The “Retire in Dubai” program is an interesting option that attracts foreign retirees for long-term residence in the Emirates. It allows you to get a UAE pension visa from the age of 55, the main thing is to comply with a number of financial conditions, such as owning real estate, having savings or receiving a fixed income.
The Dubai visa for pensioners offers a number of advantages, including access to modern medical services, comfortable living conditions, a high level of security and developed infrastructure. The country, for its part, receives stable investments in the economy at the expense of pensioners who invest in real estate, consume services and use local infrastructure.
In this article, we will look at the main advantages and features of the program, as well as step by step analyze how to get a residence permit in Dubai.
Features of the Retire in Dubai pension program
The “Retire in Dubai” program was launched in September 2020 by the Government of Dubai in collaboration with the Department of Tourism and Commercial Marketing (DTCM). The main purpose of the program is to attract foreign citizens over the age of 55 who want to obtain a residence permit in Dubai. It has become part of the UAE’s strategy to diversify the economy and reduce dependence on oil revenues, ensuring a steady flow of foreign investment through the purchase of real estate, the use of medical and tourism services.
Advantages of the program:
- Obtaining a resident visa. Participants of the program receive a five-year pension residence permit in Dubai, which grants holders the right to permanent residence in the UAE. This, in turn, opens up access to banking services and the possibility of concluding long-term contracts, for example, for renting real estate.
- High level of security and infrastructure. The UAE is aimed at attracting foreigners, and therefore the government of the country is making a lot of efforts to improve the health system, transport infrastructure and security.
- Tax advantages. There are no taxes on personal income and inheritance in the UAE. These factors together reduce the tax burden on incoming income, as well as protect inherited capital from payments to the state.
- Medical care. Participants of the program get access to high-level medical services, but only after registration of compulsory medical insurance for all residents of the UAE.
Disadvantages of the program:
- Lack of the right to obtain citizenship. Although the program offers a residence permit in Dubai for a fairly long period, it does not guarantee citizenship. It can be obtained after at least 30 years of continuous residence in the country. That is, with the minimum age for participation in the program at 55, you can count on citizenship no earlier than 85 years old.
- The high cost of living. Despite the tax benefits, Dubai remains one of the most expensive cities in the world.
- High requirements for participants. The financial criteria of the program are quite strict and start from 1 million dirhams ($270,000) when it comes to real estate investments or savings. Monthly income requirements start at 15,000 dirhams ($4,100).
Pension in the UAE
It is important to note right away that the “Retire in Dubai” program has nothing to do with the pension system of the United Arab Emirates. The State pension program covers only UAE citizens at the age of 49 or after 20 years of work experience.
Expats in Dubai (foreign nationals) do not have access to government pension payments. Instead, expats usually receive an “end-of-service gratuity“, which is accrued on the basis of labor legislation.
The lack of a pension for foreigners explains why there are no old people in Dubai, at least at first glance. The local population retires early enough, and most foreigners are in the country only at the working age of 25-40 years.
Who can get a visa for pensioners
The Dubai pension visa is issued for a period of up to five years. Not only residents and residents of the UAE, but also foreigners can apply for it. The visa is available for persons aged 55 and over. Despite the fact that an additional criterion on the official website indicates the presence of 15 years of work experience, in practice it is practically not involved. Instead, the main criterion is age-appropriate and the availability of sufficient funds.
The Dubai Pension program has flexibility in financial matters, and to participate in it it is enough to meet one of the following criteria:
- The monthly income must be at least 15,000 dirhams per month ($4,100) and 180,000 dirhams per year ($49,000). In the whole country, this limit is at least 20,000 dirhams per month ($5,445) or 240,000 dirhams per year ($65,345).
- At least 1 million dirhams ($272,260) in a fixed deposit account for a period of 3 years in a UAE bank.
- Ownership of real estate in Dubai worth at least 1 million dirhams ($272,260). If the property is mortgaged, the payments must be at least 1 million dirhams at the time of filing the application.
- A combination of savings and real estate with a total value of at least 1 million dirhams ($272,260), where each component (savings and real estate) is estimated at at least 500,000 dirhams ($136,130).
How to buy a property in the UAE
The cost of a pension visa
The main costs of applying for a pension visa include a visa fee, registration of a residence card and a medical examination. In addition, it is important to take into account the cost of health insurance, which can vary significantly depending on the age and state of health of the applicant, especially for people over 60 years old.
Main expenses:
|
Type of collection |
Cost in Dirhams (AED) |
Cost in dollars (USD) |
|
5-year visa |
2289 |
623 |
|
Emirates ID |
573 |
156 |
|
Medical examination |
753 |
205 |
|
Service fee |
100 |
27 |
|
Total |
3715 |
1011 |
If a pensioner plans to bring family members (spouse, children, parents) with him, then additional expenses must be taken into account. For the applicant’s parents, a “parent visa” will be required, the cost of which is 6822 dirhams ($1857) per parent. Visas for spouse and children will cost the same amount as for the main applicant and will amount to 3715 dirhams ($1011) per person.
The cost of health insurance varies depending on the age and state of health of the applicant, especially if the age exceeds the limit of 60 years. Approximate costs start at 5,000 dirhams ($1,361) and can go up to 20,000 dirhams ($5,445) — it all depends on the package of services.
Pitfalls of investing in real estate for retirees
The pension visa program requires property owners to have assets worth at least 1 million dirhams ($272,500). However, the value of real estate may vary depending on market fluctuations. A drop in the value of real estate below the established threshold may lead to the inability to extend the pension visa, as one of the key conditions of the program is violated. If other criteria (for example, the availability of savings or a stable income) are not met, then the resident risks losing the right to stay in the UAE altogether.
Influencing factors:
- Changing market conditions. The price of real estate may decrease due to market crises, oversupply or changes in the UAE’s economic situation. For example, in 2020-2021, the Dubai market faced a sharp drop in housing prices caused by the pandemic and economic uncertainty.
- The quality of real estate management. The problems of the developer can negatively affect the final value of the property.
If the value of an object falls, you can invest additional funds in the purchase of another object, so that the amount of capital returns to the mark of 1 million dirhams.
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How to get a retirement visa in Dubai
To obtain a pension visa, first of all, it is necessary to have financial documents confirming the appropriate level of investment. In the case of real estate, these are documents confirming ownership of real estate (certificate of ownership).
If we are talking about a bank deposit, then you will need a bank statement guaranteeing the availability of savings in the amount of at least 1 million dirhams ($272,000), as well as a letter from the bank confirming the possibility of using these funds to live in the UAE.
Sufficient income for obtaining a residence permit in Dubai for pensioners can be confirmed by a certificate from the place of work, a pension certificate or a certificate of income. If there is additional rental income in addition to pension contributions, you can provide a lease agreement.
Other documents:
- A foreign passport. The original and a copy of the passport, valid for at least 6 months from the date of application. It is important that there are blank pages in the passport for the visa mark.
- Photo. Two passport-size photographs (size 3.5 x 4.5 cm), taken on a white background at least 6 months before demand.
- Medical insurance. A medical insurance policy valid in the UAE. The insurance must cover basic medical services and be issued in the name of the applicant.
- A certificate of health status. An official certificate from a licensed medical institution confirming a satisfactory state of health and the absence of infectious diseases. You may need to undergo a medical examination.
Stages of obtaining a pension visa:
- Collection and preparation of documents.
- Submitting an application. Online submission is available through the official website of the Migration Service (GDRFA), where you can fill out an online form. It is also possible to apply through specialized agencies.
- Payment of fees. It is necessary to keep all receipts and receipts for payment of fees, preferably for the entire period of validity of the visa.
- Waiting for the application to be processed. The processing of an application can take from two to four weeks, and its status can be monitored through the GDRFA website. During this period, the migration authorities may request additional documents from the applicant.
- Obtaining a visa. After approval, the applicant receives a notification of the issuance of a visa. It must be printed and saved for activation upon entry.
- Registration in the healthcare system. After obtaining a visa, you need to register with the UAE healthcare system and get medical insurance.
- Transfer to Dubai. If the visa was issued outside the UAE, it is activated upon entry. After crossing the border, the migration service staff will stamp the passport confirming entry.
It is important to note that after receiving a pension visa, you must issue an identity card (Emirates ID). Without this document, it is impossible to get a driver’s license, rent a house or connect utilities. It is issued by the Federal Office of Identity and Citizenship (ICA) and is mandatory for all residents of the country, including children. To get it, you need to undergo biometrics (fingerprinting and photographing).
Author
Mikhail Konon is a copywriter
I write informative articles about real estate, investments, job search and taxes.
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