The United Arab Emirates (UAE) Announces New Residency Visa for Expat Retirees.
The UAE has introduced a new residency visa for retired expatriates living in the country.
This was disclosed by the Vice President, Prime Minister, and the Ruler of Dubai, Sheikh Mohammed Bin Rashid Al Maktoum, on Twitter after a UAE Cabinet meeting at EXPO 2020 in Dubai.
According to him, ”Today, we approved the requirements needed to grant retired foreigners residency visas. This will allow retirees to continue their stay in the UAE.”
Maktoum added that “as per the amendment, the retiree must fulfil one of the following criteria. If so, he or she will be eligible for retirement residency. The criteria are a single property or more than one property worth Dhs1 million (evaluation to be carried out by the related entity in each Emirate), or a bank deposit of no less than Dhs1 million, or an active income of no less than Dhs180,000 per annum.”
“The new move would contribute to attracting the retired category and support the UAE efforts to achieve more flexibility in terms of residency laws and visa requirements. The initiative will strongly contribute to the growth of tourism and also attract high-net-worth individuals to the UAE. There are around eight million expert workers in the UAE and it’s estimated that a sizable proportion of the white-collar community might want to retire in the UAE. We welcome everyone to our Country.” Maktoum stated.
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