The UAE Cabinet on Tuesday announced that it will grant residency to high-net worth expat retirees in a bid to ensure the growth of the region.
The authorities amended the laws to grant residency visa to more expat retirees by fulfilling one of the following criteria:
– Expat retirees who a single property or more than one property worth Dhs1 million (evaluation to be carried out by the related entity in each Emirate)
– Expat retirees who have a bank deposit of no less than AED1 million, or an active income of no less than Dhs180,000 per annum
RELATED STORY: UAE Cabinet amends retirement visa for expats; now with lower savings, income criteria
In September 2018, the UAE Cabinet approved a law to provide retired residents over the age of 55 a long-term renewable visa for a period of five years and the new amendment would help attract high net worth individuals to the UAE.
These criteria used to be a monthly income of AED20,000, savings amounting to at least AED1 million, property in Dubai worth AED2 million.
Around eight million expats work in the UAE and retired ones could contribute to the growth in the tourism sector. (AW)
Expat retirees to get UAE residency visa
Source: Pinoy News Udpates PH
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