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Visitors at the Welcome Hub in Amer Centre, Al Twar, in Dubai. Image Credit: Virendra Saklani/Gulf News

Dubai: Retirees from around the world will have the chance to apply for the new Dubai retirement visa. According to the General Directorate of Residency and Foreigners Affairs (GDRFA) in Dubai, the five-year retirement visa allows Dubai residents and citizens from around the world to live in the emirate provided they meet certain criteria.

Major Salim Bin Ali, Director of the Amer Department for the Happiness of Customers at the GDRFA in Dubai, told Gulf News that applying for the retirement visa is very simple and can be done if the person secures one of three conditions. “If a person owns a property of Dh2 million inside the UAE, or a fixed deposit in a bank of no less than Dh1 million in cash or a fixed retirement salary of no less than Dh20,000, then he or she will be eligible to enjoy the retirement visa,” Maj Bin Ali said.

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Major Salim Bin Ali Image Credit: Clint Egbert/Gulf News

He pointed out that if a retired employee can prove to the authority through a bank letter, that he or she receives no less than Dh20,000 monthly retirement income from his former place of work, the residency visa will be granted. The visa is valid for five years with the possibility of renewing it if they meet the eligibility criteria.

On September 2 this year, His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, launched the initiative for retirees from around the world to apply for a retirement visa in Dubai.

Applications can be submitted under the “Retirement in Dubai” programme, which is the first of its kind in the region and the result of cooperation between Dubai Tourism and GDRFA-Dubai. Anyone seeking to retire in Dubai must be aged 55 or older.

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Critria for retirement visa

The applicant must have a valid health insurance that is covered in the UAE. The insurance must be purchased before the visa application is submitted.

The candidate must also fulfil one of the following three financial requirements:

Have a monthly income of Dh20,000

Have cash savings of Dh1 million in a bank

Own a property in Dubai, valuing at least Dh2 million