The United Arab Emirates (UAE) has announced new regulations allowing expatriate retirees aged 55 and above to apply for a 5-year residency visa.
This move aims to provide greater flexibility for retirees who wish to live in the country after their working years.
The Federal Authority for Identity, Citizenship, Customs, and Port Security (ICP) introduced the new residency and ID card regulations for retirees, UAE-based Gulf News reports.
The new visa will allow retirees to stay in the UAE for five years and can be renewed if the applicant continues to meet the specified requirements.
Qualification for this visa requires the applicant to have worked for at least 15 years, either inside or outside the UAE.
The individual must also own property worth at least Dh1 million, have savings of at least Dh1 million, or receive a monthly income of at least Dh20,000 (or Dh15,000 in Dubai).
A bank statement from the last six months is also required to verify their financial status. The ICP also outlined the application process for a residency permit and UAE ID card for retired residents through its official website and the UAEICP smart application.
The application can be completed through the official ICP website or the UAEICP smart application, applicants will need to log in using their UAE Pass, select the appropriate residency and ID services, and then review and update their data.
After this, the required fees must be paid, and the residency card will be delivered through approved companies.
The Dubai programme allows foreign nationals, their spouses, and dependents to apply for a renewable 5-year residency visa, provided certain financial conditions are met.
The applicant must be at least 55 years old and meet one of the following financial criteria including an annual income of at least Dh180,000 or a monthly income of Dh15,000, financial savings of Dh1 million in a fixed deposit for three years, or investment in unmortgaged property worth at least Dh1 million,
Others are combinations of the second and third options, totaling Dh1 million, with at least Dh500,000 allocated to a fixed deposit for three years and the remaining Dh500,000 in the property.
These options aim to offer retirees flexibility in meeting the financial requirements for long-term residency in Dubai.
Reports reveal that the UAE has been focusing on attracting long-term residents, including retirees, through various visa programmes to support economic growth and community stability.