Announced by Visit Dubai through the official Twitter account of the Dubai Media Office on September 2, the Retire in Dubai initiative offers “a global retirement program” offering foreign retirees 55 years and above in age the chance to retire in Dubai and start their “new chapter” in life.
The Dubai Retirement Visa follows the September 2018 approval by the UAE Cabinet of a law providing retired residents over 55 years old a long-term visa for 5 years, renewable based on the applicant maintaining their eligibility status.
As per the official Visit Dubai website, in order to be eligible for the program, a foreign retiree must meet the stipulated requirements for age and finances. These requirements are –
|Age||55 years and above|
|Financial requirements||Any 1 of the criteria to be fulfilled –Option 1: Monthly income of AED 20,000
Option 2: Cash savings of AED 1 million
Option 3: Property in Dubai of AED 2 million
Option 4: A combination of Options 2 and 3 above, valued at least AED 2 million.
Once all the required documentation has been submitted, the application process for the Retirement Visa for Dubai is up to 15 days.
Holders of the Retirement Visa are allowed to work and can work as independent workers, consultants, advisors, board members, etc.
Visa holders can also sponsor their children for study in Dubai. While boys that are sponsored by their parents under the Dubai Retirement Visa must be below 18 years of age, girls can be sponsored until they are 21 years of age. Older children do not qualify as dependents and will be required to apply on their own for their Dubai study visa.
Showcasing Dubai as the world’s preferred retirement destination, the Retire in Dubai programme has been developed by Dubai Tourism in collaboration with the GDRFA.
The latest initiative is the first retirement scheme in the region for expatriates and foreign retirees.
The Dubai Government announced – on September 2, 2020 – the launch of the global retirement programme under the directives of HH Sheikh Mohammed bin Rashid Al Maktoum.
To maintain the competitiveness of the programme, Dubai Tourism has worked with its partners for developing key propositions for retirees covering real estate, banking, insurance, and healthcare.
In the initial phase following its launch, the programme will be focussing on UAE residents that are working in Dubai and have reached their retirement age.
Announcing the program, His Excellency Helal Saeed Almarri, Director General, Tourism has stated that the Retirement Readiness strategy developed by Dubai will allow expats and international retirees to benefit from the “city’s open-door policy”, tolerance, as well as an outstanding quality of life”, while living in one of the “fastest growing, culturally diverse cities” of the world.
The Retire in Dubai programme has been developed around 7 key factors making Dubai the ideal destination for retirees
|Unique lifestyle||A cosmopolitan destination, Dubai is home to 200 nationalities. While Arabic is the official language, Dubai is a multi-lingual city where English is widely spoken.|
|Convenience||Dubai offers a hassle-free comfortable lifestyle with a wide range in conveniences.|
|Recreation||The city offers numerous options, for recreation and relaxation.|
|Society that is fit and active||Retirees in Dubai get access to a healthy outdoor lifestyle and various fitness options.|
|Proximity and connectivity||Dubai has a highly-connected infrastructure, both in the physical sense as well as technologically. Dubai International [DXB] airport has connectivity with over 240 destinations worldwide.|
|World-class healthcare system||Dubai has a robust healthcare system, providing the highest quality of healthcare across a wide range of specializations.|
|Legacy management||Enhanced services have been developed for ensuring that retirees enjoy their life in Dubai, with the perfect confidence that they assets are safe and can securely be passed on to their loved ones.|
If you are looking to Study, Work, Visit, Invest or Migrate Overseas, talk to Y-Axis, the World’s No.1 Immigration & Visa Company.