With a new visa scheme announced, residents and foreigners above 55 years old may apply for the five-year retirement visa, launched by the Dubai Tourism and the General Directorate of Residency and Foreigners Affairs. The retiree has to have a monthly income of Dh20,000 from investments or pensions; or Dh1 million in savings; or property in Dubai worth Dh2 million.
In the initial phase, the programme will focus on UAE residents working in Dubai who have reached retirement age. The programme offers long-term residents of the city who are familiar with Dubai’s value proposition an easy and hassle-free retirement option. Dubai’s close proximity with the native countries of a large majority of residents makes it a convenient retirement destination for them.
Dubai was recently ranked first in the Middle East and North Africa region and 11th globally among the top 20 most popular destinations for venture capital investments for 2020. This validates the strengths of Dubai’s investment environment and its success in creating new opportunities despite the challenges caused by the pandemic.
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