On 16 September 2018, the UAE Cabinet approved a law to provide special residency-visa privileges for expats ‘retirees’ over the age of fifty-five years, and enable them to obtain a five years residence visa, renewable.
Who is eligible for the new scheme?
- Expats ‘retirees’
- Over the age of 55 years, and
- Able to evidence any of the following:
- Real estate investment in a UAE of a minimum market value of Dh2 million, or
- Financial savings of no less than Dh1 million, or
- Proof of an income of not less than Dh20,000 per month.
When will the new scheme enter into effect?
The law will be in effect as of 2019, with an anticipated roll-out in Q1.
Other major Cabinet decisions on Immigration and Labour law announced this year
- UAE-RUSSIA Visa waiver: The Cabinet also approved an agreement between the UAE and the Russian Federation on the mutual exemption of visa requirements for citizens of both countries.
- Abolished mandatory bank guarantee for labour recruitment and replace it with a low-cost insurance system
- New visa facilitation procedures for visitors, residents, families & people overstaying visas adopted
- Approved UAE exemption of transit passengers from all entry fees for first 48 hours approved. Transit visa extension for up to 96 hours for a fee of Dh50
- New six-month visa introduced for job seekers who overstayed their visa but wish to work in the country
- 10 years visa for professionals such as doctors, engineers, specialists working in medicine, science, research and technical fields
- Approved five-year visas for students and 10-year visa for “exceptional” graduates
View our Factsheet
Originally posted by M/HQ