After a successful career in Dubai, retiring and leaving the country requires careful planning to ensure a smooth transition. Here is a step-by-step guide covering all essential formalities to avoid legal or financial complications.
1. Close Bank Accounts
As per Article 9(b) of UAE Central Bank Regulation No. 29/2011, all bank accounts must be closed before departure.
- If the account has been open for more than a year, banks must close it without penalties.
- The closure process should be completed within seven days of submitting the request.
- Failure to do so could affect financial standing and create future liabilities.
2. Cancel Family and Dependent Visas
All residency visas under sponsorship must be cancelled before leaving the UAE.
- This includes visas for spouse, children, and domestic workers.
- Ensure this process is completed in advance to avoid fines or delays.
3. Manage Tenancy Agreements and Property Handover
According to Article 14 of UAE Law No. 33 of 2008, tenants must:
- Provide their landlord at least 90 days' notice before the lease expires.
- Settle any outstanding rent and utility payments.
- Return the property in good condition and obtain written confirmation from the landlord acknowledging receipt of the property and keys.
4. Clear Credit Card and Loan Payments
- Settle all outstanding debts before leaving the UAE.
- If debt exceeds AED 10,000, banks may file a travel ban or initiate legal proceedings.
- Unpaid dues could lead to an arrest warrant, so ensure all financial obligations are cleared beforehand.
Final Checklist Before Leaving
- Bank account closed
- Visas cancelled for self and family
- Tenancy agreement settled
- All debts and credit card dues cleared
- Utility bills and subscriptions cancelled
By proactively managing these key areas, it is possible to retire and leave the UAE without complications, ensuring full compliance with legal and financial requirements. If unsure about any process, consult relevant authorities or legal professionals for assistance.
News Source: Khaleej Times
