Bayut Real Estate Bytes – All about Dubai’s retirement visa scheme
- About the Dubai retirement visa
- Eligibility criteria for retirement visa
- Advice for first-time investors
We’re back with another episode of Bayut Real Estate Bytes, where our host Dr Mahmoud El Burai engages with industry experts to discuss the latest developments in the UAE’s real estate market. Our new episode takes a closer look at the five-year Dubai retirement visa for expat and foreigners, which allows them to make this emirate their forever home!
In this episode, Dr Mahmoud Al Burai is joined by Ayham Al-Maghribi, Legal Expert and Advisor and Ismail Al Hammadi, Founder and President of Al Ruwad Real Estate.
Watch the latest episode of Bayut Real Estate Bytes below or keep reading for highlights from the episode.
What is the new Dubai retirement visa and its benefits for retirees?
The episode began with Ayham Al-Maghribi explaining Dubai’s retirement visa scheme for expats, known as the ‘Retire in Dubai’ programme. This is done in collaboration with the Department of Tourism and Commerce Marketing in Dubai (DTCM) and the Federal Authority of Identity and Citizenship (FAIC).
For those keen to live in Dubai post-retirement, this visa has a validity of five years and is exclusively for retirees aged 55 years and above. If they meet certain financial conditions, retirees can enjoy a five-year renewable residence visa, allowing them to enjoy Dubai’s family-oriented lifestyle and safe environment.
According to Ayham Al-Maghribi, both current expat residents of the UAE and foreign nationals residing abroad can apply for the Dubai retirement visa. They can do so provided that they meet any one of the financial requirements for the Dubai retirement visa:
- Own property worth at least AED 2M
- Have savings worth at least AED 1M
- Have a fixed monthly income of at least AED 20k
There is also another option for applicants, which is to have a combination of property investments and savings worth at least AED 2M.
Those who invest in Dubai’s real estate market to apply for the retirement scheme will benefit from the UAE’s world-class infrastructure, its ideal East-meets-West location and largely tax-free environment, elaborates Ismail Al-Hammadi.
Are there additional conditions to be eligible for the Dubai retirement visa?
There are some factors and conditions of the Dubai retirement visa to keep in mind before applying to the new scheme.
Ayham firstly clarified that this retirement visa scheme is currently only being offered in Dubai. However, applicants for the retirement visa are not just limited to expats who are already residents of Dubai.
Applicants above the age of 55 years who have retired in another country can also apply to the ‘Retire in Dubai’ scheme. To do so, they will need to enter the UAE on a visit visa and then provide evidence of meeting any of the necessary financial conditions. Such applicants should contact the concerned authority for more details on the process and requirements.
Ayham Al-Maghribi also provides more clarity on the conditions for the Dubai residence visa after retirement. For instance, retirees can apply for the residence visa if they purchase property using a loan; however, they will also need to submit approval from the Dubai Land Department and an NOC from their bank.
Moreover, retirees who own commercial or residential property in Dubai are eligible to apply for the retirement scheme, provided the investment is worth AED 2M and above.
However, applicants must bear in mind that residents are not allowed to establish a company if they are on the retirement visa in Dubai. Additionally, if retirees wish to take out a loan, this will depend on the bank’s decision, as it is the relevant authority in such cases.
Advice for first-time investors in Dubai’s property market
This episode of Bayut Real Estate Bytes also offered valuable advice and insights for first-time buyers in Dubai.
Ayham Al-Maghribi elaborates that real estate prices have become more affordable due to the COVID-19 pandemic, offering a lucrative opportunity for investors to capitalise on. But he also reveals that property prices in Dubai have taken an upward trend in the last two months, making this a suitable time to invest in real estate.
“The return-on-investment in Dubai is also high compared to European countries, due to the large number of real estate projects,” says Ismail Al-Hammadi, commenting on Dubai’s appeal as a global investment destination.
However, he also stresses that it’s essential to study the different areas before making a property investment in Dubai. This can be done using Bayut’s comprehensive Area Guides and Building Guides, which provide detailed information on popular neighbourhoods and towers. There are also an array of residential property types in Dubai, from villas to hotel apartments and townhouses. It’s important for buyers to consider the various property types available, to choose the right investment property for them.
Additionally, Ayham Al-Maghribi clarifies that property ownership does not guarantee a lifetime residence visa in Dubai, as some mistakenly assume. Instead, applicants with an investment portfolio worth at least AED 10M may be eligible for the 10-year residency visa, however this is subject to approvals from the relevant authorities in Dubai.
That concludes our highlights of the latest episode Bayut Real Estate Bytes on the new Dubai visa for retired residents. As you can see, this retirement visa scheme is an excellent choice for expats looking to make this city their long-term home.
You can learn more about the different residence visas for real estate investors in Dubai, including the 10-year and 5-year visas.
Foreign nationals can buy property in designated freehold areas in Dubai, which offer a wide choice of apartments, villas and townhouses in commercial and leisure hubs. Here’s how to invest in Dubai real estate.
Stay tuned to MyBayut for more discussions with leading Dubai’s property market experts!
