One of the most popular places in the Middle East is now gaining popularity for retirees as Dubai plans to introduce retirement visas for expats and foreigners. This new rule will help boost the city's economy while the expats can enjoy the luxury lifestyle that Dubai always offers. Retirement visa holders can look forward to the best that the city has to offer.
The retirement visa plan, which is a new rule for the city, allows expats and visa holders to stay here for a maximum of 5 years and includes criteria.
The eligibility criteria for expats to apply for a visa include:
- The person should have valid UAE health insurance
- The person should be 55 years and older.
Those applying for a Dubai retirement visa should meet the following financial criteria
i) The applicant should have a monthly income of around AED 20,000 (4.1 lakh INR).
ii) Applicant should have approximately AED 1 million (INR 2.5 crore) savings.
iii) The applicant should own a property in Dubai valued at AED 2 million (INR 5 crore).
- iv) The combination of items ii and iii, which should be worth at least AED 2 million (INR 5 crore).
The general terms and conditions apply to applying for a retirement visa
- The visa is only valid for 5 years.
- The visa can be automatically renewed online if you meet the admission criteria.
- In the first phase of the program, which currently only allows Dubai expats and their spouses to apply, the plan will later be expanded to include foreigners.
- Health insurance is compulsory.
- The retirees can work as self-employed.
- You can help your children to study in Dubai with the visa. However, the maximum age for boys should be 18 years and for girls 21 years.
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