The UAE will offer 5-year visas to expats aged over 55 who meet certain criteria in yet another relaxation of the region’s visa regulations.
Who can apply?
This Retirement Visa will be available for expats who are over the age of 55 and have retired from working.
What are the criteria?
Applicants must be over the age of 55 and retired. They must also meet one of the following criteria:
1. Have investments in real estate worth over AED 2 million (~£415,000.00);
2. Have financial savings of not less than AED 1 million (~£208,000.00); or
3. Provide proof of a monthly income of over AED 20,000.00 (~£4,150.00).
How long is the visa valid?
The visa will be valid for 5 years, providing that one or more of the above criteria is continually met. Initial indications are that the visa will possibly be renewable.
When can I apply?
The UAE cabinet recently announced that the application process will open sometime in 2019.
Who will benefit?
Given the age requirement, the new retirement visa will benefit those who wish to continue to reside in the UAE full time without the more stringent criteria imposed by work visas.
For further information on Retirement Visas or for any other legal queries, please contact Victoria Smylie on +971 4 343 8897