DUBAI: The United Arab Emirates (UAE) has passed a law that allows expatriates to stay in the country after retirement if they own a property valued 2 million dirhams ($544,510).
The UAE Cabinet approved a law to provide special residency-visa privileges for expats retirees over the age of 55 years for a period of five years, with the possibility of renewal, according to specific conditions.
According to official news agency WAM, the system includes a five-year renewable visa for pensioners over the age of 55. In order to apply, the retiree must own a real estate investment worth Dhs2 million ($544,510), have financial savings of more than Dhs1 million ($272,255) or proof of income of more than Dhs20,000 ($5,445) a month.
Applications will be received from 2019. Current legislation provides for expatriates to leave when they reach the retirement age, between 60 and 65 years depending on the employer.