- April 18, 2022
- Posted by: DBS
- Category: Dubai Business Services
While living in Dubai for years, have you ever thought of settling there even after retirement? With the plenty of options associated with the new retirement policy from Dubai authorities, it has become an option.
Dubai has recently announced its retirement visa and how people can apply for it. This scheme is one of its kind as there was no such scheme before. If you are thinking of getting settled in Dubai after retirement and don’t know about the procedure and application conditions, this guide is for you.
We have collected information for this guide to give you all the essential details about a 5-year retirement visa in Dubai and how to apply for it.
All Essential Details About Retirement Visa in Dubai
The General Directorate has recently introduced the retirement policy for Residency and Foreigner Affairs (GDRFA) and Dubai Tourism. The orders were released from Sheikh M. bin Rashid Al Maktoum, the current prime minister, vice president, and Dubai’s powerful ruler.
The scheme of retirement visas was introduced in Dubai to help the expats and foreigners to plan their retirement life in Dubai while experiencing the benefits of the retirement policy.
Over the past decade, Dubai has been a prime choice and hub of job opportunities for young professionals. Many people prefer going to Dubai to explore job opportunities to benefit from the lifestyle. However, most of them move back to their homeland once the time of retirement reaches.
With the announcement of retirement visas in Dubai, foreigners are given the option of continuously settling in Dubai. The scheme is applicable for those candidates who fulfill the required criteria set up by the government of Dubai.
First Stage of Dubai Retirement Policy
For the first stage, it is to be said that the retirement policy will benefit the current residents. They have been working in Dubai for a decade now. This scheme put forward a hassle-free settlement program without a need for renewal.
According to the Director-General of Tourism in Dubai, this retirement will help in boosting the city’s economy. It will also be beneficial for the people residing in Dubai who want their family and friends to visit, eventually improving the economy.
Second Stage of Dubai Retirement Policy
The second stage of the Dubai retirement visa policy will be for foreign applicants. It will be announced later since many people worldwide would prefer to live their life after retirement in Dubai to benefit from the peaceful and lavish lifestyle.
How to Apply for Retirement Visa in Dubai?
The eligibility criteria for applying for Dubai retirement are easy and clear for everyone. The basic requirements are:
- The applicant applying for the Dubai retirement visa must be 55 years or more.
- The candidate must have a monthly income of AED 20,000, or AED 2 million worth of property in Dubai, or AED 1 million savings, or a combination of savings and property in Dubai worth AED 2 million.
Initially, medical insurance was also essential for applying for a retirement visa; however, the government has made it easy now. So applicants can apply for the visa without medical insurance.
Furthermore, an essential part of the application process is to go through a medical exam. Once the candidate’s application is approved, they can choose a suitable medical exam plan to proceed with the visa process.
Cost of Retirement Visa in Dubai
Retirement visa Dubai cost is divided into three phases:
- The main fee for applying for the retirement visa is AED 888.75.
- Once the visa application is approved, the applicant must apply for the medical exam worth AED 753.
- The fee is about AED 572.50 for applying for the retirement visa for an emirate ID.
Renewal of Dubai Retirement Visa
According to the set rules by the Dubai authorities, the candidates’ visas will be renewed automatically if they meet the defined criteria. This step has been taken by the Dubai government to make Dubai a better city for its residents and experience the multi-culture in a single place.
Applying for a Retirement Visa in Dubai
The application criteria for the Dubai retirement visa vary depending on where you live. However, few steps can be taken to easily apply for a retirement visa.
- If you are currently working on a job in Dubai, which means living in Dubai on a work visa, you contact the Directorate of Residency and Foreign Affairs in Dubai.
- If you are not living in Dubai and want to apply for the Dubai retirement visa, you first have to apply for the Entry visa; then, you can apply for the retirement visa once you are physically present in Dubai.
- Though some nationalities can enter Dubai without a visa or visa-on-arrival arrival, one still has to apply for a retirement visa to live in Dubai for the long term.
The foreign authority GDRFA is responsible for all the details and decisions regarding the retirement visa policy. If you want to apply for a visa, visit their office or typing centers.
Benefits of Residing in Dubai
Over the past years, Dubai has been a prime destination for the young generation to set up their lives there and benefit from the modern lifestyle. Some of the major advantages of living in Dubai are:
1. Religious Leverage
Dubai is a Muslim city, but people from different cultures and religions are independent in performing their rituals without fear. They are free to celebrate their festivals. There are numerous mosques, temples, and churches in Dubai. However, in the month of Ramadan, non-Muslims might find it a bit difficult in the afternoon to search for a place to eat.
2. Wide Business Opportunities
There is no doubt that Dubai is considered one of the best hubs for professionals and entrepreneurs. It has improved its economy over the last few years and offered successful business for many business owners. As the business hub, it has never-ending lists of goods and services for its residents.
3. A Tax-Free Country
Living and working in Dubai comes with the benefit that you don’t have to worry about deducting taxes from your salary before even coming into your bank account. It offers the highest paying jobs and that too without cutting any taxes.
4. A Fun Place to Live
While residing in Dubai, people cant be sitting at home and thinking about where to go. If you live in Dubai, there are always plenty of options to have fun. Whether it is about visiting nature or having your favourite food, Dubai never disappoints its residents. Dubai is a city that offers something new to encounter and experience all the time, and that is why it’s a great place to live.
5. Different from Other Middle-East Countries
Unlike other middle-east cities, Dubai can be said to be an open-minded and liberal place where people are allowed to live their lives on their terms and conditions. For example, there are no restrictions on smoking and drinking; women are allowed to drive or roam around any time of the day, and so on. However, there are some restrictions, but they are acceptable with this much leverage.
6. Easy Communication
Living in Dubai doesn’t have to learn any new language as in some other countries; it is compulsory to learn their national language to communicate with the residents. In Dubai, the majority of the people can easily communicate in English, making it easy for the people to adjust and do daily chores.
7. Medical Facilities
A major factor to be considered before settling in a new place is to look for the basic amenities. Dubai is known for providing high-level healthcare benefits to its residents. With highly qualified physicians and high-quality medicines, it matches the standards of the United States and Europe.
8. Safe Place to Live
Dubai is a safe place to live with minimum to no crime rates. Though the crimes do exist at a very low rate, generating a safe place to live for its residents. People can roam outside in the middle of the night without any fear.
1. What is Dubai Retirement Visa?
A Dubai retirement visa is a five-year renewable visa that allows you to live in Dubai after retirement. The eligible candidates must be 55 years of age and meet the defined financial criteria to apply for the retirement visa.
2. How long does the retirement visa processing take?
The retirement visa processing doesn’t take that long. Once the application is submitted correctly, a medical exam is carried out; if things go well, an applicant is granted a visa in fifteen (15) working days.
3. A retirement visa in Dubai costs how much?
A retirement visa in Dubai costs is decided by GDRFA and DLD. Generally, a total amount of AED 3,714 or approximately $1,011 is charged per candidate. This cost is the combined cost of all stages of a retirement visa, which are:
- Application process.
- Medical exam
- Entry permit
- Emirates ID
- Residency stamping
5-year retirement visa in Dubai is an opportunity for people who love to live in a developed city and enjoy the advanced and modern lifestyle. Previously many people preferred living in Dubai for a long time but couldn’t do so due to its different policies, but now it is possible due to the introduction of this scheme.
However, with this initiative by Dubai authorities, candidates can easily apply and get a retirement visa if they fit the desired criteria. Living in a fun, exciting, and happening city is always a pleasure, and every person loves to spend retirement life in a peaceful city.
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