The UAE has come up with a new visa scheme for retired expats, wherein, they are now allowed to stay in the UAE post-retirement.
The announcement has been made following a cabinet meet chaired by HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai.
Sheikh Mohammed, in his tweet wrote “We approved today amending the conditions for granting residency visas for retired foreigners where they can continue to stay in the UAE. We welcome everyone to our country.”
As per the amendment, if the retiree fulfils any ONE of the following conditions, he/she would be eligible for the retirement residency.
The conditions include:
- The retiree should possess a single property or more than one property worth Dh.1million, the evaluation of which, would be carried out by the related entity in
- The retiree should have a bank deposit of at least Dh. 1 million
- An active income of at least Dh.180,000 per annum
Such an initiative is hoped to support the efforts by the UAE towards achieving more flexibility in terms of residency laws and visa requirements.