What is UAE retirement visa?
If you are an expat resident of Dubai and your age is above 55-years old then you should apply for a 5-year retirement visa in Dubai. This visa has been introduced by the UAE government since November, 2021. It allows expats to enjoy a 5 year stay in Dubai after retirement. One of UAE retirement visa benefits is to sponsor your spouses and children as well.
If you are interested in the Dubai Retirement visa program for over 55-years old then Prospr is going to provide every bit of information about it. Let’s get started and know everything about the residence visa for the retired from eligibility requirements to cost and application.
Who can apply? 5-year retirement visa Dubai eligibility requirements
Here are four eligibility criteria to get a Dubai 5-year retirement visa. If you are interested in getting this visa one of four requirements should be fulfilled
- 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
Documents requirements for UAE retirement visa
Here are documents you need to furnish during application of Dubai retirement visa:
- Passport copies of applicants and dependents such as spouse or children
- Marriage certificate copy- when you are sponsoring spouse visa
- If you are a UAE resident, provide copies of current visa and emirates ID of applicants and dependents
Read the guide about PRO Services
Option 1 -Additional document requirements for UAE retirement visa for Income based application
You will provide proof of income, which is a letter from an entity providing you source of income. If your employer continues to provide you monthly retirement income, you need to provide a letter as a proof of income from your previous employer. You can also provide additional documents that works as a proof of your sustainable income.
You will provide a six month bank statement for verification. This statement must show a minimum deposit of AED 15,000 from your source of income. Make sure this statement is from a Dubai based bank and this statement should be stamped by bank authority.
Option 2-additional document requirement for the savings-based application
You need to provide proof of retirement. It can be an end of service letter from your previous employer stating your years of service. This must prove you as a qualified retiree. You can also get a letter from a social service entity highlighting that you are a qualified retiree.
Another document you will provide to get approval for a 5-year retirement visa Dubai is your proof of savings. This letter should be stamped by UAE bank and addressed to GDRFA. This letter must be written in Arabic and detailing that you have AED 1 million saving in a 3-year fixed deposit in the bank.
Read the benefits of PRO services in Dubai
Option 3-additional document requirements for the property-based application
If you own a property in the UAE and are planning to get a retirement visa, you need to provide a copy of the title deed that must demonstrate that the property has a minimum value of AED 1 million, is in the name of application and is located in Dubai. If the property is owned by the company then the applicant must have 100 percent ownership of this company. However, when this property has shared ownership, then the applicant must have a share of AED 1 million in this property.
If a property is mortgaged then its payment to the date of application should be a minimum of AED 1 million. When it’s an off-plan property, an application for a residence visa for the retired for UAE residents will be rejected.
Learn the difference between UAE residence visa and UAE retirement visa
Interesting thing is that you can put forward multiple properties to apply for a residence visa for the retired but the combined value of multiple properties should be AED 1 million.
Option 4- documents required for the property-and-savings-based application
When you are getting a residence visa for the retired based on your property and saving in UAE then you will furnish both proof of savings and a copy of the title deed document.
Copy of title deed clearly states that property is located in Dubai and has a minimum value of AED 500,00. DED issues this title deed.
As far as proof of saving is concerned, you need to provide a stamped bank letter in Arabic. This letter should state that your bank balance has a saving amount of AED 500,000 in a 3-year fixed deposit. This letter must be addressed to GDRFA.
How to apply for a retirement visa in the UAE?
In case you are applying for a UAE residence visa for the retired through saving options, then you need to send an application to the General Directorate of Residency and Foreigners Affairs (GDRFA). Simply visit the website and select “the individuals’ login option. Once you register, start working on your application.
However, when you are eligible for a 5-year retirement visa in Dubai based on your property, then you need to go in person to the Dubai Land Department (DLD) office.
If your application for residence visa for the retired gets approval, you need to pay AED 3715. This amount cover following visa-related expenses
- Entry permit
- Visa status adjustment
- Emirates ID
- Medical examination
- Management fees
- Residency stamping
Is Dubai good for retirees?
Yes, Dubai is an excellent place to live for retirees. This city offers a comfortable lifestyle with a low crime rate and a wide variety of recreational activities to expats.
How much is an Dubai retirement visa?
Retirement visa Dubai cost for a 5-year new residence visa for the retired is AED 6,984.75 while for a 5-years retirement visa renewal, you need to spend AED 6419. In case you plan to cancel your 5-years retirement visa in UAE, you will pay AED 190.75.
Also learn how much is needed before retirement in Dubai
Can foreigners retire in Dubai?
More than 80 percent of UAE population comprises foreigners and yes foreigners can retire in Dubai after applying for a long term visa of 5-years. Check eligibility requirements for a retirement visa to understand whether you are eligible for this visa or not.
Wrap up
Finally you have understood the eligibility criteria and cost of a residence visa for the retired in Dubai. We have explained all the steps and document requirements in detail to make the application process smooth. However, if you still have some questions or concerns about the Dubai retirement visa, our business consultants at Prospr are always ready to help. Call now!
