UAE
UAE Announces 5-Year Residence Visa for Retired Expats
Expat residents over the age of 55 can apply for a five-year residence visa in the UAE. However, there is an eligibility criterion for residents to meet before obtaining a residence visa. It is also worth noting that the visa is renewable. According to the official UAE government website, individuals who have reached the age of 55 and have retired can apply for a long-term visa that is valid for 5 years.
The retiree must meet certain requirements. These include:
- Having worked for a minimum of 15 years, either within or outside the UAE, or being 55 years of age or older at the time of retirement.
- Additionally, they need to fulfil one of the following financial criteria: owning properties worth at least AED1 million, possessing financial savings of at least AED1 million, or having a monthly income of AED20,000 (AED15,000 for Dubai).
- The retiree is also required to provide their bank statements from the previous six months as proof. If the eligibility criteria are met, the visa can be renewed after the initial 5-year period, the website reads.
Dubai residents over the age of 55 can choose from the following options. These are as follows:
- They can either have a minimum yearly income of AED180,000 (or AED15,000 per month)
- Savings of AED1 million in a 3-year fixed deposit
- Own a property valued at AED1 million, or
- Have a combination of options, such as a 3-year fixed deposit and property, both totalling at least AED1 million (with the fixed deposit and property each worth AED500,000)
