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. Business people from many parts of the world trade through Dubai, and so they settle on the lands. The Government of Dubai has discovered that ex-pats who stay there for business and jobs expel out to their own country after retirement. Now, to make them stay and enjoy the country like before, even after retirement, the Government has brought in an excellent plan of retirement visas where people can live even after 55 Dubai.
What is all about the retirement visa in Dubai?
This scheme is organized by Dubai Tourism jointly with General Directorate for Residency and Foreign Affairs. This helps the ex-pats who wish to enjoy the country and its offerings for years. This scheme is different from a regular visa by any means. Since this has been formed just for the old aged people, it accompanies all the benefits experienced by the senior age citizens of the country. This also helps many retired people who want to visit Dubai for the first time enjoy their time as the residents do. The Government has made this to boost the country’s economy more steadily and hassle-free.
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Criteria to acquire the Retirement Visa in UAE:
The essential 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 worth equal to or more than AED 2 million.
- Having savings of at least AED 1 million.
- Having an income of at least AED 20,000 monthly
Fulfilling any 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 the case of documentation, certain documents need to be submitted for application. 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 citizen.
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The cost of acquiring a Retirement Visa in UAE:
The prices of getting a retirement Visa are reasonable and transparent, which does not make one 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 to around AED 2214.25 (602.84 USD)
Why is the investment in 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 requires an investment of AED 2 million. 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. You'll need AED 400k, far less than the alternative of having AED 1 million in savings and considerably more accessible 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 hunt for a home on your own through any financing alternatives available in the UAE and apply for the 5-year Dubai retirement visa.
Earning money from rent is a significant advantage of owning a property. If you live in a rented home, you are squandering a substantial amount each year. Rent money does not add to something severe and good for your future. You may gain total value for all the money you pay for a property by investing in it with a mortgage loan or any other financing plan. This will also give you complete freedom from regular payments once you become the sole owner. Property in Dubai is known for providing excellent returns on investment in the form of rent, which means you may use it to pay off your mortgage. Suppose you already own a property worth less than AED 2 million. In that case, 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. You also receive a set of equity-related perks along with pure monetary gain. One benefit of equity for UAE citizens is the ease with which they can extend their visas, which includes retirement visas. Furthermore, you can quickly obtain financial support from banks based on your equity for a 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 more significant 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 of living in a cosmopolitan environment. It is also expected to impact the property's 5-year retirement visa substantially. It's all about making Dubai a desirable destination for people from all over the world.