His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, on Wednesday launched launched an initiative for retirees from around the world to apply for a retirement visa in Dubai.

Applications can be submitted under the “Retirement in Dubai” program, which is the first of its kind in the region and the result of cooperation between Dubai Tourism and the General Administration of Residency and Foreigners Affairs.

Any resident or retiree outside of UAE and over the age of 55 can apply for the retirement visa via the website http://www.retireindubai.com.

There are terms and conditions for obtaining a retirement visa that is renewable every five years.

The conditions state that the retiree must have a monthly income of Dh20,000, which he earns from investments or pension, or has a balance of one million dirhams, or has real estate in Dubai of two million dirhams.