Dubai: The UAE government has announced a new residency visa for retirees. His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai announced the new scheme through his Twitter handle.
He said that the conditions for granting residency to an expat retiree have been approved by the UAE Cabinet. He revealed this after chairing the Cabinet meeting
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As per the new law, if a retiree owns a single property or more than one property worth Dh 1 million or a bank deposit of not less than Dh 1 million or an active income of not less than Dh 180,000 per annum, he/she will be allowed retirement residency in the UAE.
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— HH Sheikh Mohammed (@HHShkMohd) November 9, 2021
Earlier in September 2018, the UAE Cabinet had approved a law to provide retired residents over the age of 55 a long-term renewable visa for a period of five years. As per the data released by the UAE government there are more than eight million expat workers in the UAE and majority of the white-collar community want to spend their retired life in the UAE.
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