New Retirement Visa in the UAE: Everything you should know
Dream of retiring in Dubai? Well, you’re in luck, as the process has recently been made easier than ever. The new retirement visa initiative allows and encourages expats to live in the UAE after the age of retirement. On September 2, 2020, Dubai authorities announced individuals aged 55 and over are eligible to retire in the Emirates. Through the “Retire in Dubai” program, eligible applicants will be offered a renewable retirement visa. In this Pacific Prime Dubai article, we look at everything you should know about the new Retirement Visa in the UAE.
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What is the new UAE retirement visa?
First announced in May 2019, the scheme is among several reforms giving foreigners living in the UAE more options to obtain and maintain resident visa status. Under the directive of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Ruler of Dubai and Vice President and Prime Minister of the UAE, the new scheme aims to present Dubai as a preferred retirement destination.
The global retirement initiative, which is led by the Department of Tourism and Commerce Marketing in collaboration with the General Directorate of Residency and Foreign Affairs, intends to promote economic development in Dubai and improve its international reputation as a business investment center and tourism and lifestyle hub.
Who is eligible for the retirement visa?
The new retirement visa program is available to people around the world. However, in the first phase, the retirement program will focus on UAE residents and expats working in Dubai who have reached retirement age. A retired expat is eligible for the five-year retirement visa in the UAE with the possibility of renewal if they meet the requirements. The requirements are as follows:
- 55 years old or above
- Valid UAE health insurance
- Meet one of the following financial criteria:
- AED 20,000 monthly income
- AED 1 million savings
- AED 2 million property
- A combination of options b and c valued at a minimum of AED 2 million
The new retirement visa is valid for five years. The retiree can renew the visa online automatically as long as he or she continues to meet the eligibility criteria above.
Additionally, the retirement visa holder can then sponsor their spouse and children, if they are of student or school age, and obtain a UAE resident dependent visa for them.
How to apply for a retirement visa in the UAE
To apply for the new UAE retirement visa, you’ll have to provide the required supporting evidence along with your application. The evidence required depends on the eligibility route you select, which are as follows:
- Monthly income – Evidence of source of income and bank statement for the past six months
- Savings – Letter from the bank stating the value of the deposit
- Property – Copy of property title deed
- Combination of property value and savings – Combination of proofs above to a minimum sum of AED 2 million
When you have your eligibility evidence copy ready, send an email to retireindubai@dubaitourism.ae with the following:
- Applicant’s passport copy (spouse and children if applicable)
- Copy of marriage certificate (if sponsoring the spouse)
- Copy of current visa (if the applicant is a UAE resident)
- Copy of applicant’s Emirates ID (if the applicant is a UAE resident)
- Copy for a valid UAE health insurance policy (for spouse and children if applicable)
- Current home address (including building and street number, area, city, and country)
- Contactable mobile number and email address
Once submitted, your application will be routed to the Dubai Naturalization and Residency Department (DNRD) for processing. Note that the application process may take up to 15 days.
Which health insurance is valid for the retirement visa?
Not all health insurance policies qualify for the Retire in Dubai visa. Health insurance packages that are valid for the visa include those from Alliance, Cigna, and Abu Dhabi National Insurance Company (ADNIC), to name a few. It’s important to check whether your policy qualifies before submitting your application, or secure a valid health insurance policy.
Why retire in Dubai?
Dubai’s global retirement program will focus on the factors that make Dubai the ideal retirement destination, including:
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- Unique lifestyle: Dubai’s warm and sunny climate, as well as its safety, has made it a diverse home to over 200 nationalities.
- Comfort and convenience: Food delivery and home services are some of the many reasons why Dubai residents live an incredibly convenient and comfortable lifestyle.
- Recreational activities: Whether you’re a foodie, spa-goer, or art enthusiast, Dubai has something for everyone.
- Active society: Staying active and healthy in Dubai is easy with so many options to choose from.
- Proximity: Dubai’s convenient location and highly-connected infrastructure make it the ideal place to stay close to your friends and family.
- Legacy management: There are services in place to help retirees plan for and protect their affairs with confidence.
- World-class healthcare system: Dubai has an exceptional standard of healthcare covering an array of specializations.
While the points above are some of the factors that make Dubai an ideal home for expats and retirees alike, there are more that you’ll come to realize when living in the Emirates.
How Pacific Prime Dubai can help
Whether you’re looking to secure expat health insurance, international health insurance, or other types of insurance, Pacific Prime Dubai is here to make the process easier. As a reputable insurance broker, we compare insurance plans to help you get the right policy for your needs and budget. Contact us to receive impartial advice or an obligation-free quote today.
You can also follow our blog to stay up to date on the latest information and important topics for expats in the UAE, such as “What you can do if your UAE visa is expired or canceled”.
Jantra curates and reports on the results of Pacific Prime’s monthly newsletters, as well as manages Pacific Prime’s Deputy Global CEO’s LinkedIn posts. Complemented by her background in business writing, Jantra’s passion for health, insurance, and employee benefits helps her create engaging content - no matter how complex the subject is.
Growing up as a third-culture kid has given her a multicultural perspective that helps her relate to expats and their families while 8 years of working remotely have given her unique insight into hybrid work arrangements and enthusiasm for employee benefits.
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