As of now, persons over 55 years of age can apply for a residence visa for a period of 5 years. In doing so, applicants must meet certain criteria. They must be over 55 years of age and meet one of the following three criteria.
Be able to show a monthly income of not less than AED 20,000 or
Have at least AED 1 million in assets or
Own a property in Dubai worth at least AED 2 million.
At the end of the 5-year period, the visa can be renewed should the criteria continue to apply. Non-residents also have the option to apply for a 5-year visa as long as the above criteria are met.
The new retirement visa for expats over the age of 55 is expected to boost both the economy and the real estate market. "Especially for older people, Dubai is a popular destination to spend the winter," explains Marc Schwitter. "The Dubai property market is sure to benefit from the new scheme, as over 55s will now invest more in Dubai real estate."
For further questions and information on the 5-year visa, please do not hesitate to contact us.