You should apply for a 5-year retirement visa in Dubai if you are an international resident and you are older than 55. The UAE government announced the introduction of this visa in November 2021. After retirement, expats can 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 you need to know if you are interested in 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 four conditions must be met if you are interested in obtaining this visa.
- Option 1: AED 1 million in savings over a three-year fixed account
- Option 2: Minimum monthly income of AED 15,000 or AED 180,0000 per year
- Choice 3: A $1 million property in AED
- Option 4: AED 500,000 minimum investment per three-year deposit and AED 500,000 worth of property
Documents required for UAE retirement visa
During the application for a Dubai retirement visa, you will need to furnish the following documents:
- Copies of the applicants’ passports and those of any dependents, such as spouses or kids
- When sponsoring a spouse’s visa, a copy of the marriage certificate
- If you are a resident of the United Arab Emirates, provide copies of the applicant’s and their dependents’ current visas and Emirates IDs.
Option 1: Extra documentation needed for an income-based application for a UAE retirement visa
A letter from the organization that provides your source of income is what you will present as proof of income. You need to provide a letter from your previous employer as proof of income if your employer is still paying 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 minimum deposit of AED 15,000 from your source of income must be shown on this statement. Please verify that the bank on this statement is in Dubai and that bank authority has stamped it.
Option 2: Additional documentation needed for the application based on savings
You need to provide proof of retirement. It 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 organization 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. This letter must be written in Arabic and must state that you have saved AED 1 million in a bank account that is set for three years.
Option 3: Extra documentation needed for the application based on property
Suppose you own a property in the United Arab Emirates and are applying for a retirement visa. In that case, you must provide a copy of the title deed showing that the property has a minimum value of AED 1 million, is in the applicant’s name, and is in Dubai. 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 residency visa based on the value of various properties if the total worth of all the properties 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 is worth a minimum 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 in 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?
You need to apply to the General Directorate of Residency and Foreigners Affairs (GDRFA) in the case that you are applying for a UAE retirement visa through saving choices. All you must do is go to the website and choose “the individuals’ login option.” Work on your application as soon as you register.
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 will need to pay AED 3715 if your retirement visa application receives approval. The following visa-related costs are covered by this sum.
- Permission to enter
- Modification of visa status
- Emirates ID Health Checkup
- Fees for management
- Stamping of residency
Is retirement a suitable fit in Dubai?
Indeed, Dubai is a great destination for retirees. With a low crime rate and a wide range of leisure activities, this city provides ex-pats with a tranquil existence.
A UAE retirement visa costs what?
For a 5-year initial retirement visa, the cost in Dubai is AED 6,984.75; for a 5-year renewal, you will need to pay AED 6419. You would have to pay AED 190.75 in case you decide to cancel your UAE retirement visa after five years.
Does Dubai allow foreigners to retire?
Foreigners can retire in Dubai after applying for a 5-year long-term visa, which makes up more than 80% of the population of the United Arab Emirates. See the eligibility prerequisites to find out if you are eligible for a retirement visa.
Conclusion
At last, you have a clear understanding of 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 more queries or worries regarding the Dubai retirement visa. Give me a call now!
