How can a foreigner retire in Dubai
Since 2019 a program of resident visas for foreigners has been in effect in Dubai, according to which citizens from other countries can buy flats for sale in Business Bay and stay officially in the territory of the Emirate for a long time. The program was available to a limited number of social categories. Recently, this circle has been expanded and now the retirees are included in it as well. The official source https://www.axcapital.ae/will give a quick guide for retirees and tell you how to apply for a long-stay visa.
More about retirement visa
The Retire Visa program was launched in September 2020. Since then, elderly citizens of all countries of the world have received the right to submit a request for a visa permit and move to Dubai for permanent residence.
Is it a good idea to retire in Dubai? The emirate offers a unique way of life unlike anything expats might get used to. Here are some reasons to retire here:
- Dubai is a modern and well developed city. He prioritizes convenience, quality of life and useful amenities.
- Lots of exciting opportunities for retirees looking to lead a completely different lifestyle. There is everything here, including luxury shops, stunning shows and music festivals, upscale restaurants, private beach clubs, multiplex cinema, theme parks, golf clubs and more.
How to get a retirement visa in Dubai?
To obtain a retirement visa in Dubai, you have to apply on-line through the Dubai tourism website. The application starts with sending an email and making a payment, after which your application is reviewed and processed. On condition that you find success, you will be issued a visa.
As with other retirement visa programs, there are certain requirements. You have to be at least 55 years old and have meet one of the four criteria as follows:
- Have a monthly income of AED 20,000 ($ 5,500) from a pension or business (per person).
- Have savings of AED 1 million ($ 275,000) in a 3-year fixed deposit account.
- To be in possession of real property without mortgage in Dubai worth AED 2 million ($ 550,000).
- Combination of variants 2 and 3 – AED 2 million in assets divided between discordant assets and 3-year fixed deposit savings account.
In the early stages of the retirement program, there was some confusion about the selection criteria. Some institutions have advised that you have to meet all four criteria, but this is not true. The Dubai tourism website (link above) states that it could be a combination of several.
Visa applicants can sponsor their spouse unlimited number of children, but sponsorship does not extend to parents or other family members.
Purchase of property in Dubai
More property variants can be found on the Ax Capital website. The company’s specialists will help you choose a suitable property in accordance with your requirements and preferences, as well as organize a safe transaction.