Move to Dubai with the new five-year retirement visa
Have you ever thought about making a real estate investment in Dubai and then retiring here? Well now, thanks to the latest developments, you can do just that. The all-new five-year retirement visa allows over 55s to live in the emirate and enjoy the cosmopolitan lifestyle as a resident, provided certain criteria are met. The retiree must have valid health insurance and one of the following:
- a monthly income of AED 20,000 or above from investments or pensions
- AED 1 million in savings
- own a property worth in excess of AED 2 million
- a combination of options 2 and 3 valued at a minimum of AED 2 million
If this financial position is maintained, the visa can be automatically renewed online at the end of the five-year period.
The initial phase of the retirement visa launch will focus on helping expats who have already worked in Dubai and enjoyed residency for more than 10 years, but ultimately extends to citizens from all over the world who meet the criteria too.
This is the first type of visa of its kind in the region and has been launched by the Department of Tourism and Commerce Marketing (Dubai Tourism) and the General Directorate of Residency and Foreigners Affairs (GDRFA), as per the instructions of Sheikh Mohammed bin Rashid, UAE Vice President and Ruler of Dubai.
Already established as a global hub for business and tourism, the emirate now aims to become a favourite retirement destination too. Its year-round sunshine and safe, family-friendly environment welcomes nationalities from all over the world, celebrating every culture and religion in a tolerant and respectful society. The incredible infrastructure makes getting around supremely easy. A wide selection of home services and deliveries offer a very convenient lifestyle, along with a huge choice of restaurants, malls, entertainment venues and sporting facilities. Parks, beaches and beautiful desert and mountains all further enhance the experience, whilst connectivity in terms of airports and technology means it’s easy to stay in touch with family and friends all over the world.
Not only will Dubai’s convenient global location and world-class lifestyle attract retirees, but Dubai Tourism is partnering with a variety of organisations to offer special products in healthcare, insurance, banking and the best real estate deals, geared specifically towards this market segment.
Tourism is already a flourishing industry for the emirate but the industry will be further enhanced by frequent visits from retiree’s family and friends, along with increasing visits from destinations with a high population of over 55s.
The new visa also brings about a win-win situation financially all around, since retirees can benefit from the tax-free status that comes with Dubai residency instead of being taxed in their home country when drawing their retirement income. It may also encourage this new type of resident to commit a fair portion of their offshore earnings to the UAE, thus boosting the economy.
Dubai continues to innovate and strengthen its status as a global powerhouse – and now with extra appeal for the over 55s too. DAMAC Properties has a wide variety of apartments and villas in some of Dubai’s most popular locations that appeal to customers of every age and nationality.
To find out more about Dubai’s Retirement Readiness strategy and visa applications, visit https://www.visitdubai.com/en/sc7/retire-in-dubai and contact us to learn about our projects.