Dubai has announced a retirement visa programme, the first of its kind, today. Sheikh Mohammed Bin Rashid Al Maktoum along with Vice-President, the Prime Minister of UAE and the Ruler of Dubai launched this retirement visa programme in Dubai this evening. The programme is an initiative meant to cater the retirees from around the world. The retirees will now be able to apply for a retirement visa in Dubai.
The Dubai media office released the following official statement. “Under the directives of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE and Ruler of Dubai, the emirate of Dubai has launched an initiative for retirees from around the world through the “Retirement in Dubai” programme, which is the first of its kind in the region and is the result of cooperation between Dubai Tourism and the General Administration of Residency and Foreigners Affairs.”
Application and requirements: How to apply
The applications for this programme will be submitted under the “Retirement in Dubai” program. A programme of this sort has never been introduced before in the region. This retirement visa programme in Dubai was made a reality with joint efforts of Dubai Tourism and the General Administration of Residency and Foreigners Affairs.
Any resident or retiree outside residing outside the UAE and over the age of 55 can use this programme for their benefit. Such residents can apply for a retirement visa through the website. However, the visa programme has certain terms and conditions to obtain a retirement visa that is renewable every five years. An added benefit of this retirement visa programme in Dubai is that the holders of this visa can work as independent workers, advisors, board members, consultants, etc. without any restrictions.
Terms & Conditions for the retirement visa programme
The visa holders will be able to sponsor their children on the visa. To be able to sponsor children, boys need to be under the age of 18, while girls can be sponsored until the age of 21. If the children are older, they do not qualify as dependents and will therefore need to apply for their own student visa through the designated channel. This retirement visa programme is an attractive option for retirees who are finally looking to settle after working for long exhaustive years. The visa has numerous perks and benefits.
The candidates should fulfill at least one of the following financial criteria to apply for the retirement visa programme in Dubai:
- Option 1: AED 20,000 (approx. USD 5,500) Monthly Income* OR
- Option 2: AED 1 million (approx. USD 275,000) savings OR
- Option 3: AED 2 million (approx. USD 550,000) property OR
- Option 4: A combination of Options 2 and 3 valued at least AED 2 million (approx. USD 550,000)
*The applicant should provide evidence in the form of a bank statement demonstrating the minimum deposit of AED 20,000 in their account on a monthly basis or what equates to AED 240,000 annually.