If you are planning to work and live in the UAE or you have been in the country for a while now, you are probably thinking about your retirement. In the UAE, expat retirees are welcome. You can still live here even after you quit your job as long as you meet the requirements given by the authorities.
Also Read: How to Sponsor your Family in UAE (Residence Visa for Spouse, Children, and Parents)
In the recent law released by the UAE government, expat retirees can now get a 5-year visa in the country. If you are interested to know more about this new regulation, we gathered all the information in this article for your reference.
The UAE has been changing and adding rules to the existing visa rules. If you are an expat in the country, you have to watch out for the latest news about this since this might affect your stay or employment here.
One visa rule that has been added to the existing laws is the granting of a 5-year visa to expat retirees in the country. This is considered as a long-term visa compared to the normal employment and residence visas. But, before you can apply for one, you still have to qualify for it. Here are the details for the application.
How to apply for a 5-year visa for expat retirees in the UAE?
To apply for a 5-year visa if you are an expat retiree, you have to meet the following requirements first. Just like other applications, the UAE is strict to implement this.
- You should be 55 years old and above
- Your income should be at least AED 20,000 a month.
- You have an investment property worth AED 2 million or
- Your financial savings should be at least AED 1 million
If you think you are qualified for the visa, don’t hesitate to submit your application. Since it is considered as a long-term visa, you can apply for a renewal when your first visa expires. That’s one good thing about being a retired expat in the country. As long as you meet the requirements above, you will be able to live the life you want here. You can live simply or you can enjoy a luxurious life depending on your preference.
What to consider when retiring in the UAE?
When retiring in the UAE, there are a couple of things to consider. You need to think about this carefully so that you won’t waste your time in the country if it’s not really your plan. To help you with your decision, here are some tips we would like to suggest.
- If you are living alone, you should have someone to stay with you when you retire in the UAE. Being a retiree doesn’t mean that you need someone to take care of you. But, if you have relatives in your home country that you can sponsor, it’s not going to be a waste of penny. Having a person to assist you to manage your assets and your bills is still helpful.
- Start writing your retirement goals. What are the things you want to accomplish when you retire in the UAE? Are you planning to stay here for good? Is this the perfect place for you to retire? Ask those questions to yourself. It will help you determine if the UAE is really the place for you to retire. Writing your retirement goals will also help you become productive even if you are not working anymore. Plus, it will assist you to accomplish all your other plans in the country.
- Make sure that you have enough budget for your whole retirement. Considering the requirements of the UAE when retiring in the UAE, to be an expat retiree here is really expensive. If you wish to stay here during your retirement period, make sure that you have enough resources to take you through the end of your retirement. If you think your assets and money will not suffice, consider going back to your home country or going to a more affordable place.
Retiring in the UAE is such a privilege for many expats. Aside from better job opportunities, this country has a promising lifestyle. If you are planning to retire in this rich country, make sure to consider what’s in this article, especially the qualifications so you can receive the 5-year visa you are dreaming of.