Dubai will become one of the world’s preferred retirement destinations thanks to the government’s plan to launch the Retire in Dubai program. Retire in Dubai is a global retirement program that offers resident foreigners and expatriates and foreigners aged 55 and above to retire in Dubai and hence enjoy the emirate’s distinctive lifestyle. The first such scheme in the region is organized by the Department of Tourism and Commerce Marketing (Dubai Tourism) in collaboration with the General Directorate of Residency and Foreigners Affairs (GDRFA-Dubai). Via the proposed scheme, Retirees would be able to take advantage of competitive offerings in real estate, healthcare, banking, and insurance.
Salient features of the Retirement Visa are as follows:
- Eligible applicants would be provided a Retirement Visa, that will be renewable every five years.
- In order to be eligible applicants must satisfy at least one of these three conditions: earn a monthly income of Dh20,000; own Dh2m worth of property in Dubai; or have Dh1 million in cash savings
- The initial phase will be targeted towards UAE residents working in Dubai who have reached retirement age. This way, long-term residents of Dubai will be offered an easy and hassle-free retirement option.
- Applications can be submitted via the Retire in Dubai website.
- A valid UAE health insurance must be bought at least a day before submitting the application. Here health insurance providers will offer a 30-day refund period after purchase if the application is rejected.
Reasons why you must consider Dubai as your ideal retirement destination:
- Own a property that suits your lifestyle: Dubai Tourism, in collaboration with its real estate partners Dubai Holding, Emirates NBD, and Meraas, and Emaar has put combined favorable banking options that will allow retirees to own property according to their lifestyle.
- Comfortable lifestyle – Dubai provides its residents with a hassle-free, comfortable and affordable lifestyle, where retirees can choose their desired quality of life.
- Recreation – Retirees will be taken care of all their needs, whether it’s rest, relaxation, or recreation, as Dubai is one of the most popular leisure and shopping destinations.
- Connectivity – Dubai has one of the ideal geographical location midways between the East and the West, with highly-connected infrastructure – both physical and technological. This makes it easier for retirees to connect with and visit friends and family from all over the world. Also, Dubai ranks as one of the top cities in the world when it comes to airline connectivity.
- World-class healthcare system: Dubai provides a world-class healthcare system across a range of specializations in line with the highest international best practices. Furthermore, Dubai Tourism has developed affordable insurance packages for retirees in cooperation with leading companies in the sector.
The Retire in Dubai initiative is going to reinforce the emirate’s status as a preferred destination for retirees. Are you considering to explore retirement options in Dubai? Then feel free to contact our Dubai Business Specialist or contact us at email@example.com
considering the Covid19 effect on business its advisable to reduce retirement age of all employees to 55 years strictly…. Further tgey can apply fir “retire in dubai” govt of uae plans… Also its an indirect boost to emiratisation as more vacancies would be available for Emiraties Women and men… Sheikh Mohammed must take a decision which is vital….. This is in the interest of the Local emirati kids who come out from colleges and universities in UAE… At 55 expats can retire and leave if they cant afford to leave as they dont spend their money in UAE but remittance overseas occur which is a slap to the UAE economy
Thank you for your valuable comment. Yes, it is one of the key issues that needs to be addressed under the new scheme. In case of any business-related queries in Dubai do get in touch with us at firstname.lastname@example.org