The UAE Cabinet has approved a new law allowing expatriates to stay in the Gulf country for a period of time after their retirement.
With the new law, retired expats over the age of 55 can still stay in the Gulf state for a period of five years, with the possibility of renewal, according to specific conditions, reported Dubai Media Office.
To qualify for the special residency visa privilege, retiring expats should qualify in at least one of the following:
– have an investment in a property worth AED2 million (Php29,463,436); or
– have financial savings of no less than AED1 million (Php14,731,718); or
– have an active income of no less than AED20,000 (Php294,634) per month.
The new law will be implemented starting 2019.
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.
— Dubai Media Office (@DXBMediaOffice) September 16, 2018
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. #UAE
— Dubai Media Office (@DXBMediaOffice) September 16, 2018
