Retiring in Dubai is now easier as applicants no longer have to obtain medical insurance before submitting their application, the government organization that oversees the process announced via email on Sunday.
Dubai announced earlier this month that both foreign residents and people living abroad over the age of 55 can apply for the new retirement visa, organized by Retire in Dubai.
The program is believed to be the first of its kind in the Arabian Gulf, where expatriates who live and work in the region are generally forced to retire abroad once their work visa expires.
Hailing the program’s “overnight success,” Retire in Dubai has now removed the requirement to have a medical insurance plan accepted in the United Arab Emirates before beginning the application.
“You can now commence your application without having the medical insurance plan ready. During the process, a medical test will be conducted and you will have a choice at that stage once approved to complete the purchase of a medical insurance plan that suits you,” said Retire in Dubai in an email sent to accounts that had registered interest in the program.
After conducting the medical test, applicants can choose from the valid health insurance packages listed on the Dubai Tourism website, accessible here.
The organization also provided a breakdown of the costs involved in the application “to ensure the cost of residency is made transparent.”
The total cost of the application is 2,214.25 dirhams ($602), comprising of the Retirement Visa (888.75 dirhams), the medical examination (753 dirhams), and the price of an Emirates ID (572.50 dirhams).
The existing requirements to retire in Dubai still apply.
#Dubai Tourism and DNRD launch region’s first global retirement programme, ‘Retire in Dubai’, for 55 year-old and above international expats that fulfil certain financial criteria and hold valid UAE health insurance. Apply here: https://t.co/DCc4D3VIvQ #Retirement @GDRFADUBAI pic.twitter.com/LfMVbotA52— Dubai Tourism (@dubaitourism) September 3, 2020
Requirements to retire in Dubai
Anyone seeking to retire in Dubai must be aged 55 or older.
The applicant must have valid health insurance that is covered in the United Arab Emirates. The insurance must be purchased before the visa application is submitted.
They must also fulfill one of the following three financial requirements.
Option 1: Have a monthly income of 20,000 dirhams (approximately $5,000).
Option 2: Have cash savings of 1 million dirhams (approximately $275,000).
Option 3: Own property in Dubai, valuing at least 2 million dirhams (approximately $550,000).
Option 4: Have a combination of options 2 and 3 (cash savings and property) valued at least 2 million dirhams (approximately $550,000).
See our step-by-step guide of how to retire in Dubai for the complete guide to the application process.