The UAE Cabinet updated the regulations on November 9, 2021, to allow ex-pat retirees to apply for residency. His Majesty The Cabinet meeting at Expo 2020 Dubai was headed by Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the United Arab Emirates and Ruler of Dubai. In one of his tweets, His Highness welcomed everyone to the Emirates.
Eligibility Criteria For Retirement Residency
According to the amendment, a retiree will be eligible for retirement residency if he or she meets one of the following conditions. The conditions include a single property of Dh1 million or more, or multiple properties worth Dh1 million. Also, keep in mind that each Emirate’s connected entity will push for the review. Alternatively, a Dh1 million bank deposit is required. Or a yearly active income of at least Dh180,000.
The Amendment Will Promisingly Strengthen The Growth Of Tourism
The UAE Cabinet had already approved a measure in September 2018 that would grant retired people over the age of 55 a five-year long-term renewable visa. The change would help to recruit this important group. Also, support the UAE’s efforts to achieve greater flexibility in terms of residency laws and visa requirements. The programme will make a significant contribution to the expansion of tourism. Not only that, but the UAE also attracts high-net-worth individuals. In the UAE, there are an estimated eight million expat employees. Furthermore, a sizable section of the white-collar community is expected to desire to retire in the UAE.
Expat retirees would undoubtedly make a significant contribution to the tourism industry. Receiving relatives and friends and continuing to live the high-quality lifestyle they have grown to expect.
Retire In Dubai
Dubai Tourism, in partnership with the General Directorate of Residency and Foreigners Affairs, launched the ‘Retire in Dubai’ project in September 2020. Residents of the emirate who are approaching retirement age can apply for a five-year renewable retirement visa. Spouses and dependents of expats are eligible for the visa under Dubai Tourism’s scheme.
It would be normal if they had the resources and the time. These retirees travel not only to see family and friends, but also to greet them. This additional revenue source benefits airlines, hotels, destinations, and other entertainment venues. If the retirees had returned to their native countries, this information would have been lost.