The UAE has approved a new visa scheme for retired expats under which they can now stay in the UAE after retirement. The new visa scheme was approved by the Cabinet, on Tuesday during meeting chaired by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai.
The move would support the UAE’s efforts to “achieving more flexibility in terms of residency laws and visa requirements”.
As per the amendments, retirees fulfilling one of the following criteria will be eligible for retirement residency:
Property worth Dh1 million (evaluation to be carried out by the related entity in each Emirate)
A bank deposit of no less than Dh 1 million
An active income of no less than Dh180,000 per annum.
The new amendments were announced by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.
“We welcome everyone to our country,” Sheikh Mohammed said in a Tweet after chairing a Cabinet meeting at the Expo 2020 site.
Source: Khaleej Times