People around the world looking to have a distinct retirement life can start their new chapter in Dubai. Residents or any foreigner aged above 55 years can apply for a five-year retirement visa.
The retiree has to have a monthly income of Dh20,000 from investments or pensions, or Dh1 million in savings; or property in Dubai worth Dh2 million. Eligible applicants will be provided a retirement visa, renewable every five years.
In its initial phase, the program will focus on UAE residents working in Dubai who have reached retirement age.
The “Retire in Dubai” initiative is part of the combined efforts of the General Directorate of Residency and Foreigners Affairs (GDRFA) and Dubai Tourism to reinforce the emirate’s status as a preferred tourism and lifestyle hub as well as provide a unique lifestyle for retirees, which will help boost economic development in the country and enhance its global reputation as a business and investment center.
Dubai Tourism, in collaboration with its real estate partners Dubai Holding, Meraas and Emaar, and Emirates NBD, has put together banking options that will enable retirees to own a property that fits their lifestyle. The options will be available only to holders of the retirement visa.