Dreaming to spend the retirement in UAE? Here is how

retire in uae

UAE is a dreamland for many people. White sand beaches, summer weather all the year, functional services, not heavy taxation, etc. Some of the expats that have been working in the country for several years look with apprehension to the day when they will reach their retirement age, that is set at 60 years, even if the Ministry of Labour accepts requests for work permits till the age of 65 years.

As of today, there are no specific rules of the Federal Government of UAE or the Government of Dubai, by which a senior resident may be provided with a visa to reside in UAE.

So, as your presence in the country is strictly related to the possession of a valid residence visa, there are two options available.

If your company decides that it’s time for you to retire (for example because the cost of your health insurance is too high or because they want to employ younger workforce), you can setup business in UAE and be entitled to receive a residence visa.

In UAE free zones this process is much easier, as you will have full company ownership and choose among hundreds of business activities at a reasonable price.

Alternatively, you may consider to purchase a property and get a legal residency.

To be eligible at this scope, the property must be valued at 1 million Dirhams or more, and this is based on the purchase price on the title deed rather than the current property value when applying for the visa. If a property is jointly owned, the shared value must exceed 1 million Dirhams.

It should be located in a freehold area and ready to move in, with a size that must be proportionate to the number of occupants.

There is a minimum monthly income requirement of 10,000 Dirhams, which can be derived from inside or outside the country.

With that being said, there are two types of visas granted to property investors in UAE: the Property Investor Visa and the Six Months Residency Visa.

The Property Investor Visa is available only for properties purchased in Dubai and it is issued by the Dubai Land Department. The validity is for two years and it is always renewable. With this visa, you are effectively a resident and you can apply for Emirates ID and UAE driving license. The cost is about 13,000 Dirhams for the investor, plus 3,000 Dirhams deposit per dependent.

The Six Months Residency Visa is available in every Emirate and it is issued by the relevant immigration authority. It is a six months multi-entry visa, always renewable. The cost is approximately 2,300 Dirhams for the investor, plus the same price for each dependent.

Important note is that holders of the property investor visa or six months residency visa are prohibited from working in the country.

For more information about document requirements and procedures, ask to contact@uaestablishment.com

 

Mara Di Marco
General Manager, UAEstablishment