Retirement visa in Dubai: costs, eligibility; everything you need to know

Dubai- Gradually Becoming the most Popular Destination For Retirees

The best time to live is retirement. You’re free to do whatever you want after all those years of hard work. Dubai is gradually becoming the most popular choice among retirees because of its warm climate, tax benefits , and protectively safe country to live a luxurious lifestyle.

In November, 2021, the government of the United Arab Emirates amended the legislation, allowing foreigners to reside in the country post-retirement.

This blog acts as your sensitive guide, providing you with all of the required information and stuff about obtaining a retirement visa in Dubai .

Everything about Retirement Visa in Dubai:

Who is eligible?

Dubai offers a fantastic opportunity for foreigners to apply for a 5-year long-term retirement visa that is renewable after expiration.

• If you want a retirement visa in Dubai, you have to meet specific eligibility criteria.
• Have worked in the UAE or any other country for a minimum of 15 years.
• Must be 55 years old or older.
• The retirement status must be verified.

Documents required for retirement visa in Dubai:

All retirees will need this documentation to complete the visa process

• Copy of current visa: For UAE residents and their dependents
• Copy of passport: Applicant and his or her family members, including spouse and children
• Marriage certificate: if the applicant sponsors his or her spouse
• Copy of Emirates ID: UAE resident applicants are required to provide a copy of their Emirates ID (including their dependents’ IDs).

Those seeking a retirement visa in Dubai must note that all available options require additional documentation. This may include bank statements, bank statements, retirement letters, etc.

Total cost of retirement visa in Dubai :

The initial non-refundable fee for applying for a Dubai retirement visa in Dubai is AED 91.83 (USD 25) per applicant and their dependents.

Once approved by DLD or GDRFA, applicants must pay a total of AED 3,714.75 or USD 1,011. This fee includes:

• Entry permit
• residence stamp duty
• Emirates ID card
• management fee
• medical exam
• Visa adjustment

Please note that this does not include any costs associated with health insurance, which is mandatory.

Dubai Retirement Visa Processing Time:

The processing time for Dubai Retirement Visa in Dubai is up to 15 days once you receive notification that your visa application is complete.

Retirement visa application process:

You should choose from the following options based on your financial eligibility criteria

If you qualify for the savings option, then you should go to the General Directorate of Residency and Foreigners Affairs (GDRFA).

If you are eligible to make a property-based application, Dubai Land Department (DLD) will be the relevant authority.

All four options require the following files:

• Copy of applicant’s passport – applicant, spouse and children
• Copy of marriage certificate – if you sponsor your spouse
• Copy of the applicant’s current visa – if you are a UAE resident
• Copy of the applicant’s Emirates ID - if you are a UAE resident

Those seeking a retirement visa in Dubai must note that all available options require additional documentation. This may include bank statements, bank statements, retirement certificates, etc.

For Option 1, the income-based application, you will need:

Proof of income: This document must contain the name of the beneficiary and the date on which the activity began. This may be a letter from the relevant body providing the source of income (e.g. a pension scheme), or a letter from your previous employer if they continue to provide a monthly pension income, or evidence showing that you have a permanent income

6-month bank statement: The bank statement must show a minimum deposit of Dh15,000 monthly or Dh180,000 annually from your source of income, must be from a Dubai-based bank and must be stamped by the bank.

For option 2, the application for savings, you need:

Proof of retirement: this will prove to the authorities that you have been employed in the past and are a qualifying pensioner. This can be a letter from your last employer confirming that you are retired and stating the number of years you have worked, or a letter from a social security institution stating that you are retired.

Proof of savings: This is a stamped bank letter in Arabic from a UAE-based bank. The letter should state that the savings of Dh1 million are in a three-year fixed deposit with a bank in the UAE and it must be addressed to the GDRFA.

For option 3, the property-based application, you need:

Copy of title deed: the title deed must show that the property is located in Dubai, that it has a minimum value of Dh1 million and that it is in the name of the applicant (not the spouse).

If the property is owned by a company, the applicant must be 100% owner of the company. In the case of co-ownership, the applicant's share must be at least Dh1 million.

If the property is not mortgaged, it must be fully paid off, and if it is mortgaged, the payment to date must be at least Dh1 million. It must not be an off-plan property in Dubai.

You can propose several properties with a total value of Dh1 million, as long as they meet all the criteria.

For option 4, the property and savings-based application, you need:

Copy of title deed: the property must be at best location in Dubai and the title deed must be issued by the DLD. It must have a minimum value of Dh500,000. The other criteria are the same as above.

Proof of savings: This is a stamped bank letter in Arabic from a UAE based bank stating the amount of the balance, i.e. if the value of the property is Dh500,000, the bank statement should show savings of at least Dh500,000, making the total amount Dh1 million. The letter should state that the savings of Dh500,000 are in a 3-year fixed deposit with a bank in the UAE and it must be addressed to the GDRFA.