5 Years retirement Visa UAE
- Author- Ridhi
- Publish Date-
Dubai is well known for its lavish lifestyle, culture, people from different nations and many more. Businessmen from many parts of the world have some kind of trade going through the Dubai and so they settle on the lands. The government of Dubai has found out that the expats who stays there for business and jobs expels out to their own country after reaching the retirement age. Now, to make them stay and enjoy the country like before even after retirement, the Government has brought in the excellent plan of retirement visa where people can live even after 55 in Dubai.
What is all about the retirement visa of Dubai?
This is a scheme organized by Dubai Tourism jointly with General Directorate for Residency and Foreign Affairs. This helps the expats who wish to enjoy the country and the offerings it has for further more years. This scheme is different than a normal visa by many means. Since this has been formed just for the old aged people, it accompanies all the benefits as experienced by the old age citizens of the country. This also helps many retired people who wants to visit Dubai for the first time can enjoy their time as the local residents do. The government has made this to boost the country’s economy in a more steady and hassle-free way.
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Criteria to acquire the Retirement Visa in UAE:
The basic criteria to be eligible for this Visa of Retirement in UAE is to have anyone among the three conditions as mentioned below,
- Having a property in Dubai of worth equal to or more than AED 2 million.
- Having a savings of at least AED 1 million.
- Having an income of at least AED 20,000 monthly
Fulfilling any one of the conditions would make them eligible for the Retirement Visa in UAE.
There is no need for any health insurance or certificates as such. A medical examination would be conducted to check the eligibility of the candidate.
Documentation requirements for Retirement Visa in UAE:
As in case of documentations, there are certain documents which need to be submitted for applying. They are,
- A Copy of Your Passport
- Copy of Marriage Certificate (If Married)
- Current Visa Copy
- Emirates ID Copy
- Evidence of Fulfilling Eligibility Criteria
- Present Residential Address
- Contact Details with Mobile Number and Email Address.
These are all the requirements from the government to process the Retirement Visa for you to enjoy your life in Dubai like every other citizens.
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The cost for acquiring a Retirement Visa in UAE:
The costs that make up to get a retirement Visa is very reasonable and transparent which does not make one to doubt the process. Following are the different costs associated with getting a Retirement Visa,
- Visa Charges: AED 888.75 (241.76 USD)
- Medical Exam Charges: AED 753 (205.01 USD)
- Emirates ID Fee: AED 572.50 (155.87 USD)
The total cost would come around AED 2214.25 (602.84 USD)
Why is the investment on the property a good idea among the other choices?
We can determine which of the three is the most straightforward to follow simply by analyzing the financial expenditures associated with each method of earning eligibility. Let's start with the property ownership requirement, which necessitates an investment of AED 2 million in a property. So, if you analyse the mortgage financing alternatives available in the UAE, the bank can finance up to 80% of the property price, leaving you with only 20% of the cost to pay. Basically, you'll need AED 400k, which is far less than the alternative of having AED 1 million in savings and considerably easier than demonstrating a consistent monthly income of over AED 20000 after retirement. So, if you have little or no time left in your retirement, you may simply hunt for a home on your own through any of the financing alternatives available in the UAE and apply for the 5 year Dubai retirement visa.
If you live in a rented home, you are essentially squandering a significant amount of money each year. Rent money does not add up to something serious and good for your future. You may gain full value for all of the money you pay for a property by investing in it with a mortgage loan or any other financing plan, which will also give you entire freedom from regular payments once you become the sole owner. The ability to earn money from rents is a significant advantage of owning a property. Property in Dubai is known for providing excellent returns on investment in the form of rents, which means you may use it to pay off your mortgage. If you already own a property worth less than AED 2 million, this option is great for you because it can help you earn extra money while also assisting you in obtaining the UAE 5 year retirement visa, which is your ultimate goal. Along with the pure monetary gain, you also receive a set of equity-related perks. One benefit of equity for UAE citizens is the ease with which they can extend their visas, which includes retirement visas. Furthermore, you can easily obtain financial support from banks based on your equity for company or any other reason, giving you more financial freedom in your decisions and allowing you to pursue better chances.
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Dubai's retirement visa programme is part of a bigger effort by Dubai Tourism and the General Directorate for Residency and Foreigners Affairs to make this lovely city more inclusive. People can now retire to Dubai and take advantage of the benefits that come with living in a cosmopolitan environment. It is also expected to have a substantial impact on the property 5-year post-retirement visa. It's all about making Dubai a desirable destination for people from all over the world.
Q. Is this suitable for couple of the retirement age?
Answer- Yes, this scheme is perfectly eligible for couples to come and spend their days peacefully in Dubai.
Q. Should the Visa be taken freshly after the tenure gets completed?
Answer- No, it will be automatically renewed by the government by seeing your activities.
Q. Can the property be used for monetary benefits?
Answer- Yes, the property can be used for any possible monetary benefits.