ABU DHABI: The United Arab Emirates (UAE) has introduced a transformative initiative for expatriates aged 55 and above, offering them a renewable five-year residency visa.
This move aims to enhance the country’s appeal as a retirement destination, ensuring financial stability and providing a seamless application process for retirees.
Under the new guidelines announced by the Federal Authority for Identity, Citizenship, Customs, and Port Security (ICP), retirees meeting specific criteria can enjoy extended stays in the UAE, adding a new chapter to the country’s efforts to create a welcoming environment for all.
Eligibility & Financial Requirements
To qualify for the residency visa, applicants must fulfil one of the following conditions:
Work History: A minimum of 15 years of employment, either in the UAE or abroad.
Property Ownership: Ownership of real estate valued at Dh1 million or more.
Savings: Financial reserves of at least Dh1 million.
Income: A monthly income of Dh20,000, with Dubai allowing a lower threshold of Dh15,000.
Additionally, applicants need to provide a six-month bank statement as proof of their financial stability.
The visa, valid for five years, offers the flexibility of renewal, provided the retiree continues to meet these criteria.
Application Process
Retirees can apply for the visa and corresponding UAE ID card through the ICP’s online portal or mobile application.
The steps include logging in with the UAE Pass, selecting residency services, verifying data, and paying the required fees.
Once approved, the ID card is delivered via authorised channels.
Dubai’s Retirement Programme
Dubai has taken this initiative a step further by unveiling an exclusive programme tailored to retirees, their spouses, and dependents. This city-specific scheme offers a five-year renewable residency visa based on a unique set of financial requirements:
Income-Based Option: An annual income of Dh180,000 (or Dh15,000 per month).
Savings Plan: Dh1 million in a fixed deposit for three years.
Property Investment: Ownership of unmortgaged real estate worth Dh1 million.
Combination Option: A combination of fixed deposit savings (Option 2) and property investment (Option 3), totalling Dh1 million.
These initiatives aim to provide greater flexibility and security for retirees wishing to settle in the UAE, ensuring they can enjoy their post-retirement years in the country.