5-year retirement visa launched in Dubai: All you need to know

People around the world looking to have a distinct retirement life can start their new chapter in Dubai. Residents or any foreigner aged above 55 years can apply for a five-year retirement visa on http://www.retireindubai.com, it was announced on Wednesday.

The retiree has to have a monthly income of Dh20,000 from investments or pensions; or Dh1 million in savings; or property in Dubai worth Dh2 million.

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- Dubai Media Office (@DXBMediaOffice) September 2, 2020

The region's first-of-its-kind scheme was launched by Dubai Tourism and the General Directorate of Residency and Foreigners Affairs (GDRFA) as per directives issued by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.

"To ensure a competitive offering, Dubai Tourism has worked with its partners to develop key propositions for retirees covering healthcare, real estate, insurance and banking," the Government of Dubai Media Office said. "In its initial phase, the programme will focus on UAE residents working in Dubai who have reached retirement age. The programme offers long-term residents of the city who are familiar with Dubai's value proposition an easy and hassle-free retirement option. Dubai's close proximity with the native countries of a large majority of residents makes it a convenient retirement destination for them."

Dubai Tourism has put together banking options that will enable retirees to own a property that fits their lifestyle. The options will be available only to holders of the retirement visa.

Helal Saeed Almarri, Director-General of Dubai Tourism, said the emirate's "retirement readiness strategy" will enable expatriates and international retirees to take advantage of the city's "open-door policy, tolerance, and outstanding quality of life".

"With the continued support of our stakeholders and partners including GDRFA-Dubai, the retirement programme will contribute towards our tourism economy by facilitating frequent visits from families and friends of the retirees and increasing visitation from markets with a high retiree population. This will also have the wider effect of promoting Dubai as a retiree-friendly destination while highlighting the city's unparalleled lifestyle and diverse destination offerings and experiences."

According to Major-General Mohammed Ahmed Al Marri, Director-General of the GDRFA, Dubai was recently ranked first in the Middle East and North Africa region and 11th globally among the top 20 most popular destinations for venture capital investments for 2020. "This validates the strengths of Dubai's investment environment and its success in creating new opportunities despite the challenges caused by the pandemic."

sahim@khaleejtimes.com