UAE Approves New Visa for Retirees
Expat retirees will now be allowed to stay in the UAE, even after they have retired from their position. The country has just passed a new Visa law that allows expats over the age of 55 to remain, for a period of up to 5 years after they require with a possibility of extension should they meet certain requirements- including financial. Eight million expats are estimated to be living in the UAE and this opens up options for purchasing real estate and continuing the life they have benefited from during their career, especially since regulations state they must retire by 65. British expats that have spent their careers in Dubai see this as a huge benefit, as heading back to the UK may prove to be an unappealing option depending on Brexit final decisions.
For the UAE, this is an opportunity to maintain capital in the country as the financial requirements for the visa include a property investment of at least 2 Million Dirhams (€464,153.27) and a savings of no less than 1 Million Dirhams (€232,061.91) or a monthly income of no less than 20,000 Dirhams (€4,641.24).