08 Sep 2020

Launch of 5-year retirement visa scheme for UAE residents

Authored by: Rachel Hill and Aisha Khohkar

The UAE government approved a Law to provide retired persons over the age of 55 with a residence visa for a period of 5 years (renewable). 

On 2 September 2020, the new visa scheme was announced and launched.

For retirees to be eligible for a 5 year (renewable) retirement visa, they must meet one of the following criteria:

  •         Real estate investments valued at more than AED 2 million;
  •         Financial savings of at least AED 1 million; or
  •         Minimum monthly income of AED 20,000.

The visa may be renewed for subsequent periods of 5 years assuming that the eligibility criteria continues to be met.

This retirement visa scheme is a welcome initiative and will encourage retired expatriates to remain connected to the UAE for longer periods.

 
 

This article, including any advice, commentary or recommendation herein, is provided on a complimentary basis without consideration of any specific objectives, circumstances or facts. It reflects the views of the writer which may, in some cases, differ from those of the firm, especially in the developing jurisdiction of the UAE.