UAE Announces Amount Foreigners Need to Earn Yearly to Qualify for Retirement Residency Permit
- The UAE government has set a fixed minimum annual income that foreigners must earn to qualify for a retirement residency permit
- Legit.ng learnt that applicants must submit a six-month bank statement to prove their income meets the required threshold
- Foreigners with mortgaged property can still qualify for the retirement residency permit, but must meet a specific payment condition on the mortgage value
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The UAE government has set a minimum fixed annual income of AED 240,000 (approximately ₦177.6 million) as one of the conditions foreigners must meet to obtain a retirement residency permit in the country.
Under the official requirements, any foreign national seeking a retirement residence permit in the UAE must show that their yearly income is at least AED 240,000 (approximately ₦177.6 million), whether the money comes from inside the UAE or from abroad.
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To verify this, applicants are required to submit a bank statement covering the six months immediately before the date they file their application.
UAE: Property ownership and mortgage conditions
Beyond the income requirement, the UAE government also addressed applicants who own real estate in the country but have not yet fully paid off their mortgage.
According to the official provisions, a mortgaged title deed can still be accepted as part of a retirement residency application, provided the amount already paid toward clearing the mortgage is not less than AED 1,000,000 (approximately ₦740 million) at the time of submitting the application.
This condition means that applicants whose properties are still under mortgage can qualify, but only if a significant portion of the mortgage has already been settled.
UAE retirement residency: Who the rules apply to
The requirements apply to retired foreigners seeking long-term residency in the UAE, a category that has attracted growing interest as the country expands its visa options for international residents. The income threshold is designed to ensure that applicants can financially sustain themselves throughout their stay without becoming a burden on public resources.
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UAE announces 2 categories of foreigners who can get job opportunity visa without a sponsor
The income can be sourced from pensions, investments, or any other legitimate stream, as long as the total meets the AED 240,000 (approximately ₦177.6 million) annual mark and is backed by verifiable banking records.
In a related story, Legit.ng reported that the UAE had revealed the minimum savings foreigners must have to qualify for the retirement residency permit.
UAE job opportunity visa without sponsor
Meanwhile, Legit.ng previously reported that the UAE had announced the categories of foreigners eligible for a job opportunity visa without a sponsor.
The conditions, published in the UAE's official legislation, 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.
Source: Legit.ng
