Dubai 5 Years Retirement Visa – How Investing in a Property Can Help?
Author: Faizan Amin
Dubai is one of the few cities in the world which expats can call home. It is filled with amazing working opportunities and living facilities which are nothing less than perfect for everyone. With a huge population of expats, one can expect to find a lot of fellow countrymen, restaurants serving cuisines from back home, and a great amount of cultural imprint no matter where you come from.
Dubai is where cultures come together and progress collectively. Surely no one wants to leave such a place even after retirement. But given the laws of the land, your current UAE residence visa may not be enough to ensure a lifelong stay in this amazing city. And that is where you will be needing a Dubai Retirement Visa, which we will discuss in detail in this piece.
Why Do You Need a Dubai Retirement Visa?
The visas can have validities of 2 to even 10 years, but then they have to be renewed considering all the requirements of investment or employment are met. In this scenario, it is never too early to plan for a Dubai Retirement Visa, as preparing for it will require a lot of planning and some bold steps.
Dubai Retirement Visa
For those who wish to stay after retirement in Dubai, the government allows a special provision in the form of retirement visa for UAE residents. Here are some important things to know about the UAE retirement visa:
The retirement visa UAE is valid for up to 5 years. The visa has to be renewed after the end of this tenure given that all the Dubai retirement visa requirements are met.
Residents aged over 55 years are eligible to apply for the 5 year retirement visa UAE. The government will issue the visa to any person who is above the required age and fulfils other requirements.
Eligibility Criteria for Retirement Visa in UAE
The matters of residency and visa are governed by General Directorate of Residency and Foreign Affairs. As per the regulations of this department, those looking to continue staying after they retire in Dubai must fulfil one of the following conditions to obtain a retirement visa Dubai:
- Invest in a property in Dubai which is worth AED 2 Million or more.
- Have a capital/savings of at least AED 1 Million.
- Have a minimum monthly income of AED 20,000.
By fulfilling any of the above requirements, one can easily apply for this visa scheme and continue to enjoy all the benefits just like all the Dubai residents.
There is no need for health insurance for visa application as a medical exam is part of the process. Once you pass through the medical examination, you are one step close to getting the Dubai Retirement Visa.
Documentation and Other Requirements
Just as with every other process where you deal with the government, you will have to abide by the documentary and other requirements as directed. Here is what you will need to apply for a retirement visa in Dubai:
- A Copy of Your Passport
- Copy of Marriage Certificate (If Married)
- Current Visa Copy
- Emirates ID Copy
- Evidence of Fulfiling Eligibility Criteria
- Present Residential Address
- Contact Details Including Mobile Number and Email Address
That is everything you will need to retire in Dubai. The process is very transparent and free from hassles for the applicants.
UAE Retirement Visa Cost
The charges for visa application are quite minimal, so one doesn’t have to worry about it. Here are all the charges that make up the total Dubai Retirement Visa Cost:
- Visa Charges: AED 888.75
- Medical Exam Charges: AED 753
- Emirates ID Fee: AED 572.50
So the total cost for acquiring the visa is AED 2,214.25
Invest in Property for Dubai Retirement Visa
As mentioned above, there are multiple criteria for eligibility which you can UAE to get the retire in Dubai visa. But if you are planning to build any of these from the very beginning, you need to consider the costs, effort and benefits attached to all of your choices. Given the advantages one can get by investing in Dubai Property, it is clearly the most feasible choice for all.
What Makes Buying a Property the Best Option for Eligibility
Simply by comparing the financial costs attached to all methods of gaining eligibility, we will be able to find out which of the three is most easier to follow. Let’s start with the property ownership criteria, which requires investment in a property worth AED 2 Million. So by considering the mortgage financing options available in UAE, up to 80% of the property price can be financed by the bank, leaving you with a burden of just 20% of the price.
So roughly, you will have to muster about AED 400k, which is substantially lesser than the option of having AED 1 Million in savings, and much easier than showing a stable income of over AED 20,000 per month after retirement. So with little or more time remaining in your retirement, you can simply look for getting a property on your name through any of the financing options available in UAE and become eligible for the 5 year retirement visa Dubai.
Additional Advantages for Property Owners
The benefits of owning a property are not limited to gaining eligibility for Dubai 5 year retirement visa. Simply by investing in a property in Dubai, you can open up limitless monetary benefits and financial advantages for yourself. Some of the most attractive aspects of owning a property include:
Freedom from Rent
If you are living in a rented home, you are literally letting a good sum of money go down the drain every year. The money you pay in rent doesn’t amount to anything substantial and beneficial for your future. By investing in a property through a mortgage loan or any other financing plan, you can get value for all the money that you pay for the property, which will also lead you to complete freedom from regular payments once you become the sole owner.
A major benefit of owning a property is that you can earn through rentals. Property in Dubai is known for very attractive returns on investment through rents, which means that you can also use it for paying off your property loan. If you already own a property but it doesn’t amount to AED 2 Million, then this option is ideal for you as it will help you gain additional income while also helping in getting the UAE 5 year retirement visa which is your ultimate goal.
Gain on Capital
As we all know that property prices don’t stay constant, and in Dubai, you can always expect a continuous rise. So by investing, you can gain big due to this rise while also enjoying the lifestyle benefits brought by the property.
Benefits of Equity
Along with pure monetary gain, you also get a set of benefits which are attached to equity. One use of equity for UAE residents is the ease of getting a visa extension, which includes retirement visa also. Along with that, you can easily acquire financial support from banks for business or any other purpose based on your equity, allowing you greater financial freedom in your decisions and pursuing better opportunities.
Financing Options for Buying a Property in Dubai
The best thing about investing in property is that you get a variety of financing options to choose from. Be it mortgage loans, in-house financing services by developers, or rent to own schemes, you have a multitude of convenient financing options on your table. This kind of convenience if not found in the other criteria for the retirement visa, so one should opt for buying a property through these options.
It is never too early to think about the future, and UAE Retirement Visa is one of the most important things to prepare for if you wish to stay permanently in the country. To get through the eligibility criteria, buying a property is the best option as it comes with an array of added benefits and convenient financing options.
Frequently Asked Questions
Is Dubai a good place to retire to?
Dubai is one of the best places to live in. Even after retirement, a lot of expats have a desire to stay in the city and continue enjoying the pleasant lifestyle that it offers.
What is the maximum age to work in the UAE?
The retirement age in UAE is 55 years, but one can continue working even after this age. There is no maximum age limit for working in the country.
Can a retired person get a job in Dubai?
Yes, a retired person can find a job in Dubai as there are no legal barriers related to maxim age in Dubai as well. So even after you retire, you have a great chance of finding a suitable job to manage your financial aspects well.