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Opinion
12 Sep 2020

‘Retirement Visa’ in Dubai to lure expertise

Arun Ranjit
Arun Ranjit
File Photo of visa stamping. gulfnews.com
File Photo of visa stamping. gulfnews.com

Person with income of US $ 5,500 and of over 55 years can apply

While most Middle East countries are facing an expat exodus, the UAE is looking to attract more of them.

Dubai has just announced its new strategy to attract and retain expat retirees: a retiree visa that will be renewable every five years.

Dubai is the most populous city in the United Arab Emirates (UAE) and the capital of the Emirate of Dubai. Located in the eastern part of the Arabian Peninsula on the coast of the Persian Gulf.  Dubai aims to be the business hub of Western Asia.

It is also a major global transport hub for passengers and cargo. Dubai’s is a center for regional and international trade since the early 20th century. Thus, Dubai’s economy relies on revenues from trade, tourism, aviation, real estate, and financial services.

According to government data, the population of Dubai is estimated at around 3,400,800 as of 8th of September 2020

Dubai is a city known for luxury shopping, ultramodern architecture and a lively nightlife scene.

Dazzling Dubai city.

Burj Khalifa, an 830m-tall tower, dominates the skyscraper-filled skyline. At its foot lies Dubai Fountain, with jets and lights choreographed to music.

On artificial islands just offshore is Atlantis, The Palm, a resort with water and marine-animal parks.

Dubai’s myriad of hotels are definitely one of the top reasons it is so popular with tourists, both new and returning. The emirate is able to offer visitors the perfect mix of a cosmopolitan city with traditional aspects of the local culture.

In addition, the emirate’s colorful and lively souks offer tourists a real taste of traditional Dubai and allow them the opportunity to try their hand at bartering to buy presents for themselves or gifts for those back home.

As a place famous for superlatives, such as the world’s biggest skyscraper, largest mall and the Only 7☆ Hotel, it’s unsurprising that people flock to its shores to set their eyes on its great feats and achievements,

If dreaming to spend the retirement life in one of the world’s most developed and prosperous cities, this program would be an opportunity.

His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, on Wednesday launched an initiative for retirees from around the world to apply for a retirement visa in Dubai.

Applications can be submitted under the “Retirement in Dubai” program, which is the first of its kind in the region and the result of cooperation between Dubai Tourism and the General Administration of Residency and Foreigners Affairs.

Any resident or retiree outside of UAE and over the age of 55 can apply for the retirement visa via the website http://www.retireindubai.com

Remember, 90% of Dubai’s population are expats with more than 200 nationalities. In contrast, most of them are in Dubai either with a work permit or as dependents. The acceleration of this strategy that was initially approved in September 2018 will allow the government of Dubai to not only restore its image but also to attract more tourists once the global health crisis is over.

In fact, this would mean frequent visits of relatives and friends of the expat retirees. This visa will be initially provided to foreign professionals who are already working in the Emirate and who are about to retire.

Retirement Visa Qualification

To be eligible for a “Retiree Visa,” person must be aged over 55 and meet a set of conditions.

The person should have income of at least 20,000 UAE Dirhams that is around US $ 5,500 from investments or pension, or has a balance of one million UAE Dirhams (equal to some US $ 275,000), or has real estate in Dubai of two million UAE Dirhams (approximately US $ 550,000) is eligible for the “Retiree Visa.”

It is also possible to combine the value of your property and the amount of your savings. On the other hand, the property must not be mortgaged.

Also need to keep in mind is that it will be required to provide the necessary supporting documents such as a bank account statement for the last six months, or title deed, or a letter issued by your bank indicating the value of your assets.

Besides, it need to have local health insurance before submitting visa application.

As indicated above, this visa is renewable every five years provided that person continue to meet the criteria mentioned above.

Under the program, spouse and children of the visa holder are included.

Benefits

While Dubai is unlikely to outclass the expat retirement destinations like Spain, Portugal, Mexico, Thailand, Malaysia, or Mexico and Costa Rica, known for their low cost of living and affordable health care, there are many benefits to spending your golden days there.

Despite being one of the world’s most expensive cities, Dubai offers an unrivalled quality of life, with a multitude of activities to suit all tastes, not to mention the luxurious lifestyle you have always dreamed of.

Add to this an ultra-sophisticated health system in a safe and serene environment. Dubai Tourism has also developed several health insurance formulas to meet the needs of future expat retirees and their families.

Retiree visa holders will also be entitled to a series of banking benefits that have been developed with the collaboration of leading property developers.

(This article is based on Gulf News, government information and Dubai: un visa de 5 ans pour attire et retenir les retraites etrangers)

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