The retirement visa would be renewable every five years Retirees need to meet one of three financial requirements for eligibility DUBAI: The Dubai government announced Wednesday a retirement program that offers resident expatriates and foreigners the chance to retire in the emirate. The “Retire in Dubai” scheme would allow eligible residents aged 55 and over to apply for a retirement visa that would be renewable every five years. The scheme is thought to be the first of its kind in the region. Retirees need to meet one of three financial requirements for eligibility: earning a monthly income of 20,000 dirhams ($5,500); having savings of 1 million dirhams; or owning a property in Dubai worth 2 million dirhams. To start with, the program will focus on residents working in Dubai who have reached retirement age. Applicants must have valid UAE health insurance. The program is being spearheaded by Dubai Tourism in collaboration with the General Directorate of Residency and Foreigners Affairs. Helal Saeed Al-Marri, Dubai Tourism’s director general, said it was launched to “further enhance Dubai’s position as an iconic global city and make it the world’s most preferred lifestyle destination.”“The retirement programme will contribute towards our tourism economy by facilitating frequent visits from families and friends of the retirees and increasing visitation from markets with a high retiree population,” he said. Dubai, which is home to more than 200 nationalities, aims to become a preferred retirement destination to reinforce the emirate"s status as a preferred tourism and lifestyle hub.