Retirement Visa in Dubai – All you Need to KnowAugust 29, 2022
If you've decided that retirement in Dubai is the safest alternative for you, there is a visa that can help: The Dubai Retirement Visa. A couple of years back, the Emirati government established a new visa aimed exclusively at seniors, whether those living overseas or those who have already reached the age of retirement in the country. This article explains the entire application process and required documentation to make your next advance to Dubai as simple as possible. Read further to learn about it.
Is Getting Retiring Visa in Dubai a Good Idea?
The response to this question is heavily dependent on your choices and preferences. Senior people from across the globe consider UAE as the best place for retirement. Why? Because with retirement visa in Dubai, the place offers every comfort and solace one desires. For instance, there are several valid reasons why you should settle in Dubai. For instance, the country is safe, has a solid healthcare system, and has a culturally diversified environment, among other things!
Criteria for the Retirement Visa in Dubai
Visa Route Selection
Your retirement visa in UAE application approval is governed by the pathway you qualify for retiring in Dubai, and then, by which regulatory body will grant your visa:
- Property Applications
- Savings Applications
- Monthly Income
- Fixed deposit
UAE Retirement Visa Cost
Ahead of applying for retirement visa in Dubai you should ascertain whether your entry is granted by the DLD or GDRFA, you must pay a sum of about US$1,011 (AED3,714.75) per candidate. The fee includes all visa-related costs, such as the entry permit, visa status modification, residence stamping, Emirates ID, medical examination, and administration fees.
DLD or GDRFA will keep you informed about the progress of your application.
Required Documents for Retirement Visa
Eligibility Criteria & Visa Requirements
- Applicants must be over the age of 55 to apply for retirement visa in Dubai.
- You must meet each of the accompanying financial requirements:
|Option 1||Option 2:||Option 3:||Option 4:|
Yearly earnings of at least US$65,550 (approx. AED 240 ,000 or a monthly salary of US$5,444 (approx. AED20,000).
About US$275,000 or AED1 million in a three-year fixed deposit.
|Approx. US$275,000 or AED1 million mortgaged property or unmortgaged property with at least AED1 million in payments to date.|
A combo of Options 1 and 2, totaling at least US$275,000 or AED1 million in a three-year fixed deposit with property valued at AED500,000 each.
Local applicants should confirm that all papers are translated and transcribed into Arabic. Kindly confirm that your banking statements, documents, and letters are certified if you are an overseas candidate.
Required Documents, Statements, and Paperwork for all Options
Here is a rundown for all the required paperwork, statements, and documents needed to successfully apply for retirement visa in UAE.
- Copy of applicant's and dependents' Emirates IDs - for UAE citizens.
- For applicant and dependents - copies of current visas.
- A marriage certificate copy is required for spouse sponsorship.
- Proof of applicant and dependent passport (children and spouse).
Additional Documents, Statements, and Paperwork for all Options
|Option 1: Income|
Applicants must provide documentation proving their selected financial path. Specify the beneficiary's identity and the time of initiation. This might be:
a. A certificate from the applicable body providing the income source such as a pension system
b. A document from your prior job confirming that they are still providing month-to-month income in retirement.
c. Documentation confirming your assertion that you have a steady income
· Six-Month Bank Statement:
GDRFA is now reviewing earnings from retirement funds, social services, or other sources of long-term income.
— A monthly minimum contribution of AED20,000 or AED 240,000 per year from your income sources such as a retirement fund or pension scheme.
— A Dubai-based financial institution.
— Your bank's certified statement of account for the previous six months.
|Option 2: Savings|
Retirement Letter Evidence:
To demonstrate that you are an eligible pensioner who has previously worked. It might take the form of:
a. A letter of service discontinuation
— A letter of service discontinuation from your previous employer
— It must confirm that you are a senior.
— The length of work service should be specified.
b. A note from social services or a comparable organization
— The documents must state that you have retired.
· Statement of proof of savings:
Certified bank certificate from a financial institution in the Emirates (in Arabic).
— AED 1 million must be deposited in a three-year fixed deposit with a UAE-based bank.
— The bank must write a mail to GDRFA certifying that the assets are safeguarded as described above.
|Option 3: Property|
Title deed copy:
The asset must be in Dubai (not any other country or emirate).
— According to the title document, the property must have a minimum valuation of AED 1 million.
— It must be in the possession of the applicant (not the spouse). If the applicant owns a corporation, the firm must be owned by 100%.
— If there are co-owners, the applicant's and spouse's portion of landownership should be at least AED 1 million.
— If unmortgaged, the property dues should be paid fully.
— If mortgaged, the property payment must be at least AED 1 million.
— No deviations from the original plan.
Please keep in mind that several assets with a total value of AED 1m might well be considered if they fit the following conditions. DLD is presently not processing assets having DIFC title documents, however, GDRFA will evaluate them. Contact your consultant for further information on the visa procedure for DIFC-registered assets.
|Option 4: Savings & Property|
Title deed copy:
Check that your property meets the following requirements:
— Issued by DLD and based in Dubai (not any other nation or Emirates).
— According to the property title, the building must have a baseline value of AED 500,000.
— Should be in the claimant's possession (not the individual's spouse). If the applicant owns a corporation, the firm must be 100% owned by the retiree.
— If there are co-owners, the spouse's and applicant's property ownership portion should be at least AED 500,000.
— No deviations from the original plan.
As long as the foregoing conditions are met, multiple assets having a cumulative value of AED 500,000 may be considered.
Proof of Savings Letter:
Certified bank certificate (in Arabic) from a UAE-based financial institution showing the credit balance - for instance, if the asset is worth AED 500,000, you must show at least AED 500,000 in savings to have a total of AED 1m.
— The money must be deposited in a three-year fixed deposit with a UAE-based bank.
— The financial institution must send a statement to GDRFA certifying that the assets are safeguarded as described above.
Health Insurance Guidance
Applicants for retirement visa in Dubai should be prepared ahead before moving to the Emirates. Alongside other important things, you need to consider how health affairs can govern and/ or affect your stay; hence, it is imperative to stay prepared with all the right documents and paperwork to save yourself from the hassle.
- After your visa is approved, you will be summoned for a medical exam.
- Following that, you will be obliged to obtain a health coverage plan that meets your needs.
- Please keep in mind that you are not required to obtain coverage from local providers; nonetheless, we encourage doing so to optimize your entire visit and to make any compensation processes easier.
- You can begin your registration without first securing health coverage.
- You may use your foreign entity's coverage as long as you submit paperwork from the firm stating that it covers the Emirates (post visa issuance).
How Avyanco Can Help you Retiring in Dubai?
The Emirates is a fantastic place to visit, with rapid expansion on the horizon. The country is working hard to make it a desirable place to live and work, visit, and retire. The UAE Retirement Visa provides excellent possibilities for individuals wishing to settle in Dubai. Don't let the application process for your Retirement Visa bother you. Contact Avyanco right away and let us help you make the process as simple and stress-free as possible.