Now, the UAE will be allowing expats to get an extension on their residency visas after they have retired. Such a major shift in policy is aimed at enabling expats gain a larger stake in the UAE’s economy as well as improving growth in the long term.
In the United Arab Emirates, over 80% of the nation’s population is filled with foreign residents from every corner of the world. For decades, those expats have been critical to the economy. The expats have not only worked in the nation but also spent their money and purchased homes. However, they could only remain in the UAE while they were still working under the new rules.
As per the new law, foreign expats nearing retirement with a minimum age of 55 are now capable of choosing a longer residency visa. They can renew this visa after 5 years. To be eligible for this visa, the retiree will need to possess a property investment that has a worth of a minimum of 2 million dirhams or a savings of 1 million dirhams at least. Alternatively, they will need to be earning 20,000 dirhams at least per month.
At the movement, expats living in the UAE enter their retirement at 60 years of age. However, there is an option which they can use to keep working till 65 years of age.
This decision is the latest measure that has been implemented for improving the long term growth of the UAE. The move was the latest in a number of changes in visa rules. In May 2018, UAE announced that investors as well as specialists such as engineers and doctors, along with their families, will be getting UAE residency visas with a validity of up to 10 years. This visa scheme is also applicable to the top performing students in the nation.