Cost Of Retiree Visa In Dubai
If you’re looking to retire in Dubai, you need to consider the cost of a Retiree’s Visa. How much will this visa cost me? What are my other options? The default retirement visa is the Ras Al Khaimah (RASK) or ‘Long Term Residence Permit’. This visa allows you to stay in the UAE and be exempt from income tax for 10 years. It costs around $2000 in processing fees and healthcare isn’t covered.
When you live in a country where the cost of living is high, as it is in most of the countries where expats want to retire and live, many people wonder if they need a visa to stay there. The UAE has a special category for retirees known as the Retirees Visa and this article talks about the things one needs to know about.
Cost Of Retiree Visa In Dubai
For many expatriates working in Dubai and United Arab Emirates (UAE), the dream of moving to a new country, gaining a fresh start, meeting new people and discovering new cultures run high. It is not surprising then that there has been a substantial increase in the number of expats over the last few years, with an estimated population of over 100,000 Britons alone. The UAE alone accounts for the largest number per 1,000 migrants outside Europe.
If you are a retiree, you may be looking for a quality life without all the hustle and bustle of a major metropolis. Some countries offer special visas for retirees to get them to relocate permanently — these include tax benefits, special healthcare facilities etc.
Required documents
Upon a successful application, all retirees are required to purchase medical insurance as a condition of completing the process. As for the required documents, they differ according to the available options as follows.
Option 1
- Proof of income letter. The letter must include the name of the beneficiary and date of pension commencement from:
a. The relevant entity which details the monthly income to be equal to or greater than AED15,000 monthly or AED180,000 annually.
or
b. Your previous employer stating that you receive no less than AED15,000 monthly retirement income from your former place of work. - Bank statement. Minimum deposit of AED 15,000 from the pension scheme/social service in your account on a monthly basis for the last 6 months (stamped by the bank). If you are unable to satisfy this explicit requirement, submit your documentation and we will consider your case.
Option 2
For applicants who apply via the savings route (AED 1 million), it is required that the AED 1 million be secured as a 3-year fixed deposit in a UAE-based bank. Applicants must obtain a stamped letter to that regard from the bank, addressed to GDRFA in Arabic (both Arabic and English on the same letter is acceptable).
Option 3
For applicants that apply via the property route, please note that the property must:
- Have a minimum value of AED 1 million as per the title deed
- Have a minimum share value of AED 1 million by the applicant (and spouse collectively), in case there are multiple owners
- Be in the name of the applicant (not the applicant’s spouse); if owned by a company, the company must be 100 percent owned by the applicant
- Be fully paid, if unmortgaged
- If mortgaged, the payment amount to date should be no less than AED 1 million
- Not be off-plan
- Located in Dubai
Multiple properties with a combined value of AED 1 million may be used, as long as they meet the above criteria. Please provide a copy of the title deed(s).
Option 4
The property value (and not mortgage value) as per the title deed must be at least AED 500,000. The savings, also worth at least AED 500,000, must be secured in a 3-year fixed deposit account in a UAE-based bank. Applicants must submit the title deed from DLD and a stamped letter from the bank, addressed to GDRFA, stating that the amount is in a 3-year fixed deposit.
What is the cost of the retirement visa?
The initial non-refundable fee of the retirement visa application costs USD 25 per applicant and dependent. In the event the application is approved by the GDRFA or DLD, then a total amount of AED 3,714.75 (approx. US$1,011) per applicant and dependent must be paid.
The total cost covers the entry permit, visa status adjustment and residency stamping, as well the Emirates ID, medical examination and management fees.
Note that this does not include any costs associated with health insurance, which is mandatory.
How long will the process take?
Once you’ve been notified that your application is complete, the application process may take up to 15 working days.
What are the benefits of the retirement visa?
Apart from being able to live in Dubai and enjoy the privileges of a resident, holders of the retirement visa may also take advantage of the following.
Sponsor their spouse and children
Retirees are allowed to sponsor their spouse and children with no limit to the number of children. Note that to be able to sponsor your children, they must be under the age of 18 for boys while girls can be sponsored until the age of 21. If they are older than the specified ages, they are not eligible for the sponsorship and will need to apply for their own visa. Sponsored children will be eligible for study in Dubai.
Multiple entries to the UAE
Holders of the retirement visa are fully regarded as a resident of the UAE. Thus they are entitled to enter and leave the UAE at their convenience for as long as the retirement visa is valid. Additionally, unlike a standard residency visa, retirees will not be required to spend a minimum period of days in the UAE within the year.