Abu Dhabi: The United Arab Emirates (UAE) on Tuesday announced a new residency visa for retired ex-patriates living in the country.
Vice President, Prime Minister, and Ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum, took to Twitter to make the announcement after a UAE Cabinet meeting at Expo 2020 Dubai.
“Today, we approved the requirements needed to grant retired foreigners residency visas. This will allow retirees to continue their stay in the UAE. We welcome everyone in our country,” he tweeted.
Who are eligible?
- Investing in a property worth one million dirhams.
- Have financial savings at least one million dirhams.
- Have an active income of at least 180,000 per annum.
In September 2018, the UAE Cabinet approved a law to provide retired residents over the age of 55 a long-term visa for a period of 5 years. The visa may be renewed if the eligibility criteria are met.
In order for a retiree to be eligible for a 5-year renewable retirement visa, they must meet one of the following criteria:
- Investing in a property worth two million dirhams.
- Have financial savings of at least one million dirhams.
- Have an active income of at least 20,000 dirhams per month.
Other announcements approved at Cabinet meeting
The Cabinet has also approved a proposal submitted by the Ministry of Interior to start testing self-driving cars on UAE roads.
“The UAE will be the first country in the Middle East and the second globally to test self-driving cars on its streets. Our goal is to make this type of vehicle safer and more reliable. We are awaiting the MoI report, in coordination with the Artificial Intelligence Office, to review the results of testing self-driving cars and take an appropriate decision accordingly,” Rashid Al Maktoum tweeted.
The Cabinet has also adopted a federal government special funds policy, whereby government institutions, according to certain controls and standards, can establish financing funds that serve their development programs.
The goal of the policy is to promote the productivity and flexibility of government work, thus achieving better results.