Retirement is not the end of the lively phase of a businessman or professional, it’s just the beginning of a new chapter. And now Dubai is welcoming the retirees to spend the new phase in their life in the city with a new five-year retirement visa. The retirees aged 55 or above are eligible to apply for the visa if they satisfy certain other financial requirements as well. The retirees should have a monthly income of AED 20,000 from investments or pensions, AED 1 million in savings; or property in Dubai worth AED 2 million. Further, they are required to meet requirements regarding health insurance. Read on further to know the features, benefits, and other eligibility criteria for applying for a Dubai retirement visa.
Who All can Apply for the 5-year Retirement Visa?
Anyone who is within the age criteria can apply for the retirement visa provided they also satisfy other requirements. The following are the major requirements and PRO services in Dubai will assist the applicants for further procedures:
Financial Requirements for Five-Year Retirement Visa
To be eligible to apply for the Dubai retirement visa, the retirees need to satisfy either one of the following conditions
- Monthly income of AED 20,000 from investments or pensions
- AED 1 million in savings
- AED 2 million in property
- A mix of Options 2 and 3 valued at least AED 2 million
Health Insurance Requirement
The retirees are required to have health insurance covering the UAE to apply for a five-year retirement visa. It is always better to secure the health insurance coverage by the day of the visa application because in case the application is rejected the applicants can avail the benefit of the 30-day refund period provided by the insurance companies.
The authorities advise retirees to buy local health insurance for a faster payment process and reimbursement for treatments. Also, some health insurance providers cover the treatment costs for COVID-19, although the tests are not covered.
Benefits of Five-year Dubai Retirement Visa
The five-year retirement visa provides multiple benefits to the retirees to spend the rest of their days in peace and harmony. To overcome the legalities of the application process, approach the right entities that assist with PRO services in Dubai.
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The Visa Provides Right to Work
Holding a retirement visa is an opportunity for individuals to work in Dubai even after retirement. Dubai offers retirees opportunities to work as independent workers, advisors, board members, consultants, etc. They also get the right to mortgage their house while holding the Dubai retirement visa.
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Multiple Entry into the UAE
The individuals who hold a five-year retirement visa will be considered as residents of the UAE. The resident status grants the retirees the right to leave and enter the UAE multiple times during the course of the five-year period. Consult with the companies that provide PRO services in Dubai for guidelines on the retirement visa.
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Easy to Sponsor Dependents
Holding a Dubai retirement visa allows the retiree to sponsor the spouse and children. The retirees can sponsor their children to study in Dubai provided that the boys are under the age of 18 but the girls can be granted sponsorship until 21. If the children are older, then they will be required to apply for their own student visa. The dependents also should have valid health insurance covering the UAE. To ease the complications in obtaining the retirement visa, the applicants are recommended to apply through the best PRO companies in Dubai.
How to Apply for 5 years of Dubai Retirement Visa?
To apply for the Dubai retirement visa, the applicants need to first secure the health insurance and submit the application to Dubai Tourism. The companies that provide PRO services in Dubai will assist the applicants in easing the process. The following documents are required to be submitted.
- Copy of Property title deed if applying on the basis of properties in possession
- Letter from the bank on the value of deposits if applying on the basis of savings
- Bank statement for last 6 months & proof for the source of income if applying on the basis of income
- Passport Copy of Applicant
- Copy of Marriage Certificate (for sponsoring spouse)
- Copy of Visa (if the retiree is UAE resident)
- Copy of Emirates ID (for residents)
- Copy of Health Insurance Policy covering the UAE (policies for spouse and children in case of sponsoring)
- Current House Address
- Mobile number and email address
After securing all the proof and the required documents, the applicants should send an email to Dubai Tourism. The application will be directed to the Dubai Naturalisation and Residency Department (DNRD), where the application will be processed. The spouse and children of the retirees are allowed to submit the application on their behalf. The applicants can consult with reputed PRO Service providers in Dubai for more clarifications on the application process.
Apply for Retirement Visa Through PRO Companies in Dubai
The cosmopolitan lifestyle, luxurious residential and commercial properties, numerous recreation opportunities, and efficient healthcare system are some of the reasons why retirees opt to spend the latter half of their life in Dubai. The five-year retirement visa provided by the Dubai government has made it easier for retirees to make their post-retirement life more meaningful. The retirement visa offers benefits such as the right to leave and enter Dubai anytime, sponsor the dependents, and the advantage of working in different capacities.
However, the visa involves several financial requirements and a string of documents to support the financial eligibility claims. The documentation and further procedures may prove to be complex and the retirees may even face the risk of rejection. This is where the retirees require the assistance of reputed PRO companies in Dubai.
Jitendra Business Consultants (JBC) is a reputed business setup consultant firm in the UAE that also provides specialized PRO services in Dubai and the UAE. JBC is known for providing the best PRO services in the Dubai mainland as well as the free zones across the UAE. JBC’s consultants are experts in employment laws and immigration law in the UAE as well as other regulations regarding visas, Emirates IDs, Medical Tests, etc. By availing of JBC’s PRO services in Dubai the retirees can begin the new chapter in their life in Dubai without any hassle.