The UAE has unveiled a new 5-year residency visa designed for expatriates aged 55 and above. This initiative aims to provide retirees with greater flexibility and security while settling in the country. Announced by the Federal Authority for Identity, Citizenship, Customs, and Port Security (ICP), the updated regulations offer a streamlined process for retirees seeking long-term residency.
Who Is Eligible for 5 year residency visa
To qualify for this visa, applicants must meet specific criteria. First, they must have a minimum of 15 years of work experience, either in the UAE or abroad. Additionally, they need to satisfy at least one of the following financial requirements:
Property Ownership: Possess property worth at least Dh1 million.
Savings: Maintain savings of at least Dh1 million.
Monthly Income: Have a minimum monthly income of Dh20,000 (or Dh15,000 for Dubai residents).
Moreover, applicants must provide a bank statement for the past six months. This visa is valid for five years and can be renewed as long as the criteria are met.
How to Apply for residency visa
The application process has been simplified to enhance convenience. Applicants can use the ICP’s official website or the UAEICP smart app. Follow these steps:
- Log in using the UAE Pass for authentication.
- Select UAE ID and residency services.
- Update your details and pay the required fees.
- Receive your UAE ID card via approved delivery services.
Dubai’s Special Retirement Program
In addition to federal options, Dubai offers an exclusive retirement visa program with unique benefits. Retirees, along with their families, can apply for a renewable 5-year residency visa.
Key Financial Options:
An annual income of Dh180,000 or a monthly income of Dh15,000.
Financial savings of Dh1 million in a fixed deposit for three years.
Investment in an unmortgaged property worth Dh1 million.
A combined investment of Dh1 million, with half allocated to a fixed deposit and the other half to property.
Enhancing Post-Retirement Life
These initiatives create opportunities for retirees to enjoy their post-retirement years in the UAE. By offering flexibility, streamlined processes, and tailored options, the UAE continues to attract expatriates seeking a secure and comfortable lifestyle.
