Expats in the UAE will be allowed to stay back in the country for a "longer period of time" after retirement, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, has announced.
5-year residence visa announced in UAE: Terms and conditions
The visa will be provided to expat retirees over the age of 55 years for a period of five years under specific conditions:
1. The expat should have investment in a property worth Dh2 million, or,
2. Have savings of no less than Dh1 million, or,
3. Have an active income not less than Dh20,000 per month
UAE expats welcomed the move and see it having a positive impact.
"This is a boon for many who have lived in this country for decades, will help them plan long time in terms of investment as well as retirement" Vinay Varma, Owner, Royal Orchid Group tells Khaleej Times.
"The decision to allow expats to stay back in the UAE for a longer time after retirement is a great news," says Kamal Vachani, Group Director, Al Maya Group.
"I have been living in this country for the last 17 years. We belong to this country and this decision will keep many families together," Wajeb Al Khoury, Director of Line Investment, LuLu Group expresses.
"This is a major shift in policy. Giving expats the option to stay back after retirement will have a positive impact on the society and economy," emphasises Shaher Mousli, CEO of Arthur Mackenzy Properties Group.
Comments
The information is inaccurate. According to The General Directorate of Residency and Foreigners Affairs (GDRFA-Dubai) here are the requirement:
Granting a retired foreigner and his wife a residence for a period of (5 years) renewable without a sponsor; Provided that the beneficiary and his spouse have health insurance; And according to ALL of the 3 the following terms and conditions:
• He must be the owner of a real estate in the country not mortgaged to any party, with a value not less than two million dirhams. ·
• He must have a financial deposit in a bank in the country with a value of not less than one million dirhams.
• He must have proof that he has a monthly income of not less than twenty thousand dirhams or the equivalent in foreign currencies.
ALL OF THEM (3 CRITERIA)
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