5-year retirement visa launched in Dubai: All you need to know.
Residents or any foreigner aged above 55 years can apply for a five-year retirement visa.
People around the world looking to have a distinct retirement life can start their new chapter in Dubai. Residents or any foreigner aged above 55 years can apply for a five-year retirement visa, it was announced on Wednesday.
The retiree must have a monthly income of Dh20,000(approximately 5,500USD) from investments or pensions; or Dh1 million (approximately 280,000USD) in savings or property in Dubai worth Dh2 million (approximately 560,000USD).
“To ensure a competitive offering, Dubai Tourism has worked with its partners to develop key propositions for retirees covering healthcare, real estate, insurance and banking,” the Government of Dubai said. “In its initial phase, the program will focus on UAE residents working in Dubai who have reached retirement age. The program offers long-term residents of the city who are familiar with Dubai’s value proposition an easy and hassle-free retirement option. Dubai’s proximity with the native countries of a large majority of residents makes it a convenient retirement destination for them.”
Dubai Tourism has put together banking options that will enable retirees to own a property that fits their lifestyle. The options will be available only to holders of the retirement visa.
The Director-General of Dubai Tourism said the emirate’s “retirement readiness strategy” will enable expatriates and international retirees to take advantage of the city’s “open-door policy, tolerance, and outstanding quality of life”.
“With the continued support of our stakeholders and partners, the retirement program 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. This will also have the wider effect of promoting Dubai as a retiree-friendly destination while highlighting the city’s unparalleled lifestyle and diverse destination offerings and experiences.”
Dubai was recently ranked first in the Middle East and North Africa region and 11th globally among the top 20 most popular destinations for venture capital investments for 2020. “This validates the strengths of Dubai’s investment environment and its success in creating new opportunities despite the challenges caused by the pandemic.”
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