UAE 5-Year Retirement Visa: Residency by Property Investment
There are 3 options: Property Investor visa 2 years, Golden visa 10 years and Retirement visa 5 years.
Retirement visa based on property – 5 years
Retirement visa has 2 basic requirements: 55 years of age and 15 years of work experience inside or outside the UAE.
If you meet these, you have 3 options how to qualify: to buy property worth AED 1 million (twice less than a Golden 10-year via), or to invest the same amount of your savings to a UAE bank or financial institution, or to have income of AED 240,000 per year from inside or outside the UAE, such as pension or dividends. The latter, income, is lower in Dubai, AED 180,000 per year.
Once the visa is issued (by the Federal authority), it allows to live anywhere in the UAE for 5 years.
This page focuses on the property option.
How much is the minimum investment in Dubai property for retirees?
The minimum value of property must be AED 1,000,000, equivalent of GBP 200,000 or USD 270,000. It is twice less than AED 2 million required for a Golden 10-year visa. It is less expensive to qualify for, but only available for those aged 55 years and older.
How much is the minimum investment in other emirates?
The same amount is required for all emirates, AED 1 million, equivalent of GBP 200,000 or USD 270,000.
Can it be several properties.
Yes.
Can it be on a mortgage?
Yes.
Can it be off-plan property?
No. For an off-plan purchase you can consider a Golden visa. You can also purchase an off-plan property, but qualify for this visa with one of the other 2 options, such as income of AED 180,000 per year in Dubai (AED 15,000 per month) or AED 240,000 per year (AED 20,000 per month) in other emirates.
Will I pay tax if I rent it out if I own a property in my name?
If you own a property in your personal name and receive rental income, it won’t be taxable in the UAE because there is no income tax. It may be added to your personal tax liability in your home country or in a country where you are a tax resident.
Can I purchase a property in my company’s name?
No, it has to be in your personal name. Company ownership is not acceptable for the purpose of this visa, even if the company is 100% owned by you. Does not make a difference where it is a free zone, offshore company etc. In general, your company can own a property, but it cannot qualify you for this visa.
Will I pay tax when buying a property?
Yes, 4% tax in Dubai, 2% in Abu Dhabi.
Will I pay Capital Gains Tax when I sell my property?
There is no Capital Gains Tax in UAE, so you won’t pay it if you sell a property owned in your personal name. You may incur a personal CGT in your home country or a country of your tax residency.
Is there Inheritance tax?
No, there is no inheritance tax in UAE. There may be some fees to transfer ownership to another person’s name.
What types of property can I buy and where?
Foreign nationals can buy in designated "Freehold Areas" in Dubai and UAE.
How do I get Emirates ID and a bank account?
We can help with the Emirates ID process, we have also a page here on how to do it yourself. There is a digital WIO bank with multi-currency accounts (like Wise or Revolut) once you have your Emirates ID. You can also deal with a more traditional bank, like Emirates NBD.
What does my visa allow to do? Can I work in the UAE?
Yes, you can keep your visa and also work for someone else, including a shop or a company on the mainland. You can keep your own visa, but your employer has to get a work permit to employ you.
Can I work as a freelancer?
The visa does not provide automatic work rights, but you can work as a freelancer if you apply for a freelance permit from a free zone, like IFZA or Meydan. It is like a business licence for a one-man business.
Do I also need income or savings to qualify for this visa?
If you are buying a qualifying property, you do not need additional evidence of income or savings.
How much time do I have to spend in the UAE to keep this visa?
Generally, you have to return to the UAE every 6 months. If you do not return within 180 days, you would need a re-entry permit from the immigration authorities to come back. If you wish to spend less time in the UAE, you can do that on a Golden visa that doesn’t have a 180-day rule.
Can I renew this visa?
Yes, if you continue to meet the requirements, such as continue to own a property in the UAE.
Will I have to do a new Emirates ID and medical, or can I keep the same one?
You will have to apply for a new visa, do a new medical and obtain a new Emirates ID. Then update your bank, phone company etc, with your new EID.
What is included in the medical test for a visa?
X-ray for Tuberculosis and blood test for HIV.
Can I include my family as dependants?
Yes, you can include your spouse. You can include unmarried daughters of any age and unmarried sons up to the age of 25.
Can dependants work in the UAE?
Yes, but subject to the employer obtaining a work permit. Dependant visa remains intact, so the employer applies only for work permit part.
Can I set up a business in a free zone?
Yes, you can, you don’t have to change your property visa, it will be independent on the business. However, if you wish to run your business on the daily basis (not just be a silent partner), you will need a work permit from the free zone.
Can I switch from another UAE visa?
Yes, you can.
Can I come as a tourist and switch to this visa inside UAE?
Yes, you can. Makes a massive difference from the UK where visitors cannot switch a status. Once in the UAE, you can apply for a change of status if you meet the requirements.
This page is only for information and does not constitute a formal legal advice. For a tailored advice regarding Dubai or UAE residency, please contact us.
Is Dubai Retirement visa the same as Golden visa?
Officially, it is a residence for the retired and not a part of Golden visa programme. It is sometimes called a Retirement Golden visa unofficially, because it has similarities and offers more benefits, compared to the standard 2-year working visas.
Is Dubai Retirement visa the same as permanent residency?
No, Dubai / UAE Retirement visa is valid for 5 years. UAE does not offer a permanent residency status, unlike the UK Indefinite Leave to Remain or the USA Green Card. Instead, a Retirement visa can be renewed subject to maintaining property or investments of AED 1 million or the required minimum income.