One of the popular Middle Eastern place, will now become a more popular one for retirees as Dubai is planning to roll out retirement visas for expats and foreigners. This new rule will help to boost the city’s economy while the expats can enjoy the luxury life which Dubai always offers. The retirement visa holders can relish on the finest things that the city has to offer.
The retirement visa plan which is a new rule to the city allows expats and visa holders to stay here for the maximum of 5 years and it comes with criteria’s.
Eligibility criteria for expats to apply for a visa include:
- The person should hold valid UAE Health Insurance
- The person should be aged 55 and above.
Whoever are applying for the retirement visa for Dubai should fulfil the following financial criteria
i) The applicant should have around AED 20,000 (4.1 lakh INR) as monthly income.
ii) The applicant should have around AED 1 million (2.5 crore INR) as savings.
iii) The applicant should own a property in Dubai worth AED 2 million (INR 5 Crore)
- iv) The combination of points ii and iii where the value should be totalled to at least AED 2 million (5 crore INR).
Applying for retirement visa comes with terms and conditions where
- The visa is valid for 5 years only.
- The visa can be renewed automatically online if you meet the eligibility criteria.
- The first phase of the programme where currently only Dubai expats and their spouses can apply, later the plan will be extended to the foreigners.
- Health insurance is mandatory.
- The retirees can work as an independent worker.
- One can sponsor their children to study in Dubai on the visa however the maximum age for boys should be around 18 and girls the age of 21.