29 09 2020

Retirement visas in Dubai, the UAE

Retirement visas in Dubai, the UAE

In order to revitalize the Dubai real estate market, it was decided to introduce a new type of visas for residents, they will be intended for retirees. Experts expect the emergence of a special sector, which will be aimed specifically at people of retirement age. One of the requirements for obtaining a visa is to own real estate, costing from 550 thousand dollars.

According to the studies and their results provided by the Dubai Statistics Center, about 170 thousand immigrants over 55 years old live in Dubai. The share of the population aged 45-54 is 12%. But the total share of immigrants in Dubai is 92% of the total population.

According to experts, if only 10% are secured for obtaining a visa, then the expected demand among pensioners will be from 10 to 15 thousand real estate objects.

Declan King, group leader of big real estate company, expects demand to rise significantly after the introduction of pensions. Retirees who previously spent their golden years in Florida or the Mediterranean will now have a decent alternative in the form of Dubai.

Real estate experts predict that city center real estate will be popular among retirees. Also, according to the new opinion of experts, the emergence of new real estate objects as nursing homes is possible.

Dubai is, of course, considered the most attractive Emirate, thanks to its wide range of quality leisure options and excellent air connections. But Ras Al Khaimah and Abu Dhabi can compete with Dubai due to more democratic prices.

The new visa program was announced in early autumn 2020. It is assumed that with the help of it, residents of other countries, over 55 years old, can become holders of a Dubai resident visa. Great emphasis is placed on people already living in Dubai. Available to all countries in the world.

To obtain a new visa, you must fulfill the list of the following requirements:

- over 55 years old;

- income over 20 thousand dirhams per month;

- medical insurance of the Arab Emirates;

- have more than 1 million dirhams in the form of savings or real estate, the value of which is more than 2 million dirhams.

The visa is issued for a period of 5 years, with the possibility of automatic renewal for a similar period. Keep in mind that medical insurance must be issued at least one day before the visa application, in case of refusal on the application, funds for medical insurance are returned.

The authorities are working to strengthen Dubai's position as one of the best cities for retirement. Expats who have already worked in Dubai for at least 10 years will benefit from the first stage of the new visa program. Experts expect a significant increase in the flow of tourists, as retirees will be visited by their relatives and friends.