directorate of Residency and Foreigners Affairs (GDRFA). To do so, go to the website and choose “the individuals’ login option.” As soon as you register, work on your application.
However, you need to visit the Dubai Land Department (DLD) office in person if you are eligible for a 5-year retirement visa in Dubai based on your property.
You must pay AED 3715 if your retirement visa application receives approval. This sum covers the following visa-related costs:
- Emirates ID
- Medical examination
- Management fees
- Residency stamping
- Entry permit
- Visa status adjustment
Is retirement a suitable fit in Dubai?
Indeed, Dubai is an excellent destination for retirees. With a low crime rate and many leisure activities, this city offers expats a tranquil existence.
A UAE retirement visa costs what?
Dubai costs AED 6,984.75 for a 5-year initial retirement visa and AED 6419 for a 5-year renewal. If you decide to cancel your UAE retirement visa after five years, you must pay AED 190.75.
Does Dubai allow foreigners to retire?
Foreign nationals make up more than 80% of the United Arab Emirates population, and yes, they can retire in Dubai if they apply for a 5-year long-term visa. See the prerequisites for eligibility to find out if you are eligible for a retirement visa.
Conclusion:
Finally, you understand the requirements for qualifying and the cost of a Dubai retirement visa. To make the application process go smoothly, we have thoroughly described each stage and the requirements for the documents. However, our business advisors at Prospr are always available to help if you have any queries or worries regarding the Dubai retirement visa. Give me a call now!