The government of the United Arab Emirates has announced the granting of a new 5-year residence visa to travelers who wish to live and settle in the United Arab Emirates. This diverse visa allows its holder to obtain a 5-year residence visa for a specific category of residents in Al Asmar at a reduced price.
5-year residence visa for retired residents of the UAE
The Federal Authority for Identity, Citizenship, Customs and Ports Security announced the availability of a residence visa for foreign residents on its territory to obtain a distinguished standard of living.
The government decided to grant residents who have spent many years in the Emirates a 5-year residence visa for residents over 55 years of age to live and stay in the Emirates, with the possibility of renewal.
However, the government has set a number of conditions that must be met by a resident of the UAE, in order to be able to obtain a residence visa for a period of 5 years, given their great loyalty to the state and their appreciation for their efforts made during the past years.
Conditions for obtaining a 5-year residence visa for retired expatriates
The period of service for a resident in the Emirates is required to be no less than 15 years before being referred for retirement, whether inside or outside the country.
He is also required to be the owner of one or more properties whose financial value is not less than 1,000,000 UAE dirhams, and the evaluation is carried out by the competent authorities in the emirate to which he belongs.
In addition to the need to have a deposit of no less than 1,000,000 UAE dirhams, whether inside or outside the country, it must be transferred and deposited in any financial institution in the country within (60) days from the date of issuance of the residency.
The fixed annual debt of a retiree in the UAE is required to be no less than 240,000 UAE dirhams, along with submitting a bank statement for the last 6 months from the date of applying for residency in the UAE.
The mortgaged title deed is also reduced if the property is mortgaged, provided that the value paid to redeem the mortgage from the total value is not less than 1,000,000 UAE dirhams.
Fees for issuing a residence permit for a retired expatriate in the UAE
- Residence permit fee – 200 AED.
- Knowledge fee: 10 UAE dirhams.
- Innovation fee: 10 UAE dirhams.
- Fee within the country: 500 UAE dirhams.
The possibility of a retired resident working in the UAE after receiving the pension
Residents of the United Arab Emirates can continue to work in the country, engage in activity, and continue to pay insurance contributions to benefit from additional retirement formation points.
Contributions to the compulsory sickness insurance system for residents of the UAE are also deducted on the basis of the value of the lump sum income and not on the basis of the value of the pension.
5-year residence visa for retired residents of the UAE
The Federal Authority for Identity, Citizenship, Customs and Ports Security announced the availability of a residence visa for foreign residents on its territory to obtain a distinguished standard of living.
The government decided to grant residents who have spent many years in the Emirates a 5-year residence visa for residents over 55 years of age to live and stay in the Emirates, with the possibility of renewal.
However, the government has set a number of conditions that must be met by a resident of the UAE, in order to be able to obtain a residence visa for a period of 5 years, given their great loyalty to the state and their appreciation for their efforts made during the past years.
Conditions for obtaining a 5-year residence visa for retired expatriates
The period of service for a resident in the Emirates is required to be no less than 15 years before being referred for retirement, whether inside or outside the country.
He is also required to be the owner of one or more properties whose financial value is not less than 1,000,000 UAE dirhams, and the evaluation is carried out by the competent authorities in the emirate to which he belongs.
In addition to the need to have a deposit of no less than 1,000,000 UAE dirhams, whether inside or outside the country, it must be transferred and deposited in any financial institution in the country within (60) days from the date of issuance of the residency.
The fixed annual debt of a retiree in the UAE is required to be no less than 240,000 UAE dirhams, along with submitting a bank statement for the last 6 months from the date of applying for residency in the UAE.
The mortgaged title deed is also reduced if the property is mortgaged, provided that the value paid to redeem the mortgage from the total value is not less than 1,000,000 UAE dirhams.
Granting a long-term visa to retired residents over the age of 55
The government of the United Arab Emirates adopted a basic system in 2018, which allows the granting of a long-term visa to retired residents over the age of 55.
This visa is automatically renewed if any of the following conditions are met for retired residents over the age of 55, which are as follows: The retiree must own an investment in a property worth two million dirhams, or his financial savings should not be less than one million dirhams, or proof of an income of no less than 20 million dirhams. One thousand dirhams per month.
Fees for issuing a residence permit for a retired expatriate in the UAE
- Residence permit fee – 200 AED.
- Knowledge fee: 10 UAE dirhams.
- Innovation fee: 10 UAE dirhams.
- Fee within the country: 500 UAE dirhams.
The possibility of a retired resident working in the UAE after receiving the pension
Residents of the United Arab Emirates can continue to work in the country, engage in activity, and continue to pay insurance contributions to benefit from additional retirement formation points.
Contributions to the compulsory sickness insurance system for residents of the UAE are also deducted on the basis of the value of the lump sum income and not on the basis of the value of the pension.
Applying for a retirement visa in the UAE
Retired residents wishing to obtain a retirement visa in the UAE can request a visa by submitting an application through the application of the Federal Authority for Identity and Citizenship or through the website of the Department of Tourism and Commerce Marketing.
After that, you will be contacted via registered email, and after completing sending all the required documents and information, the application will be sent for review, after which you will be granted a retirement residence visa in the UAE once the information is confirmed and that you follow the required conditions, if they are met.
Residence visa in the UAE without a sponsor
The new system launched by the UAE government grants the retired expatriate a residence visa for a period of five years, which is automatically renewed if the retiree owns an investment in a property worth two million dirhams, or his financial savings are not less than one million dirhams, or proof of an income of no less than 20 thousand dirhams per month.
It is also worth noting that the Abu Dhabi government had previously launched the “Prosper in Abu Dhabi” program, to increase awareness of long-term golden residency permits and ways to obtain UAE citizenship for talented individuals, students, entrepreneurs and investors, within the main sectors in the Emirate of Abu Dhabi.
