Secure your golden years: UAE reveals savings needed for retirement residency

This story has significance for readers across Kenya and beyond.

- The UAE government published the official conditions foreigners must satisfy to obtain a retirement residence permit in the country

- Applicants must be at least 55 years old or have completed a minimum of 15 years of work, either inside or outside the UAE

- A minimum savings threshold or fixed annual income is among the financial conditions applicants must clear to secure the permit

The United Arab Emirates government has laid out the full set of conditions that foreign nationals must satisfy to obtain a retirement residence permit, with financial thresholds taking center stage in the eligibility framework.

To begin the process, an applicant must either be 55 years of age or older, or have accumulated at least 15 years of working experience, whether that service was rendered within the UAE or in another country entirely.

Financial Conditions for the UAE Retirement Permit

For Kenyans considering retirement in the UAE, applicants must meet at least one of the required financial conditions in addition to the age or service requirement.

One option is to own property in the UAE worth at least AED 1 million (about KSh36 million).

The value can be based on the purchase price or the market value determined by the relevant authority in the emirate.

Alternatively, a Kenyan applicant can have a financial deposit of at least AED 1 million (about KSh36 million).

If the money is held in a bank outside the UAE, it must be transferred to a UAE-based financial institution within 60 days after the permit is issued, unless the applicant invests an equivalent amount in the country.

Applicants can also qualify through a fixed annual income of at least AED 240,000 (about KSh8.7 million) or its equivalent in another currency.

The income can come from Kenya, the UAE or another country, but applicants must provide bank statements covering the six months before applying.

Mortgaged Property Also Qualifies

The UAE government has made room for applicants whose qualifying property is still under a mortgage.

For Kenyan applicants, a mortgaged property can still qualify for the UAE retirement residency permit, provided they have already paid at least AED 1 million (about KSh36 million) toward the mortgage when they submit their application.

In a related story, TUKO.co.ke reported that the UAE had listed three categories of foreigners eligible for the Green Residence Permit without a sponsor.

UAE Job Opportunity Visa for Foreigners

TUKO.co.ke previously reported that the UAE had outlined two categories of foreigners who can obtain a job opportunity visa without requiring a sponsor.

Under that scheme, applicants must hold at minimum a bachelor's degree or its equivalent and meet one of two eligibility criteria, in addition to demonstrating financial security before the visa is approved.

The job opportunity visa is specifically designed to allow skilled professionals to enter the UAE and search for work without needing a confirmed job offer or local sponsor prior to arrival.

Source: Legit.ng

Reporting originally appeared via TUKO. Read the full source for additional context.