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Last modified on 28th April 2023. Dubai Real Estate Blog
Whether you want to own your dream house, or to enjoy the sun, the beach in the vibrant city of Dubai, there are so many different reasons why people around the world seek retirement in the beautiful UAE.
The Cabinet, chaired by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai, has granted visa privileges to persons over the age of 55, which allow long-term residency in the state.
The new facilities are aimed at providing long-term residency options and the right environment for retirees wishing to reside in the state for prosperity and investment through a stable and high-quality financial and healthy system.
The Law stipulates special residency privileges for 5 years automatically renewed for the retired ex-pats of the age of fifty-five and above according to specific conditions.
Dubai welcomes all retirees. As part of the new program announced recently by the government, indeed in 2018 the UAE Cabinet approved a law providing retired residents the possibility to get a long-term visa, all expatriates, including their spouse and dependents, can qualify for a 5-year residency visa with the possibility of renewal, if the retiree remains eligible – i.e., must be at least 55 years old.
The retiree must also earn AED15,000 (approx. US$4,100) a month or AED180,000 (approx. US$49,000) a year, and fulfil one of the following financial criteria:
Option 1: A 3-year fixed deposit of AED 1 million savings (approx. US$275,000)
Option 2: A property with a value of a minimum of AED 1 million (approx. US$275,000)
Option 3: A combination of options 1 and 2, valued at a minimum of AED 1 million (approx. US$275,000) in a 3-year fixed deposit and property, worth AED500,000 each.
If you are looking for an apartment in City Walk, or a looking to know more about finding a house in Dubai, make sure to reach out to Driven Properties, and connect with knowledgeable consultants able to address all your questions.
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