UAE Retirement Visa

Expats are an integral part of the United Arab Emirates economy. After all, the expat population is about 90% of the 10 million living in the country. Be it Abu Dhabi, Dubai, Sharjah, Ajman, Fujairah, Umm Al-Quwain, or Ras Al-Khaimah; the UAE is an attractive destination for expatriates. Be it the cosmopolitan lifestyle or the warm sunny weather; life is interesting in this country. It is so popular that many foreigners want to stay back in the Emirates after retirement. The added attraction is the Retirement Visa, introduced by the Government in September 2018.

What is UAE Retirement Visa?

To support its vision of creating a diversified population mix, the Government has created the Retirement Visa. The objectives are:

• Make retiring easier in the nation.
• To encourage working expatriates and foreign retirees to settle in the UAE post-retirement.

It is a long-term residence visa with a duration of five years. The applicant/candidate can renew it provided all the eligibility criteria are met.

Eligibility

• Applicants should be retired. They need to produce an End of Service or Letter of Retirement from the last employer.
• The age of the applicant should be 55 years or above.
• Valid health insurance is mandatory.
• The applicant must meet the necessary financial criteria.

Financial Eligibility Criteria

• The candidate should be the owner of a property of value AED 2 million, approximately USD 550,000 or more.
• The financial saving of the candidate should be AED 1 million, approximately USD 275,000 or more.
• The candidate should have a monthly income of AED 20,000, approximately USD 5,500 or more.

Recent Amendments Announced

In November 2021, the UAE Cabinet chaired by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, announced an amendment to the Residency Laws for retirees. The objective behind the amendment is to make things even simpler for expat retirees. The retiree should fulfill any one of the amended financial eligibility criteria:

1. Own property worth AED 1 million, approximately USD 275,000 or more. It could be the value of a single property or more. The property could be mortgaged or non-mortgaged.
2. Have a three-year fixed deposit in the bank of value AED 1 million, approximately USD 275,000 or more.
3. An income of AED 180,000, approximately USD 49,000 per year or more, that is, AED 15,000 or USD 4,100 every month.

An additional eligibility criterion was also introduced. It combines criteria 1 & 2. The clause requires the individual to have AED 500,000 in a bank deposit (three-year Fixed Deposit) and property valued at AED 500,000 so that the total combination is AED 1 million or approximately USD 275,000.

In all the above cases, specific valuation needs to be done by a related entity in each of the seven Emirates.

Documents

The following documents are a must when applying for the UAE Retirement Visa:

• The retiree’s passport copy. In the case of dependents (spouse and kids), a passport copy of each is required.
• The candidate’s current visa copy if the individual is a resident of the country. If there are dependents, a visa copy of each is required.
• The candidate’s Emirates ID, if the individual is a resident of the country. If there are dependents, a visa copy of each is required.
• If the candidate is sponsoring his/her spouse, a marriage certificate is required.

For each of the eligibility criteria above, there are additional documents required.

For criteria 1, below are the additional document required:

• The Title Deed copy – The address and the minimum value should be mentioned. It should be in the applicant’s name. In case the property is unmortgaged, it should be fully paid. If mortgaged, the applicant must have paid at least AED 1 million to date.

For criteria 2, below are the additional documents required:

• Retirement proof – It could be an end-of-service letter from the previous employer mentioning clearly that the applicant is a retiree and the number of years of service or it could be a social services letter.
• Savings Proof – The proof should be from a UAE-based bank. It should be stamped and should be in Arabic.
• A letter from the Bank – It should be addressed to the General Directorate of Residency and Foreigners Affairs (GDRFA).

For criteria 3, below are the additional documents required:

• Income Proof – It could be a letter from the source of income or a letter from the past employer regarding a monthly retirement income, or any other document to prove sustainable income.
• Bank statement of the last six months from a UAE-based bank. The statement should be stamped by the bank.

For criteria 4, these are the additional documents required:

• The Title Deed copy – The address and the minimum value should be mentioned. It should be in the applicant’s name. In case the property is unmortgaged, it should be fully paid. If mortgaged, the applicant must have paid at least AED 500K to date.
• Savings Proof – The proof should be from a UAE-based bank with a balance of AED 500K as a three-year fixed deposit. It should be stamped and should be in Arabic.
• A letter from the Bank – It should be addressed to the General Directorate of Residency and Foreigners Affairs (GDRFA).

Cost

Here is the breakup of the costs:

1. Non-refundable initial fee = USD 25 for each applicant and each dependent.
2. Total Amount if the application gets approved by GDRFA/Dubai Land Department = AED 3,714.75 (approximately USD 1,011) for each applicant and dependent.

The total cost does not cover mandatory health insurance.

Benefits

This is a renewable residency visa. The visa holder gets all the privileges enjoyed by residents in the UAE. Additionally, the benefits include:

• Sponsoring spouse and kids with the limitation that a male child should be below 18 years and a female child should be less than 21 years of age. Sponsored kids are eligible to study in the Emirate nation.
• The visa holder is allowed multiple entries into the UAE throughout the validity of the Residency Visa.

Conclusion

The UAE Government is working diligently towards offering a relaxed environment to retirees who wish to stay in the country post-retirement. However, applicants need to thoroughly understand the visa rules and amendments before moving ahead.

Retirees keen to stay in the UAE can contact us for legal opinion to clear all their doubts and queries. Our Law Firm briefs the expat retiree about all the relevant clauses and criteria so that the entire process is seamless and stress-free.