Starting from 2019, UAE expats over 55 years old will be eligible to get a five-year retirement visa when they meet a certain criteria by UAE law.
The criteria outlined mean that residents can apply for the retirement visa if they have an investment in a property worth AED 2 million, have financial savings of no less than AED 1 million, or have an active monthly income of at least AED 20,000.
His Highness Sheikh Mohammed bin Rashid Al Maktoum, the Vice President, Prime Minister and Ruler of Dubai announced the decision at a UAE cabinet meeting.
In May, the UAE approved new long-term visas for investors in the UAE, as well as those who are specialists in medical scientific, research and technical fields, as well as for all scientists and innovators. UAE will give a separate five-year residency visa to students studying in the UAE and 10-year visas for “exceptional students”, the state-run WAM news agency said.
In further announcements, the cabinet has ordered a reduction in fess of electricity consumption for industrial factories. Launching in the last quarter of this year, the fee reduction aims to further support the industrial sector. The Cabinet also approved the launch of the “one-day court” system to speed up the ruling in minor criminal offenses.
All those regulations and especially the new visa law will help boost Dubai’s economy and property market in particular. Firstly, this gives the opportunity for people to have a long lifetime plan in Dubai and have more stable roots in the country. It allows to 100% foreign ownership for businesses and properties in the country.
According to data issued by the Dubai Land Department, real estate transactions in Dubai dropped by 15.9 per cent in the first half of 2018 to reach AED 111 billion. However, with the new retirement visa law Dubai property market will benefit immensely as a result of more expats investing in owning a property.