The UAE continues to introduce more expatriate-friendly policies. Earlier, golden and silver renewable visas were announced to attract foreign investors and entrepreneurs, allowing them to stay in the emirate for longer periods. Recently, the cabinet has approved a new visa scheme to facilitate retired expatriates. This enables them to stay in the country after their retirement.
This visa scheme was approved on 9th November 2021 during the cabinet meeting chaired by the Prime Minister, Vice President and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum. The meeting took place at Expo 2020 Dubai and was attended by Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum (Deputy Prime Minister, Deputy Ruler of Dubai and Minister of Finance), Lt. General Sheikh Saif bin Zayed Al Nahyan (Minister of the Interior and Deputy Prime Minister), along with other cabinet members.
Eligibility Criteria for Retirement Visa
The Dubai Media Office has outlined the eligibility criteria, which retired expatriates must meet in order to obtain the newly announced residence visa. As per the criteria, the applicant must meet one of these conditions:
Invested in a property valuing AED 1 million (the property’s worth will be evaluated by the relevant entity in every emirate)
Have at least AED 1 million in financial savings
Have a minimum of AED 180,000 of active income per annum
How Does The New Residence Visa Benefit Retirees?
The new residence visa was introduced in a bid to attract more foreigners and provide expatriates with a more comfortable and convenient experience. Here’s how it will benefit retirees:
They can spend the rest of their life in the UAE.
They won’t have to worry about leaving the country once they reach their retirement age.
Since obtaining this visa requires them to have a certain bank balance, an active income or a property worth AED 1 million, they can put their assets to good use and continue earning a stream of passive income.
The Way Forward
With this new announcement of the retirement visa, expatriates reaching their retirement age can certainly breathe a sigh of relief. They can now lead an upscale lifestyle in any of the seven emirates of the UAE. However, as stated above, they will have to meet the outlined eligibility criteria to be able to obtain this visa.