Know About New UAE Residency Visa announced for Retirees “Retire in Dubai”
The UAE Government is constantly launching new initiatives with the aim to attract talent and boost tourism. For this reason, the UAE has introduced the new UAE residency visa for retirees. This new visa system is for retired expatriates that want to have a long-term residency in this promising country. In this article, you’re going to learn everything about this new visa that was announced recently. In addition, you can gain more understanding about the retirement visa UAE cost, and how a service provider can be a great solution for your needs. 1. All you Need to Know About New UAE residency visa announced for retirees The UAE has always been a top destination for investors, professionals and tourists from around the world. This is because it’s a place that has many things to offer, so it’s logical that people want to stay living and working there. For this reason, the UAE Authorities have implemented new visa schemes for expatriates that want to live in the UAE. In this regard, there are many options such as the employment visa, freelance visa and most recently the UAE Golden Visa. All of these visa systems have the purpose to attract top talent and investors to boost the UAE’s economy. However, the UAE Government wants to boost the tourism too, so they want to attract people from all ages. Therefore, the UAE has announced a new UAE residency visa for retirees that has been welcomed by residing and foreign expatriates. Here we have the steps for getting a maid visa in Dubai When was the UAE residency visa for expatriates announced? This new visa scheme was announced by the Prime Minister and Ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum right after the Expo 2020 Dubai. He made the statement via Twitter following a UAE Cabinet Meeting very recently. It’s important to note that the UAE had introduced a Dubai Retirement Visa in 2018, but this recent announcement was an amendment. So, everyone can come to the UAE, as long as they fulfill the conditions established by the authorities. 2. What is the new UAE residency visa for retired expatriates? The new UAE residency visa for retirees is especially catered to retirees, whether they’re currently residing in the UAE, or they’re living abroad. It’s important to point out that the other visa schemes, such as the “Green Visa” or “Freelance visa” are to professionals and investors and this only allowed them to sponsor their children or parents. But, this new UAE residency visa for retired individuals is for a complete different target, since it’s for people over the age of 55. The target is people who reach their retirement age, and since they’re probably not looking to invest or work as a freelancer, they’re most likely to establish themselves in the country to boost tourism. كما اعتمدنا اليوم شروط منح الإقامة للأجنبي المتقاعد. حيث يمكن للمتقاعدين إكمال إقامتهم معنا في دولة الإمارات . . نرحب بالجميع في بلدنا.. pic.twitter.com/wVbnqStoSc — HH Sheikh Mohammed (@HHShkMohd) November 9, 2021 Find out how you can start your logistics company in Dubai. 3. What is the purpose of this new amendment “Retire in Dubai”? In 2018, the UAE Authorities introduced a new visa scheme for retired expatriates. This is the “Retire in Dubai” initiative. With this retirement visa, residing expatriates that were working in the UAE could apply for a long-term residency after retirement. This new UAE residency visa for retirees is a modification of the previous visa scheme, which now establishes the conditions and requirements for retired expatriates that want to reside in the UAE during their retirement years. With this new amendment, the UAE is looking to offer the following: Welcome interested retired expatriates from around the world to boost tourism Help expatriates and foreigners to enjoy the benefits of living in the UAE after retirement Retain the professionals that have reached their retirement age Make the UAE a more inclusive place for foreign residents and expatriates Boost the UAE’s economy by increasing tourism Attract high-net-worth individuals Give more flexibility to the visa requirements and terms of residence regulations Make the UAE an attractive destination for people around the world across all ages The previous visa scheme was only aimed to those residents of Dubai that complied with the conditions such as having lived in the Emirate for more than a decade. It means that it was aimed for people that were long-term residents. Now, with this new change, everyone who’s in their retirement years can apply for the visa. But, this is as long as they fulfill the conditions. See the steps you have to follow to start a small cafeteria in Dubai. How can this new visa scheme boost tourism? The UAE has received thousands of young professionals, investors and entrepreneurs over the years. However, when they reach their retirement age, they’re most likely to go back to their home countries. For this reason, with the retirement visa for expatriates, the UAE encourages these individuals to make the UAE their home. This way, they can enjoy the unique benefits of living in a place with an open-door policy and high quality of life. So, if retired people live in the UAE, they’re going to receive their relatives and friends that want to come visit them. Therefore, all of these people can boost tourism, which was severely affected by the COVID-19 pandemic. Discover everything about the E-trader license in Dubai. 4. Who are eligible for the UAE residency visa for retirees? Although this new UAE residency visa for retirees is very attractive for retired individuals, not all of them are eligible. For a retired expatriate to be able to apply for this new residency, he or she must comply with one of the following: Own one or more than one property that’s worth Dh 1 million (the related entity in each Emirate is in charge of performing the evaluation) A bank deposit of no less than Dh 1 million An active income
