Abu Dhabi: If you are a long-term resident of the United Arab Emirates (UAE) who plans to stay in the country after retirement, or a visitor looking to set up a new home in UAE for your golden years, here’s how you can apply for a five-year residence visa.
This visa scheme was introduced in the UAE in November 2021, allowing retired foreigners to settle in the country.
However, there is an eligibility criterion that residents must meet before being granted a residence visa. It is also worth noting that the visa is renewable.
Who is eligible to apply for the five-year residence visa?
- Must be 55 years old or above
- Must have worked for at least 15 years prior to retirement
In order for a retiree to be eligible for a five-year residence visa, they must meet one of the following criteria:
- Property investment worth one million Dirhams (Rs 2,24,91,695) (property must not be mortgaged)
- Having financial savings of Dirhams one million or Dirhams one million savings in a three-year fixed deposit
- Have an active income of at least Dirhams 180,000 (Rs 40,47,990) per annum or Dirhams 15,000 (Rs 3,37,332)
- Active income of Dh 15,000 per month or Dh 180,000 per year
- Have a combination of monthly income, fixed deposit and property, worth at least Dirhams 500,000 (Rs 1,12,44,418)
To ensure that your retirement visa application is approved, submitting the application with the correct supporting documentation is essential.
Here is what you all need to know about the documents
- Passport copy of applicant and dependents – spouse and children
- Marriage certificate copy— if sponsoring your spouse
- Copy of current visa— if you are a UAE resident for you and all dependents
- Copy of Emirates IDs of applicant and dependents— if you are a UAE resident
Additional documents required
Income
Savings
- Proof of retirement letter
Property
Savings and property
Health Insurance
You can apply for the retirement visa without medical insurance, once the application is approved, you will have to undergo a medical fitness test.
This post was last modified on June 8, 2023 12:53 pm