Five-year visas allow retiring residents to stay

UAE residents aged 55 or over could be eligible for a fiveyear retirement from next year, if they meet a series of requirements.

The Cabinet yesterday approved a plan to allow non-Emiratis to remain in the UAE from next year. To do so they must have properties worth at least Dh2 million, or have at least Dh1 million in savings or an active income of more than Dh20,000 a month.

Details were set out after a meeting of the Cabinet chaired by Sheikh Mohammed bin Rashid, Vice President, Prime Minister and Ruler of Dubai. The decision follows a raft of similar changes this year to allow investors and key workers such as doctors or engineers access to long-term visas.

About eight million expatriates are estimated to be living and working in the UAE and a growing number of those are approaching retirement age.

Current regulations state they must retire at 65, with some jurisdictions imposing restrictions on visa applicants as early as 60. Under UAE law, all expats must also hold a valid health insurance policy. Should an individual choose to call the emirates home after retirement, no national benefits are provided by the government.

This makes it vital residents have a sustainablesource of income to cover living expenses after quitting work.

In other moves yesterday, the Crown Prince of Abu Dhabi formalised the Dh50 billion stimulus plan for the emirate under the Tomorrow 21 banner.