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.
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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
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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.
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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.
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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 of Dh180,000 at minimum per year
As you can see, these conditions can’t be met by all retired people. So, if you fulfill any of the previous ones, you’re eligible to apply for the UAE residency visa for retired expatriates.
5. What is the validity of the UAE residency visa for retired expatriates?
Once the individual applies for the UAE visa for retirees, and as long as he or she fulfill the requirements, they can receive a residency visa issued for five years.
It’s a long-term residency, since most of the visa schemes are issued for two or three years. If the person continues to meet the eligibility criteria, the visa can be renewed for another five years.
6. How can you apply for the UAE residency visa for retirees?
Since this new UAE residency visa for retirees is an amendment for the previous initiative, the application process is the same.
There are some methods that you could use depending if you’re currently residing in the UAE, or if you’re living abroad.
If you’re currently in the UAE with an employment, freelance or any other kind of visa, and you’ve reached your retirement years, you can apply personally.
You just have to go to the GDRFA (General Directorate of Residency and Foreigners Affairs) and submit your application for the long-term residency.
If you’re living abroad but you meet the eligibility criteria, you have to apply for a UAE entry permit. However, some nationalities don’t need this since they can enter into the UAE without a permit. Once you’re in the UAE, you can apply for the UAE residence visa for retired expatriates.
If you’re on a tourist visa, you can also look for assistance to change your status and receive the long-term residency visa as a retiree.
Another method you can use is contacting a third-party that can provide assistance in this matter. By having assistance from experts, you can be sure you can receive the document you need.
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7. What are the benefits of retiring in the UAE?
Perhaps you’re considering the UAE as a place to live during your retirement years. If this so, the new UAE residency visa for retirees is the best option for you. However, you may feel hesitant to make this decision.
Living in the UAE depends entirely on the person’s lifestyle preferences. The UAE may be the perfect place for you, but you may don’t know it yet.
For this reason, it’s worth to know the best reasons why the UAE is a great place for retirees. Here we have the following:
A safe place
The UAE and its many Emirates are a safe place to live. Dubai is a beautiful city that has a low crime rate, and the entire UAE is the same. This is because the UAE’s strict laws that have managed to reduce crime at just petty crimes.
However, living in a place that has strict rules can be a problem for foreigners that don’t know how to adapt. So, if you’re considering moving to this place, you have to know how to comply with the regulations.
Another of the great benefits of the UAE is that it has outstanding healthcare standards. It actually matches those of the US and Europe. So, this is one less thing to worry about if you move to the UAE.
Living in the UAE can enrich your personal life by getting to know people from different backgrounds. Since it’s a place that welcomes people from around the world, it’s a culturally diverse country.
Many expatriates who look for a high-quality of life and better working conditions come to the UAE. So, you can meet new people, make new friends and learn something new about different cultures.
No communication problems
Since English is widely spoken in the UAE, you’ll have no problem to communicate with others. In fact, English is the unofficial second language of the UAE, so you won’t have to worry about this. However, if you want to learn some of the local language it could be good for you.
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If you don’t mind the high cost of life in the UAE you can enjoy a luxurious lifestyle in the perfect retirement spot.
8. What are the fees for the UAE residency visa for retired expatriates?
When it comes to the retirement visa UAE cost, it’s important to know how much you’ll have to spend if you want to obtain this document. The cost breakdown for this new visa scheme hasn’t been announced, but in base of the “Retire in Dubai” initiative, it’s expected to be the same.
Here we have the following:
- UAE residency visa for retirees: AED 888
- Medical examination: AED 753
- Emirates ID: AED 572
It’s worth noting that if you want to apply for a residency visa, you also have to take into account the cost for the medical exam and Emirates ID. This is because you need them to obtain the residence in the UAE.
9. How can Connect Services Middle East assist you to obtain UAE Visas?
Here in Connect Services Middle East we want to help you achieve your goals regarding living in the UAE. We have a team of specialists that can provide valuable information regarding the retirement visa UAE cost and the procedure to obtain this crucial document.
Our goal is to assist you through each step of the process so you can obtain the result you expect. Improve your quality of life by residing in one of the top places of the world and take advantage of your retirement years and savings.
Would you like to contact Connect Service Middle East to obtain more information about the New UAE residency visa announced for retirees? If you have any questions, call us at +97143316688. You can email us at email@example.com, and you will talk to one of our representatives who will answer your questions. Contact us for enquiry regarding Company Formation in Dubai | PRO Services in Dubai | Business Setup in Dubai