The UAE Cabinet has passed important decisions as part of the economic development promotion’s framework, including a new system that will allow for the first time, foreigners to obtain long-term residency visas after they retire, and that applies to retirees over the age of 55. The law will cover different categories of people who are wishing to stay whether they are employees, investors or others.
The system is supposed to allow expatriate workers of the UAE to remain in the country beyond the period of their work permit with the relative Institution in which they are employed.
The new facilities are designed in ways to provide long-term residency options and appropriate environment for retirees wishing to reside in the country for prosperity and investment purposes through a stable and high-quality financial and health system.
The new law, which goes into effect in 2019, includes the following provisions, according to the state-run WAM news agency: The extended residency visas would apply to retirees over the age of 55 and run for a period of five years, with the possibility of renewal; qualifications include having an investment in a property worth 2 million dirhams ($544,500), or savings of no less than 1 million dirhams or an active income of no less than 20,000 dirhams/month.
Source: (Al-Arabiya.net, Edited)
