Thursday, December 7, 2023

UAE’s 5-year residence Visa for Retired Foreigners; Here’s How to Apply!

If you plan to retire in the United Arab Emirates (UAE) or want to make it your new home for your golden years, here’s a guide on how to apply for a five-year residence visa. This visa program was introduced in November 2021 specifically for retired foreigners wishing to settle in the country.

Eligibility Criteria:

  • Age requirement: Must be 55 years old or above.
  • Work experience: Must have worked for at least 15 years prior to retirement.

To be eligible for a five-year residence visa, retirees must meet one of the following criteria:

  1. Property Investment: Property investment worth one million Dirhams (approximately Rs 2,24,91,695) is required. The property must be fully owned and not mortgaged.
  2. Financial Savings: You must have financial savings of at least one million Dirhams or maintain a three-year fixed deposit of one million Dirhams.
  3. Active Income: An active annual income of at least 180,000 Dirhams (approximately Rs 40,47,990) or a monthly income of 15,000 Dirhams (approximately Rs 3,37,332) is necessary.
  4. Combination of Income, Savings, and Property: You can combine a monthly income, fixed deposit, and property with a total value of at least 500,000 Dirhams (approximately Rs 1,12,44,418).

Required Documents:

To ensure a successful retirement visa application, it is crucial to submit the correct supporting documents. Here’s what you need to know:

  1. Passport copies of the applicant, spouse, and children (if applicable).
  2. Marriage certificate copy (if sponsoring your spouse).
  3. Copy of current visa (if you are a UAE resident) for all dependents.
  4. Copy of Emirates IDs for the applicant and dependents (if you are a UAE resident).
  5. End of service letter from your employer.
  6. Additional documents depending on the chosen eligibility criterion:
  • When applying for a retirement visa in the United Arab Emirates (UAE), it is important to provide the necessary documents to support your application. For the income aspect, you will need to provide proof of your income and a six-month bank statement to demonstrate your financial stability.
  • In terms of savings, you will be required to submit a proof of retirement letter, indicating your transition from employment to retirement, as well as a proof of savings letter to demonstrate your financial preparedness for retirement.
  • If you own property, you will need to include a copy of the title deed as evidence of your property ownership.
  • For individuals with both savings and property, you will be required to provide a copy of the title deed and a proof of savings letter, showcasing your financial assets.
  • Initially, medical insurance is not mandatory for the retirement visa application. However, once your application is approved, you will be required to undergo a medical fitness test. This ensures that you are in good health and able to enjoy your retirement years in the UAE.

By submitting these required documents, you can fulfill the necessary criteria for a retirement visa and enjoy your golden years in the UAE. JHHJK,

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