In an effort to make Dubai one of the top retirement spots in the world, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai announced the Retire in Dubai initiative.
This initiative is following the UAE Cabinet approval of September 2018 in cooperation with Dubai Department of Tourism and Commerce Marketing (DTCM). Partnered up with renowned companies in the UAE, DTCM’s role in this initiative is to provide information about properties, insurance policies, banking, healthcare, and other things applicants may need to plan their retirement in Dubai.
This initiative gives Dubai resident retirees an opportunity to stay and enjoy everything the country has to offer post retirement. Holders of retirement residence visas may work independently or as consultants/advisors. They are also allowed to form and operate their own companies and sponsor dependents.
Who can apply for this initiative
Retire in Dubai initiative is open to all nationalities and it’s valid for five (5) years. Applicants must be at least 55 years of age to be eligible and the following financial capacity requirements must be met and maintained to be able to obtain and renew their retirement residence visas.
- Fully owned (not mortgaged) UAE property valued no less than AED 2,000,000.
- Cash savings deposit of no less than AED 1,000,000.
- Active minimum monthly income of AED 20,000 or of an equivalent other currency.
Points 1 and 2 can be combined to come up with a total property and bank deposit value of no less than AED 2,000,000.
Applicants must provide proof of financial capacity depending on whether they own a property, have savings deposit, or meet the minimum monthly income.
- Property owner – title deed showing value of not less than AED 2,000,000.
- Cash savings – bank letter stating that savings is not less than AED 1,000,000.
- Monthly income – 6-moth bank statement stating minimum salary of AED 20,000.
A combination of title deed and bank letter will be accepted if the total value will not be less than AED 2,000,000.
The above requirements must be submitted together with following:
- Passport copy;
- Cancelled visa, tourist visa, or entry stamp copies;
- Passport-size photo;
- Valid health insurance that cover the applicant in the UAE.
With more than 90% of its population expatriates, the UAE is home to a hugely diverse set of cultures from all over the globe. From lavish apartments and townhouses to simple homes in the suburbs, from bright-light attractions to peaceful natural landscapes the country has a place for any type of lifestyle retirees very much deserve.