UAE Introduces 5-Year Residency Visa for Retirees
The Federal Authority for Identity, Citizenship, Customs, and Port Security (ICP) has unveiled new guidelines for issuing residency and identification cards to retired residents in the UAE. Among these is a renewable 5-year residency visa designed for expatriates aged 55 and above.
Eligibility Criteria for the 5-Year Residency Visa
Expatriates aged 55 or older can apply for the visa by meeting the following requirements:
- Work Experience: A minimum of 15 years of professional experience, either within the UAE or internationally.
- Financial Requirements:
- Ownership of property valued at AED 1 million or more.
- Savings of at least AED 1 million.
- A monthly income of at least AED 20,000 (AED 15,000 in Dubai).
- Bank Statement: Submission of a six-month bank statement is mandatory.
The visa can be renewed for an additional five years, provided the applicant continues to fulfill these conditions.
Application Process
The ICP has outlined the steps to apply for the residency visa and UAE ID card through its official website or the UAEICP smart application:
Steps to Apply for UAE ID and Residency Services
- Log in using your UAE Pass credentials.
- Navigate to the “UAE ID and Residency Services” section.
- Review and update the retrieved information as necessary.
- Complete the process by paying the applicable fees.
- Receive your ID card through approved delivery services.
Special Regulations for Retirees in Dubai
In addition to federal guidelines, Dubai offers a dedicated program to attract retirees, allowing them, their spouses, and dependents to apply for a renewable 5-year residency visa.
Eligibility for Dubai’s Retiree Program:
Applicants must be at least 55 years old and meet one of the following financial conditions:
- Option 1: An annual income of AED 180,000 or a monthly income of AED 15,000.
- Option 2: Financial savings of AED 1 million in a fixed deposit for 3 years.
- Option 3: Investment in an unmortgaged property worth AED 1 million.
- Option 4: A combination of savings and property investment totaling at least AED 1 million, with AED 500,000 allocated to a fixed deposit for 3 years and AED 500,000 invested in property.
Goals of the Initiative
These new regulations aim to provide greater flexibility and security for retirees seeking to settle in the UAE, offering an attractive option for expatriates to enjoy their retirement in a stable and welcoming environment.
