The United Arab Emirate’s government through a law has allowed foreigners to obtain long-term residencies in the Emirates after they retire, the prime minister Sheikh Mohammed bin Rashid Al-Maktoum said on Sunday.
It was announced on official Twitter account of Dubai Media Office. It is part of the UAE government’s drive to boost economic growth in the country.
The law will provide special residency-visa privileges for expatriate retirees over the age of 55 years for a period of five years, with the possibility of renewal, according to specific conditions.
The law, which will be in effect from 2019, “outlines the requirements to qualify for the long-term visa such as having an investment in a property worth AED2 million ($544,000), or having financial savings of no less than AED1 million, or having an active income of no less than AED20,000 per month.”