UAE residency visa for retirees - who is eligible?

Overview

There is a large number of expats living in the UAE not excluding the retirees. As per the UAE law, anyone who lives in the UAE must hold a UAE residence visa at all times. 

However, if a person retires and does not have an employment visa anymore, he is only left with the option of business setup in UAE or getting a freelance visa and permit for the sake of residency. It has been like that until recently. 

In 2018, the UAE introduced a retirement programme as a part of its Golden visa initiative. 

This UAE residency visa for retirees  is available for retiring expats of 55 years and above or those whose service period is over 15 years. The visa is valid for 5 years.

The application for a retired residency visa in the UAE can be made even if you have never lived or worked in the UAE but want to spend your retirement years in this country. This visa can equally be renewed while meeting the basic requirement and it's a golden visa indeed.

If you want to check about other UAE residence visa options, click here.

Requirements for getting a residency visa for retirees in the UAE

One of these financial conditions has to be fulfilled in order to get the 5 years retirement visa in the UAE:

1. Savings

You must have up to 1 million AED (274, 000 USD) savings in your 3-years fixed deposit bank account. 

Aside that, you must present:

• End of service certificate
• Proof of funds from a UAE based bank (stamped and signed)
• The a letter of confirmation from your bank to the General Directorate of Residency and Foreign Affairs (GDRFA)

2. Investment or property ownership

You must have an investment in the UAE property that is worth minimum 1 mln AED (548,000 USD). The property may be mortgaged or not. If it is mortgaged, the payment up to date should be 1 mln AED. 

Important conditions:

• The property must be located in Dubai
• The property must be owned by you or your company (only if you are 100% shareholder)
• If property is mortgaged, you must have completed the payment
• If the property is jointly owned, then your financial share should be minimum AED 1 mln
• The property must not be off-plan

3. Stable monthly income

You have to be getting a regular monthly income of at least 15,000 AED (4,100 USD) or more or 180,000 AED (50,000 USD) annually. 

Income can come from the UAE or outside of UAE. For example, it can be a pension or investment plan. 

If the proof of income document is not from the UAE, it must be attested by the UAE Embassy to be legally used.

Usual required documents for this option would be:

• Your 6 months bank statement
• Proof of income letter (a letter from relevant entity proving your source of income)

4. The combination of stable income and savings 

This means that you can combine your savings and income worth to meet up with the AED 1 mln minimum.

The following documents will be required: 

1. Title deed copy

• With a minimum value of AED 500,000
• Must be in your name
• Must not be off-plan
• Different properties owned by you and under your name may be combined to meet the approximate value of AED 500,000 as long as they meet up with the basic criteria

2. Proof of savings letter

• Issued and stamped (in Arabic) by a UAE based bank
• The proof of savings letter must be addressed to the GDRFAD stating that the funds are authentic and secured
• Must have up to AED 500,000 in your bank account if you own a property worth AED 500,000 so as to equal the amount of AED 1 mln altogether
• The savings must be in a 3-year UAE fixed deposit bank account

Required documents for the retiree visa application:

• Your passport copy and passport copies of your dependents (spouse and children)
• Marriage certificate and birth certificates (only if you plan to sponsor your family)
• A copy of or original UAE resident visa (if you have been a resident)
• Entry stamp or copy of your tourist visa if you came as a tourist
• Your original Emirates ID with that of your dependents 

How to apply for the UAE residence visa for retirees

So next, we are finally looking at the steps to apply for the retiree residence visa in the UAE. You should ensure to have met the above requirements to be able to continue with these steps below. 

• Visit the GDRFA website at gdrfad.gov.ae 
• On the home page click on “Services” menu button
• Under “Services” select “Residency Services”
• Then from the multiple options displayed select “Residence visa for retired foreigner”
• Then click on “Start service”
• Fill in the required spaces with the appropriate information

Alternatively, you may visit any of the AMER typing centers near you to carry out the procedures on your behalf.

UAE 5 years retirement visa costs

Emirabiz business setup advisors will be happy to assist you with the requirements and application for the UAE retirement visa. Contact us to get a consultation and start the process.