The city of Dubai is considered the poster child of the Middle East. It is one of the most open cities in the middle east and welcomes tourists with open arms. This is the reason people of many ethnicities can be found in Dubai. With different ethnicities present in the city, people from all over the world are looking forward to getting settled and spend their time during retirement in Dubai.
As there is ample availability of world-class services and high-quality living conditions in Dubai, His Highness Sheikh Mohammed Bin Rashid Al Maktoum, (Vice-President and PM of the UAE and the Ruler of Dubai) launched a very special initiative for the retirees all over the world which are looking forward to spending their retirement in Dubai.
This Retirement Visa scheme was announced on the 2nd of September, 2020, which will allow the people to spend their retirement in Dubai. By applying for the Retirement Visa, the retired expatriate and his spouse will be eligible for a Retirement Visa for a duration of 5 years, which can also be extended if required.
Requirements for a Retirement Visa
There are three requirements to be fulfilled in order to be eligible for a retirement VISA. These are:
- The retired expatriate should be of the age 55 or older.
- The retired expatriate should be able to fulfill the financial requirements such as –
a.The person should have a monthly income of AED 20,000 (approx. USD 5,500)
b Total Cash Savings of AED 1 Million (approx. USD 275,000)
c.A property of AED 2 Million in Dubai (approx. USD 550,000)
d.A combination of the total savings and property value.
- The expatriate must have valid medical insurance, which should be covered in the United Arab Emirates.
Documents to be submitted for Applying
In order to file an application for a Retirement Visa, you need to keep the following documents ready:
- Copy of the Passport of the applicant
- Copy of Marriage Certificate
- Copy of VISA
- Copy of the Emirates ID/IDs
- Copy of all the documents showing eligibility (this point has been explained in detail below)
- Copy of the Health Policy of the applicant
- Current Home Address
- Email address and Mobile No of the applicant
These documents need to be kept ready and emailed to the Dubai Tourism Website. Click on the link provided above to send the mail. This mail will be channeled to the Dubai Naturalisation and Residency Department (DNRD).
Documents Required to show Eligibility
There need to be specific documents to be presented to the relevant authority, but these documents are not the same. The documents to be presented will be dependent on the eligibility route chosen by the retiring expatriate.
The documents to be presented in each case are mentioned below:
- If one wants to show a total cash savings of 1 Million AED, then the person has to show a letter from the bank, which will validate the claim of the entity.
- If a person is trying to show that the value of its property in Dubai is 2 Million AED or more, then the person will have to present a copy of the property deed.
- If the person is choosing to show that the requirement of the monthly income is met, then a bank statement needs to be presented to the concerned authority. The person will also have to provide proof of the source of his income.
- If a person is to opt for providing the combined information of the Property Values and the Savings, then they need to submit two proofs that the sum of the values fulfills the requirement.
After submitting all the required document and their verification, the applicant will receive the confirmation of the status of the application in three working days.
Dubai is a wonderful place for staying and relaxing as everything which may be required by a person is present there. This is why it is expected that enormous people are expected to avail the benefits of this Retirement Visa and come to Dubai.
There are huge benefits of relocating to Dubai as this is one of the most accessible and safest places in the world and particularly in the middle east. Also, Dubai is famous for its business-friendly environment and the easiness to set up and start a business. If you require more information about the new scheme or need aid in setting up a business in Dubai, then you should take the assistance of the services provided by JAXA Chartered Accountants, who is one of the top 10 approved auditors, accountants and consultants in Dubai. For more details on the services provided by JAXA, Contact Us. We will be happy to help you.