The UAE government officially launched the new retirement visa program to encourage expats to remain or retire in Dubai.
Foreign nationals and UAE residents aged 55 and above are eligible for this visa initiative, but must satisfy certain conditions. The retirement visa has a validity of 5 years and is renewed automatically.
The program was initially signaled in May 2019 and is one of the key reforms stretching the options for foreign nationals to acquire and retain residence visa status.
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of United Arab Emirates and Ruler of Dubai initiated the program in a bid to showcase the emirate as the number one retirement destination in the world.
How You Can Obtain a 5-year Dubai Retirement Visa
To get a retirement visa in Dubai, you must fulfill the following conditions:
• Be at least 55 years of age.
• Be able to get your own local health insurance cover.
Financial Requirements
You must satisfy at least one of the following conditions:
• Have a monthly income of AED 20,000 or more (you must provide a 6-month bank statement as proof).
• Have cash savings of AED 1,000,000 or more in a local bank (you will be required to submit a letter from the bank.
• Own a property in UAE that is valued at at least AED 2,000,000 (proof of ownership is mandatory).
Reasons to Retire in Dubai
Perfect Weather
Dubai boasts of warm and sunny weather most time of the year, making it an ideal spot to spend your summers. With such lovely and welcoming weather, you can plan a trip, have a barbeque without stressing over the weather.
Stable Economy
The economy of the UAE is solid and has been recording impressive growth in GDP in the recent past. The Dirham is closely linked to the US dollar, meaning it promises to stay stable for a long time.
Interestingly income is tax-free here, meaning you have high savings and financial freedom. Along with a stable economy, life is pretty affordable in Dubai.
Vibrant Lifestyle
There is a host of activities in Dubai to engage in, from camel riding in the vast desert to golfing and skiing. If you choose to spend your golden days in Dubai, life will always be interesting.
Life is bearable even in the hottest of summers, and if it gets too hot to be outside, you can hop into the malls where you will stumble upon ice skating rinks, cinemas, retail stores, and themed parks for your leisure. The city is the king of glitz and glam.
Diverse Cultures
Dubai is home to many nationalities. There are foreign-born expats even. A culturally diverse melting pot that welcomes anyone from any part of the world. You will appreciate the innumerable cultural celebrations and festivals that take place all year round.
So, are you ready to move to Dubai? You can start by checking out properties for sale through Real Choice Real Estate Brokers. Our agents can help you find your dream home away from home. Browse our website for more listings or contact us for a free consultation.
