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, with the possibility of renewal, if eligibility criteria is met.
The new law will be effective starting year 2019.
For a retiree to be eligible for a 5-year renewable retirement visa, he must fulfill one of the following criteria:
- invest in a property worth AED 2 million
- have financial savings of no less than AED 1 million
- have an active income of no less than AED 20,000 per month.
The visa is valid for 5 years with the possibility of renewing it if they meet the eligibility criteria.
Source: Emirates News Agency-WAM
Updated on 22 Oct 2018