The UAE government has approved the final amendments to its residency visa for retired foreigners in a bid to attract high net worth individuals to the country.
As part of the scheme, if the retiree fulfils one of the following criteria, they will be eligible for retirement residency:
- Have a single property or more than one property worth AED1m (£200,000, $270,000, €240,000) – the valuation will be carried out by the relevant entity in each Emirate; or
- Have a bank deposit of no less than AED1m; or
- Have an active income of no less than AED180,000 per annum.
The UAE cabinet said that it is “a move that would contribute to attracting this valuable category and support the UAE efforts to achieving more flexibility in terms of residency laws and visa requirements”.
Sheikh Mohammed said in on social media on 9 November 2021: “We approved the conditions for granting residency to an expat retiree. We welcome everyone to our country.”
This comes at a time where the UAE has been keen to open its borders to more individuals and families through visa schemes. It recently approved a green visa and entrepreneur visa for expats.
