The United Arab Emirates is now going to allow expats to extend their residency visas after their retirement. This is a major shift the UAE policy and it is aimed to allow expats a larger stake in the nation’s economy while promoting growth in the longer run.
The fact is that over 80% of the population in the UAE is comprised of foreign residents from all over the world. For decades, these expats have been the backbone of its economy. They have worked in the UAE, spent their money there and even bought homes. However, under previous rules, they were allowed to stay in the UAE as long as they were able to work.
Under the new law, foreign expats, who are facing retirement and are above the age of 55 years, can apply for a longer residency visa. This visa can be renewed after a period of 5 years. In order to qualify, the retiree needs to have a property investment with a worth of 2 million dirhams at least. Alternatively, their savings must be 1 million dirhams at least or they need to have a monthly income of at least 20,000 dirhams.
Currently, expats in the UAE are expected to enter retirement at the age of 60. However, they do have an option to continue working until they are 65.
This decision from the UAE is the latest in a range of measures that have been designed to improve the long term growth of the nation. The move was the latest in a series of visa rule changes. In May this year, it was announced that investors and specialists such as doctors and engineers, including their families, will receive UAE residency visas valid for up to 10 years. Top performing students are also eligible for the 10-year visa scheme.