Dubai embraces retirees
For individuals who are thinking about taking the step towards retirement or have done so already but are looking for a lifestyle change, they may want to look at the new ‘retirement visa’ introduced by the United Arab Emirates (UAE) Government which has been announced very recently. The new visa provides a more accessible avenue for expatriate pensioners to embark on a retired life in Dubai.
The new ‘Retirement Visa’ is on track to be fully implemented in 2021. This will grant expatriate pensioners over the age of 55, including their spouses, a five-year renewable visa to retire in Dubai.
This visa is valid for a five-year period but can be renewed after this period as long as retirees who wish to stay in Dubai longer continue to meet the eligibility conditions for this visa route.
To be eligible to apply for this visa route, expats must have the requisite funds to apply:
- A real estate investment of over AED 2 million; and either
- Savings over or equivalent to the value of AED 1 million; or
- An income over or equivalent to the value of AED 20,000 per month
It is important that applicants have a steady flow of income or sufficient funds to benefit from a life of retirement in Dubai.
We will publish further details as and when the UAE Government publishes them.
Should you wish to apply for this visa or would simply like to discuss your options, please get in touch with a legal professional at Hudson McKenzie via email at email@example.com or by telephone +44(0)20 3318 5794.