:quality(70)/cloudfront-eu-central-1.images.arcpublishing.com/thenational/YYTMW37FWAQEIBGEQTHVDDZPTE.jpg)
Expats aged 55 or over will be eligible to secure a five-year retirement as of next year – if they meet a series of requirements.
The Cabinet on Sunday approved a plan to allow non-Emiratis to remain in the UAE from 2019.
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 per month.
The #UAE Cabinet approved a law to provide special residency-visa privileges for expats retirees over the age of fifty-five years for a period of five years, with the possibility of renewal, according to specific conditions.
— Dubai Media Office (@DXBMediaOffice) September 16, 2018
In effect as of 2019, the law outlines requirements to qualify for the long-term visa such as having an investment in a property worth AED2 million, or financial savings of no less than AED1 million, or having an active income of no less than AED20,000 per month. #UAE
— Dubai Media Office (@DXBMediaOffice) September 16, 2018
Details were set out following a meeting of the Cabinet chaired by Sheikh Mohammed bin Rashid, Vice President and Prime Minister and Ruler of Dubai.
The decision follows a raft of similar changes earlier this year to allow investors and key workers such as doctors or engineers access to long-term visas.
In other developments on Sunday, Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, formalised the Dh50 billion stimulus plan for the emirate under the banner Tomorrow 2021.
He also announced support for the industrial sector by agreeing to reduce electricity fees for UAE factories.
Under the plans, larger factories would receive a 29 per cent reduction in tariffs while small and medium-sized units would have fees reduced by between 10 and 22 per cent.
Some 8 million expatriates are estimated to be living and working in the UAE and a growing number of those are approaching retirement age.
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 following retirement, no national benefits are provided by the government.
This makes it crucial for residents to have a sustainable source of income to cover their living expenses after quitting work.
________________
Read more on the visa chages:
UAE's new visa regulations: what we know
Sheikh Mohammed announces sweeping changes to UAE's visa system