Muscat: The United Arab Emirates (UAE) will now allow expats to obtain long-term residency visas after they retire, in a major policy shift as the government of the seven-state federation looks to bolster economic growth.
The new law goes into effect in 2019.
According to the online statement by Dubai Media Office, “The UAE Cabinet approved a law to provide special residency-visa privileges for expats retirees over the age of fifty-five years for a period of five years, with the possibility of renewal, according to specific conditions.”
However, people who can apply for this visa need to have certain qualifications. “In effect as of 2019, the law outlines requirements to qualify for the long-term visa such as having an investment in a property worth AED2 million, or financial savings of no less than AED1 million, or having an active income of no less than AED20,000 per month,” the statement added.