The UAE government approved a Law to provide retired persons over the age of 55 with a residence visa for a period of 5 years (renewable).
On 2 September 2020, the new visa scheme was announced and launched.
For retirees to be eligible for a 5 year (renewable) retirement visa, they must meet one of the following criteria:
- Real estate investments valued at more than AED 2 million;
- Financial savings of at least AED 1 million; or
- Minimum monthly income of AED 20,000.
The visa may be renewed for subsequent periods of 5 years assuming that the eligibility criteria continues to be met.
This retirement visa scheme is a welcome initiative and will encourage retired expatriates to remain connected to the UAE for longer periods.