The United Arab Emirates (UAE) has recently unveiled a groundbreaking initiative aimed at providing enhanced stability and flexibility for foreign retirees. The Federal Authority for Identity, Citizenship, Customs, and Port Security (ICP) has introduced a 5-year renewable residency visa for individuals aged 55 and above. This step reflects the UAE’s commitment to fostering a retirement-friendly environment for expatriates and their families.

Eligibility Criteria for the 5-Year Residency Visa

To qualify for the 5-year residency visa, applicants must meet specific criteria, including professional and financial prerequisites:

• Work Experience: The applicant must have worked for at least 15 years, either inside or outside the UAE.
• Financial Requirements: Applicants must meet one of the following conditions:
  • Own property worth at least AED 1 million.
  • Have savings of at least AED 1 million.
  • Receive a monthly income of at least AED 20,000 (or AED 15,000 for applicants in Dubai).

Additionally, applicants are required to provide a bank statement covering the last six months to verify their financial standing.

Application Process

The application process is streamlined and user-friendly. Applicants can complete their submissions via the UAEICP website or smart application by following these steps:

1. Log in using the UAE Pass.
2. Update personal data as required.
3. Pay the necessary application fees.
4. Await approval and receive the residency ID card through authorized delivery services.

Renewability and Long-Term Benefits

The residency visa is renewable every five years, provided the individual continues to meet the outlined criteria. This offers retirees the assurance of long-term security and an opportunity to fully embrace the UAE’s luxurious lifestyle, world-class healthcare, and vibrant community.

Dubai-Specific Retirement Program

In addition to the national-level initiative, Dubai has introduced its own tailored retirement program. Under this scheme, retirees, along with their spouses and dependents, can apply for a renewable 5-year residency visa if they fulfill the following financial criteria:

• An annual income of AED 180,000 or a monthly income of AED 15,000.
• AED 1 million in a fixed deposit for three years.
• Investment in an unmortgaged property worth AED 1 million.
• A combination of financial savings and property investment totaling AED 1 million.

This program underscores Dubai’s efforts to enhance the quality of life for retirees, offering them unparalleled comfort, stability, and opportunities.

Why Choose the UAE for Retirement?

With its strategic location, exceptional infrastructure, and unparalleled lifestyle amenities, the UAE is fast becoming a global hub for retirees. From tax-free income to year-round sunshine and a safe environment, the country offers retirees the perfect blend of comfort and convenience.