United Arab Emirates – Dubai Government Introduces a Retirement Program for Expats.
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The government of Dubai has launched “Retire in Dubai” program that offers long-term residency permits to expatriates aged 55 and above. Under this newly launched program, retired expatriates and their spouses can qualify for a 5-year Dubai residency visa, which is renewable, as long as the retiree continues to meet the eligibility criteria. This 5-year renewable Retirement Residency Visa is available for retirees, their spouses and children.
The retirees who wishes to apply for a Retirement Visa, must be older than 55 years, hold a valid UAE health insurance and meet one of the three following financial requirements:
- Have monthly income of AED 20,000 (approx. USD 5,500) a month;
- Hold savings of not less than AED 1 million in one of the UAE local banks (approx. USD 275,000);
- Own a property in Dubai, which is not mortgaged, worth of not less than AED 2 million (approx. USD 550,000).
- Applicant can also combine eligibility requirement 2 and 3 so that the sum of the bank deposit and property market price combined exceed AED 2 million.
The following documents are required for a Retirement Visa application:
- Passport copy of the applicant, spouse and children (if applicable);
- Current UAE visa copy (If applicant is a resident of UAE);
- Copy of the Emirates IDs of applicant (if applicant is a valid UAE residence visa holder);
- Eligibility evidence copy (as stated above);
- Copy of a valid Health Insurance certificate with UAE coverage (policies for spouse and children, if applicable);
- Marriage certificate copy (if sponsoring the spouse);
- Current home address (building number, street number, area, city, country);
- Email address Mobile number applicant would like to be contacted on
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While Mercans’ UAE Payroll Outsourcing alerts will allow you to stay on top the latest development in UAE’s payroll regulations, you should still get in touch with Mercans’ UAE payroll outsourcing, compliance, PEO/GEO and BPO specialists for a free consultation on setting up fully compliant payroll and HR functions. Better yet, outsource your payroll and HR activities in UAE to Mercans and our UAE payroll outsourcing experts will ensure that your employees will always be paid on time and in accordance with the UAE regulations.