Retirement, a phase that every individual has to face and also wants to secure at the same time, is not limited only to financial safety and security. It is a phase where an individual gets another chance to fulfil one’s unmet needs and desires. Whenever we hear the word ‘retirement’, it presents a picture wherein an individual is free from the normal 9-to-5 job. An individual working tirelessly throughout his/her life to achieve their dreams and also to gain international exposure during the work tenure wants to have a fulfilling retirement. The United Arab Emirates (UAE) serves as an investment and organizational hub that helps the expats to fulfill their dreams. Be it working individuals, freelancers or business dreamers, the nation provides facilities for all and has succeeded in catering the needs. This serves as a reason as to why almost 87% of the population in the UAE is composed of foreign expats.
Now, in order to enter the UAE, the prerequisites are a passport and a visa that allows an individual to enter the nation and work for a limited tenure. Categorization of visas has been made accordingly depending on their purpose. Certain examples are freelancer visa, tourist visa, investor visa etc. Understanding the concern of the working class towards their retirement phase, the Government of the UAE has sorted this concern by announcing a new rule for retired expats which will be initiated by the year 2019. Let’s have a look…
UAE Government Introduces Retirement Visa
It is well-known that UAE serves as an employment hub and therefore millions of foreign expats survive on the employment visa. They spent more than half of their lifetime in the Emirates. These individuals need to return back to their home country once they have reached the completion of their work tenure. At this moment, the phase of retirement becomes can become the center of concern. Sheikh Mohammed, the UAE Prime Minister has taken an important initiative on September 2018 that secures and lessens the worry of working expats in the Emirates. According to the rule, a five-year residency visa will be issued to the retired expats by next year that shall hold the flexibility of the renewal. Wondering how? Let’s have a look on the criteria set by the UAE government.
Criteria to Obtain a Retirement Visa
To obtain a retirement visa, the foreign expats aged over 55 years need to fulfil one of the mentioned criteria:
- Own a real estate investment of AED 2 million, or
- Possess a financial saving not less than AED 1 million, or
- Has a proof of income above AED 20,000 per month
Upon fulfilling any one of the above-stated criteria, a retirement visa will be issued to the foreign expats by the higher authority of the UAE.
Every individual needs to face the phase of retirement at one point or the other. Securing one’s future by being financially sound even after the retirement is a big challenge. This initiative by the UAE Government has built a sense of security in the minds of the expats. So, if you are a working individual in the UAE, you don’t have to worry about your retirement. Make up a bucket list of your unfulfilled dreams and give a try once again. Before that, all you need to do is have a word with a visa consultant for acquiring a retirement visa so that you can enjoy your retirement period in the city of gold.