The image that comes to mind when you hear the word ‘Dubai’ paints that of luxury, convenience, and modern lifestyle. Good news for expats who are enjoying the benefits of the Dubai lifestyle as the government of Dubai has recently launched a global retirement program aimed at qualified foreign residents, offering a five-year visa for retirees to enjoy their stay in the emirate.
Being the first program of its kind in the region, Retire in Dubai offers resident expatriates and foreigners aged 55 and above the opportunity to enjoy the emirate’s distinctive lifestyle.
Dubai Government Now Offers 5-Year ‘Retirement Visa’ for Qualified Expats
Under the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai and is spearheaded by the Department of Tourism and Commerce Marketing (Dubai Tourism) in collaboration with the General Directorate of Residency and Foreigners Affairs (GDRFA-Dubai), Retire in Dubai aims to showcase the Emirati city as the world’s preferred retirement destination.
As part of its competitive offering, Dubai Tourism has worked with its partners to establish key propositions for retirees covering healthcare, real estate, insurance, and banking, among others.
To get the full details of the program offerings, designed to help retirees enjoy a happy and fulfilling life, and all information necessary to start the application process, you may visit www.retireindubai.com.
Those who qualify in the program will be granted a Retirement Visa that is renewable every five years. And the qualifications are as follows:
- must be earning a monthly income of AED 20,000 (approx. USD5,500);
- have savings of AED 1 million (approx. USD275,000); or
- own a property in Dubai worth AED 2 million (approx.USD550,000).
During the introductory stage of the program, authorities have identified UAE residents working in Dubai who have reached retirement age, as their primary beneficiaries of the visa program.
According to the Dubai government, the program offers residents who are familiar with Dubai’s value proposition an easy and hassle-free retirement scheme. Dubai’s close proximity to the native countries of a large majority of residents makes it a convenient retirement destination for them.
In a recent study, Dubai ranked number one in the Middle East and North Africa region and 11th globally among the top 20 most popular destinations for venture capital investments for 2020, confirming the city’s strength as a business hub and its thriving investment environment.
His Excellency Major General Mohammed Ahmed Al Marri, Director-General of the General Directorate of Residency and Foreigners Affairs (GDRFA) in Dubai said that Retire in Dubai underscores the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai to position Dubai as a prominent destination on the global investment map.
The Retire in Dubai program revolves around seven key factors that make Dubai the ideal destination for retirees:
- Unique lifestyle
- An active and fit society
- Proximity and connectivity
- World-class healthcare system
- Legacy management
Although the program will be rolled out with foreign residents already living in the UAE in mind as the target market, authorities are looking to leverage the program through the UAE’s status and achievements to attract more global residents to invest and retire in the city in the future, as well.