UAE expats to be granted five-year retirement visa
From 2019, expats over 55 years old will be eligible to secure a five-year retirement visa, provided they meet certain criteria.
The criteria outlined mean that residents can apply for the retirement visa if they have an investment in a property worth Dhs2 million, have financial savings of no less than Dhs1 million, or have an active income of at least Dhs20,000 per month.
The decision was announced at a UAE cabinet meeting yesterday, chaired by His Highness Sheikh Mohammed bin Rashid Al Maktoum, the Vice President, Prime Minister and Ruler of Dubai.
It comes several months after the Dubai Ruler announced a host of sweeping visa changes, which included granting a ten-year visa to certain professionals and investors.
In further announcements yesterday, the cabinet has ordered a reduction in fess of electricity consumption for industrial factories. Launching in the last quarter of this year, the fee reduction aims to further support the industrial sector.
The Cabinet also approved the launch of the “one-day court” system to speed up the ruling in minor criminal offenses.