Abu Dhabi: In a significant move to attract retirees and offer them stability, the UAE has introduced a five-year residency visa for expatriates aged 55 and above. This initiative, announced by the Federal Authority for Identity, Citizenship, Customs, and Port Security (ICP), aims to provide retirees with an opportunity to live comfortably in the UAE during their post-retirement years.
Eligibility Criteria for the Five-Year Residency Visa
To qualify for this residency visa, applicants must meet one of the following criteria:
- Work Experience: The individual must have a minimum of 15 years of work experience, either inside or outside the UAE.
- Property Ownership: The applicant should own property in the UAE valued at a minimum of Dh1 million.
- Savings: The retiree must have at least Dh1 million in savings.
- Monthly Income: The individual should earn a monthly income of at least Dh20,000 (Dh15,000 for Dubai residents).
Additionally, a bank statement from the past six months is required as part of the application process. The residency visa is valid for five years and can be renewed provided the applicant continues to meet these requirements.
Application Process
The ICP has streamlined the application process for retired residents through its official website and the UAEICP smart application. The steps include:
- Logging in using the UAE Pass.
- Selecting the UAE ID and residency services.
- Reviewing and updating retrieved data.
- Paying the required fees.
Once the application is approved, the ID card is delivered via approved courier services.
Dubai’s Special Regulations for Retirees
In addition to the federal initiative, Dubai has introduced its own program aimed at attracting retirees. This program extends the five-year residency visa to foreign nationals, their spouses, and dependents, provided they meet specific financial requirements.
Dubai’s financial conditions for retirees include:
- An annual income of Dh180,000 (or Dh15,000 monthly).
- Financial savings of Dh1 million in a fixed deposit for three years.
- Investment in unmortgaged property worth at least Dh1 million.
- A combination of savings and property investment, with a minimum of Dh500,000 allocated to each category, totalling Dh1 million.
Impact of the Initiative
The introduction of the five-year residency visa for retirees is a step towards providing greater flexibility and security for expatriates wishing to settle in the UAE post-retirement. These regulations allow retirees to enjoy a stable and comfortable lifestyle while contributing to the UAE’s economy through property investment and savings.
This initiative aligns with the UAE’s vision of being an attractive destination for individuals from around the world. By catering to the unique needs of retirees, the country aims to solidify its reputation as a hub for international residents seeking a high quality of life in their retirement years.
