Wednesday, 10 November 2021

New UAE residency visa announced for retirees

The initiative to issue new retiree visas which will contribute to the development of tourism industry and also attract high net worth peopl...

Retirement Visa in UAE

The initiative to issue new retiree visas which will contribute to the development of tourism industry and also attract high net worth people to live in UAE.

The UAE Cabinet on Tuesday made the amendment  of the laws to grant residence visa to expat retirees.

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, led the Cabinet meeting held at Expo 2020 Dubai.

“Today, we approved the conditions for granting residency to an expat retiree… We welcome everyone to our country,” Sheikh Mohammed said in a tweet.

As per the amendment, if the retiree satisfies one of the following criteria, he/she will be eligible for retirement residency. The criteria are: a single property or more than one property worth Dh1 million (evaluation to be carried out by the related entity in each Emirate), or a bank deposit of no less than Dh1 million, or an active income of no less than Dh180,000 per annum.

Earlier in September 2018, the UAE Cabinet had approved a law to give the retired residents over the age of 55 a long-term renewable five year visa which can be renewed.

The amendment would help attract this valuable category and support the UAE efforts to accomplish more flexibility in terms of residency laws and visa requirements. The initiative will strongly add to the development of the travel industry and also attract high net-worth individuals to stay in the UAE. There are around eight million expat workers in the UAE and it’s estimated that a sizeable proportion of the white-collar community might want to retire in the UAE.

“Retired expatriates would undoubtedly contribute significantly to the tourism sector, receiving family and friends and continuing to enjoy a quality lifestyle that they have become accustomed to,” says Danielle Curtis, exhibition director ME at Arabian Travel Market.

Retire in Dubai

In September 2020, Dubai Tourism, in collaboration with the General Directorate of Residency and Foreigners Affairs (GDRFA-Dubai), had also introduced an initiative called “Retire in Dubai”, whereby residents of the emirate approaching retirement age could apply for a renewable, five-year retirement visa.

Under Dubai Tourism’s programme, expats’ spouses and dependents can also qualify for the visa.

“With the means and time on their hands, it would be natural, not only for these retirees to travel, but also to receive family and friends. Airlines, hotels, destinations and other entertainment venues, all benefit from this additional revenue stream, which ordinarily might have been lost, had the retirees returned to their home countries,” added Curtis.

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