The United Arab Emirates government has published the official requirements for foreigners seeking a retirement residence permit, with minimum savings as a key eligibility factor. To qualify, applicants must be at least 55 years old or have completed a minimum of 15 years of service, whether inside the UAE or abroad.
Financial Conditions for UAE Retirement Residency
Beyond the age or service requirement, applicants must meet at least one of two financial conditions. The first option allows qualification by owning real estate in the UAE valued at no less than AED 1,000,000 (approximately ₦450 million), based on purchase price or market value as assessed by the relevant authority in the concerned emirate.
Alternatively, an applicant can hold a financial deposit of at least AED 1,000,000 (approximately ₦450 million). If the deposit is held abroad, it must be transferred to a financial institution inside the UAE within 60 days of the permit being issued, unless the applicant chooses to invest the equivalent amount within the country instead.
Second Financial Route: Annual Income Requirement
The second financial route available to applicants is a fixed annual income of no less than AED 240,000 (approximately ₦108 million), or its equivalent in a foreign currency. The income can come from inside or outside the UAE, but applicants must submit bank statements covering the six months before they apply.
Mortgaged Property Accepted
The UAE government also made provision for applicants whose qualifying property is under a mortgage. A mortgaged title deed will be accepted, provided that the amount already paid toward clearing the mortgage is at least AED 1,000,000 (approximately ₦450 million) at the time of submitting the application.
In a related story, Legit.ng reported that the UAE had listed three categories of foreigners eligible for the Green Residence Permit without a sponsor. Additionally, the UAE had mentioned two categories of foreigners who can get the job opportunity visa without a sponsor. The conditions for the job opportunity visa specify that applicants must hold at least a bachelor's degree or its equivalent, meet one of two eligibility criteria, and satisfy a financial security requirement before the visa can be approved. The job opportunity visa is designed to allow skilled foreign nationals to enter the UAE and search for employment without needing a job offer or sponsor before arrival.
