Dubai launches retirement programme for over-55s
Dubai has launched a retirement programme for resident expatriates and foreigners over the age of 55.
Retire in Dubai’ programme developed by Dubai Tourism in collaboration with GDRFA
Programme showcases Dubai as the world’s preferred retirement destination
Initiative is region’s first retirement scheme for expatriates and foreign retirees
Resident expatriates and foreigners aged 55 and above eligible for Retirement Visa
Retire in Dubai, the first of its kind in the region, is being spearheaded by Dubai Tourism in collaboration with the General Directorate of Residency and Foreigners Affairs (GDRFA-Dubai).
How will this new visa shape the property market?
Eligible applicants will be provided a retirement visa, renewable every five years. The retiree can choose between one of three financial requirements for eligibility: earning a monthly income of AED20,000 ($5,500); having savings of AED1 million ($275,000); or owning a property in Dubai worth AED2m ($550,000).
In its initial phase, the programme will focus on UAE residents working in Dubai who have reached retirement age. The programme offers long-term residents of the city who are familiar with Dubai’s value proposition an easy and hassle-free retirement option. Dubai’s close proximity with the native countries of a large majority of residents makes it a convenient retirement destination for them.
A retired expatriate and their spouse can qualify for a 5-year residency visa with the possibility of renewal.
Requirements:
You must be at least 55 years old
You must have valid UAE health insurance*
You must fulfill one of the following financial criteria:
Option 1: AED 20,000 (approx. USD 5,500) Monthly Income OR
Option 2: AED 1 million (approx. USD 275,000) savings OR
Option 3: AED 2 million (approx. USD 550,000) property OR
Option 4: A combination of Options 2 and 3 valued at least AED 2 million (approx. USD 550,000)
The visa is valid for five years and can be renewed automatically online as long as the retiree continues to meet the eligibility criteria.
Helal Saeed Almarri, director general, Dubai Tourism, said: "Dubai’s Retirement Readiness strategy will enable expatriates and international retirees to take advantage of the city’s open-door policy, tolerance, and outstanding quality of life and live in one of the world’s fastest growing, culturally diverse cities.
"With the continued support of our stakeholders and partners including GDRFA-Dubai, the retirement programme will contribute towards our tourism economy by facilitating frequent visits from families and friends of the retirees and increasing visitation from markets with a high retiree population. This will also have the wider effect of promoting Dubai as a retiree-friendly destination while highlighting the city’s unparalleled lifestyle and diverse destination offerings and experiences."
Dubai was recently ranked first in the Middle East and North Africa region and 11th globally among the top 20 most popular destinations for venture capital investments for 2020.
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.
The Retire in Dubai programme revolves around seven key factors that make Dubai the ideal destination for retirees:
Unique Lifestyle - Home to over 200 nationalities, Dubai is a cosmopolitan destination that unites cultures, beliefs, and values under a banner of tolerance and diversity. Although Arabic is the official language, Dubai is a multilingual city where English is the most widely spoken language. 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.
Convenience - Dubai provides its residents with a comfortable and hassle-free lifestyle, with conveniences ranging from home services to food delivery. It’s a city of affordable luxury where retirees can choose the quality of life they desire.
Recreation – One of the world’s most popular leisure and shopping destinations, living in Dubai will enable retirees to take care of all their needs, whether it’s rest, relaxation or recreation. As the gastronomic capital of the region, Dubai offers a range of culinary experiences catering to all appetites, cultures and budgets. Residents can choose from thousands of cafés, food trucks and restaurants that reflect the exotic cuisines of its 200 plus resident nationalities, whether it is dished out by Michelin-starred chefs or street vendors. Dubai also provides a diverse and world-class spa offering in a variety of settings whether it's the beach, the city or desert resorts. For connoisseurs of art and culture, Dubai provides many ways to discover its history and heritage and be part of a vibrant creative community of artists, as well as the opportunity to attend a plethora of festivals and events throughout the year.
An active and fit society – Retirees in Dubai have access to a healthy outdoor lifestyle, with a wide range of fitness options, whether it is strolling or jogging along sandy beaches, relaxing in beautiful gardens or hiking in Hatta. An active citywide fitness movement driven by the Dubai Fitness Challenge reflects the city’s collective spirit and strong sense of community.
Proximity & connectivity – Combined with its ideal geographical location midway between the West and the East, Dubai’s highly-connected infrastructure – both technological and physical – makes it easy for retirees to connect with and visit friends and family from all over the world. Dubai International (DXB) is one of the busiest airports in the world and connects more than 240 destinations through 140 airlines. With the addition of its second airport Dubai World Central (DWC), connectivity has become one of Dubai’s most compelling advantages. With the city’s two homegrown airlines Emirates and flydubai and over 100 other regular and low-cost airlines to choose from, Dubai ranks as one of the top cities in the world when it comes to airline connectivity. Perfectly positioned as a gateway to the globe, you can travel to anywhere in Europe, Asia, and Africa in under eight hours.
World-class healthcare system: Dubai provides the highest quality of healthcare across a range of specialisations. Following the global pandemic, Dubai’s robust healthcare system has been further strengthened in line with the highest international benchmarks and best practices. The city continues to be one of the world’s safest destinations. Furthermore, Dubai Tourism has developed price-competitive insurance packages for retirees in cooperation with leading companies in the sector.
Legacy management: To ensure that retirees can have their affairs planned for and protected, the DIFC Wills Service Centre has developed enhanced wills drafting, registration and probate services at exclusive competitive rates. The services will help retirees enjoy their lives in Dubai confident that their assets are safe and can be passed on to their loved ones.