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Dubai introduces five-year renewable Retirement Visa for those aged 55 and over

Dubai introduces five-year renewable Retirement Visa for those aged 55 and over

Applicants will need to meet certain financial requirements in order to be eligible for the new visa

UAE DUBAI

The Dubai Government has launched a new five-year renewable Retirement Visa that allows resident expatriates and foreigners aged 55 and over to live within the emirate.

The global retirement programme called Retire in Dubai was unveiled on Wednesday under the directives of Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.

Retirees are eligible for the visa provided they meet at least one of the three financial requirements:

– Earn a monthly income of at least Dhs20,000 ($5,500)
– Have savings of Dhs1m ($275,000)
– Own a property in Dubai worth Dhs2m ($550,000)

In its initial phase, the programme will focus on UAE residents working in Dubai who have reached retirement age, said a statement issued by the Dubai Media Office.

Retire in Dubai will be jointly managed by the Department of Tourism and Commerce Marketing (Dubai Tourism) and the General Directorate of Residency and Foreigners Affairs (GDRFA-Dubai).

“With the continued support of our stakeholders and partners including GDRFA-Dubai, the retirement programme will contribute towards our tourism economy by facilitating frequent visits from families and friends of the retirees and increasing visitation from markets with a high retiree population,” said Helal Saeed Almarri, director general of Dubai Tourism.

Major General Mohammed Ahmed Al Marri, director-general of the GDRFA added that the Retire in Dubai initiative is part of the combined efforts of GDRFA and Dubai Tourism to reinforce the emirate’s status as a preferred tourism and lifestyle hub as well as provide a unique lifestyle for retirees, which will help boost economic development in the country and enhance its global reputation as a business and investment centre. “We work closely with Dubai Tourism to launch initiatives to attract investors from all over the world,” he added.

A website www.retireindubai.com is now live with further details about the programme and highlights the seven key areas that will likely appeal to those looking to avail of this visa including factors centering around healthcare, legacy management and global connectivity.

There will also be special financial programmes available exclusively to holders of this Retirement Visa. For example, Dubai Tourism, in collaboration with real estate partners Dubai Holding, Meraas and Emaar and banking major Emirates NBD, have put together dedicated banking options that will allow these retirees to own a property within the country.

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