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Pyypl Team
Oct 26
/
4 mins

Retirement Visa in Dubai: Everything You Need to Know

Retirement Visa in Dubai: Everything You Need to Know
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Summary

Dubai has long been a sought-after destination for tourism, business, and luxury. The city has dazzled travellers, entrepreneurs, and luxury seekers for decades with its iconic skyline. However, there's a fresh chapter unfolding in its story. More and more, the city is transitioning from a global crossroads to a sanctuary for those looking to savour their golden years.

Thinking about making Dubai your sunset backdrop? We’ve previously shared a guide on how to get a freelance visa in the UAE but today, we’re talking about a new type of visa the country has rolled out recently called the retirement visa. The retirement visa in Dubai could be your golden ticket to settling down in this sunny haven. Explore this guide as we unravel the details of the retirement visa in the UAE, with all the essentials you'd want to know.

What is the UAE Retirement Visa?

The UAE retirement visa is a relatively new introduction to the country's visa system. Launched in 2018, this visa is a five-year renewable visa that allows non-Emiratis to reside in the UAE post their employment years. It's an exciting option for those who have grown fond of the country's luxurious lifestyle, safety, and year-round sunshine.

Eligibility Criteria

For a retiree to qualify, they must meet one of the following criteria:

  1. Own a property worth at least AED 2 million in the UAE.
  1. Have financial savings of no less than AED 1 million.
  1. Have an active monthly income of no less than AED 20,000.

Disadvantages of Working After Retirement

While the idea of continuing to work post-retirement may appeal to some, it's essential to weigh the pros and cons. Disadvantages of working after retirement can include a potential decrease in social security benefits, limited leisure time, and the challenge of adapting to newer job roles and technologies. Moreover, working continuously can also take a toll on one's health.

Employee Retirement Procedure

Before considering the retirement visa, one must be well-informed about the employee retirement procedure in the UAE. This typically involves providing official notice, settling all dues, and ensuring any end-of-service benefits are clear and settled. It's crucial to navigate this phase diligently to ensure a smooth transition into retirement.

Opportunities for Retirees

While the retirement visa primarily caters to those looking to enjoy their golden years in leisure, there are still many jobs for retired persons in Dubai. Many organizations value the experience and wisdom that comes with age and are open to hiring retirees in consultancy roles, mentorship positions, or part-time jobs that can benefit from their extensive industry knowledge.

Things to Consider

  1. Cost of Living: While Dubai offers luxury and quality, it's essential to weigh this against the cost of living, which can be high.

  1. Medical Facilities: Dubai boasts some of the world's best medical facilities, ensuring that retirees have access to top-notch healthcare.

  1. Cultural Aspects: Understanding and respecting the local culture is crucial for those looking to retire in Dubai.

An Alternative to Retirement Visa

While the retirement visa offers a great opportunity for expatriates to continue their journey in the UAE post-retirement, there's another option on the table: The Golden Visa. The Golden Visa is a long-term residence visa introduced by the UAE government to attract and retain global talents, investors, and high-net-worth individuals. Unlike the standard retirement visa's 5-year validity, the Golden Visa grants its holders either a 5 or 10-year renewable residency, based on the criteria they meet.

Investors can qualify by investing a minimum of AED 5 million in real estate, or AED 10 million in public investments. Entrepreneurs should have projects with a value of AED 500,000 or approval from an accredited business incubator. Specialised talents span individuals in science, art, and culture, often needing endorsements from relevant UAE ministries or councils. High-achieving students and specialists, like doctors, have academic or professional experience benchmarks to meet. Lastly, executives with a bachelor's degree and five years of experience, drawing a salary of AED 30,000 or above in the UAE, are also eligible.

Remember, these are the general criteria, and there might be additional specifics or exceptions based on individual cases. It's always a good idea to consult with a local expert or authority to understand the precise requirements and latest updates.

Conclusion

The introduction of the golden and retirement visa in Dubai is a testament to the UAE's forward-thinking approach and its drive to diversify its expatriate demographic. With its high standard of living, world-class amenities, and the promise of a comfortable and secure life, Dubai stands out as a promising destination for retirees. However, as with all major life decisions, it's essential to conduct thorough research and, perhaps, even visit the city a few times before deciding to make it your forever home.

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