A new five-year visa will allow expats to retire in the UAE

UAE to allow expats to retire under new five-year visa, the government has announced.

Workers aged over 55 years can apply for the permit as long as they met one of three criteria. The requirements include owning a real estate investment of at least Dhs2 million or having savings of Dhs1 million. Alternatively, applicants will need to show proof of an income of more than Dhs20,000 per month. The announcement is significant because under current rules, expats need to leave the country within 30 days of their employment visas being cancelled.
The new visa will be launched in 2019 and will be subject to renewal. The changes were revealed on Sunday (September 16) following a meeting of the cabinet, which is chaired by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. Other major announcements include a reduction in electricity charges for factories in a bid to boost the industrial sector. A "one-day court" system will also be launched to speed up rulings for minor criminal offences. Meanwhile, hospitals will now be subject to unified national standards covering everything from medicines to patient rights.

The #UAE Cabinet approved a law to provide special residency-visa privileges for expats retirees over the age of fifty-five years for a period of five years, with the possibility of renewal, according to specific conditions.

— Dubai Media Office (@DXBMediaOffice) September 16, 2018

In effect as of 2019, the law outlines requirements to qualify for the long-term visa such as having an investment in a property worth AED2 million, or financial savings of no less than AED1 million, or having an active income of no less than AED20,000 per month. #UAE

— Dubai Media Office (@DXBMediaOffice) September 16, 2018

وأقررنا اليوم نظام محكمة اليوم الواحد على المستوى الاتحادي .. وخطة جديدة لبناء قيادات الصف الثاني في الحكومة الاتحادية ..ومعايير وطنية موحدة للمستشفيات الحكومية والخاصة بالدولة ..تطوير حكومتنا مستمر ..وتعزيز مسيرة اقتصادنا لا يتوقف ..ورفع تنافسية بلادنا رحلة ليس لها خط نهاية pic.twitter.com/A3Y18qvFHH

— HH Sheikh Mohammed (@HHShkMohd) September 16, 2018