The Dubai government announced Wednesday a retirement program that offers resident expatriates and foreigners the chance to retire in the emirate.
The “Retire in Dubai” scheme would allow eligible residents aged 55 and over to apply for a retirement visa that would be renewable every five years.
The scheme is thought to be the first of its kind in the region.
Retirees need to meet one of three financial requirements for eligibility: earning a monthly income of 20,000 dirhams ($5,500); having savings of 1 million dirhams; or owning a property in Dubai worth 2 million dirhams.
To start with, the program will focus on residents working in Dubai who have reached retirement age.
Applicants must have valid UAE health insurance.
The program is being spearheaded by Dubai Tourism in collaboration with the General Directorate of Residency and Foreigners Affairs.
Helal Saeed Al-Marri, Dubai Tourism’s director general, said it was launched to “further enhance Dubai’s position as an iconic global city and make it the world’s most preferred lifestyle destination.”“The retirement programme will contribute towards our tourism economy by facilitating frequent visits from families and friends of the retirees and increasing visitation from markets with a high retiree population,” he said.
Dubai, which is home to more than 200 nationalities, aims to become a preferred retirement destination to reinforce the emirate’s status as a preferred tourism and lifestyle hub.
Dubai is promoting a visa allowing retirees to benefit from the UAE’s year-round sunshine.
People from all over the world can apply for a five -ear renewable retirement visa that would allow them to settle in the emirate, providing they meet a range of criteria.
Applicants must be older than 55 and have valid UAE health insurance.
They must also either earn a monthly income of Dh20,000; have Dh1 million in cash savings; or own Dh2m worth of property in Dubai.
But there are several ways to remain in the country long-term without an employment visa.
Anyone who owns a property worth more than Dh1million is eligible to apply for this two-year visa.
But the property must not have an outstanding mortgage of more than 50 per cent, said Keren Bobker, an independent financial adviser and senior partner with Holborn Assets in Dubai and a columnist with The National.
In addition, they must also have an income of at “least Dh10,000 per month from a verifiable source, but not from employment in the UAE,” she said.
“Any application must be made to the Dubai Economic Department and Dubai Land Department for consideration and visas are granted on a case-by-case basis and approval is by no means automatic,”
Property visas do not permit people to work in the UAE.
Anyone who owns a property worth more than Dh1million is eligible to apply for this two-year visa.
But the property must not have an outstanding mortgage of more than 50 per cent, said Keren Bobker, an independent financial adviser and senior partner with Holborn Assets in Dubai and a columnist with The National.
In addition, they must also have an income of at “least Dh10,000 per month from a verifiable source, but not from employment in the UAE,” she said.
“Any application must be made to the Dubai Economic Department and Dubai Land Department for consideration and visas are granted on a case-by-case basis and approval is by no means automatic,”
Property visas do not permit people to work in the UAE.
Those who own property worth Dh5 million or more are eligible for a five-year residency visa. Those who hold an investment through a deposit in an established company or a business partnership worth Dh10m or more will be granted a renewable residency visa every 10 years.
Others who have made various investments of no less than Dh10m, including property – which must be worth no more than 40 per cent of the total investment – also qualify for a renewable residency visa every 10 years. Both the property or investment must be wholly owned, not mortgaged, to qualify for this.
Entrepreneurs with a previous project worth a minimum of Dh500,000, or those with the approval of an accredited business incubator in the UAE, can be granted a five-year visa, with the possibility of upgrading to an investor visa, provided they meet requirements.
Investors, entrepreneurs, chief executives, scientists, outstanding students and doctors are all eligible to apply for this scheme, which grants the holder a renewable 10-year visa.
Announced in 2019, thousands of people living in the UAE have already received a golden visa.
At the time of the announcement, Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, said 6,800 investors and residents, worth an estimated Dh100 billion, from 70 countries, were chosen to receive the visa.
More than 200 doctors in Dubai were granted the visa for their work to protect the emirate against Covid-19 in May.
Sheikh Mohammed gave the order in appreciation for the healthcare workers’ “selfless dedication to caring for infected patients”.
There are n-number of benefits of relocating to Dubai as this is one of the most accessible and safest places in the world and particularly in the middle east. Also, Dubai is famous for its business-friendly environment and the easiness to set up and start a business.
If you require more information about the new scheme or need aid in setting up a business in Dubai, then you should take the assistance of the services provided by Alya Chartered Accountants, who is one of the top 10 approved auditors, accountants and consultants in Dubai. For more details on the services provided by ALYA, Contact Us. We will be happy to help you.
Source : The National
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