The Dubai government has announced the launch of the “Retire in Dubai” program that will offer resident expatriates and foreigners aged 55 and above to apply for a retirement visa in its bid to turn the emirate into a retirement destination.
The announcement was made on Wednesday under the order of Dubai Ruler Sheikh Mohammed bin Rashid al-Maktoum.
The scheme, believed to be the first of its kind in the region, will be spearheaded by Dubai’s Department of Tourism and Commerce Marketing (Dubai Tourism) in collaboration with the General Directorate of Residency and Foreigners Affairs (GDRFA-Dubai).
According to details made available, eligible applicants will be provided a retirement visa, renewable every five years. The retiree can choose between one of three financial requirements for eligibility: earning a monthly income of AED20,000 (approx. USD5,500); having savings of AED1 million (approx. USD275,000); or owning a property in Dubai worth AED2 million (approx.USD550,000).
In the initial phase, the retirement scheme will focus on UAE residents working in Dubai who have reached retirement age.
“The Retire in Dubai program is based on the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to further enhance Dubai’s position as an iconic global city and make it the world’s most preferred lifestyle destination. Dubai’s Retirement Readiness strategy will enable expatriates and international retirees to take advantage of the city’s open-door policy, tolerance, and outstanding quality of life and live in one of the world’s fastest growing, culturally diverse cities,” Helal Saeed Almarri, Director General of Dubai Tourism, said in a statement on the Emirates News Agency (WAM).