The UAE cabinet has approved another landmark decision that would have an optimistic influence on the ex-pat community in the country. The cabinet approval for granting residency visas to retired ex-pats has been another move from the visionary leadership to promote the global appeal of the country as the best destination for business setup and subsequent settling down.
Tweeting about the cabinet approval for granting residence visas to retired expatriates, HH Sheikh Mohammed bin Rashid Al Maktoum, the ruler of Dubai, the Vice President and Prime Minister of UAE stated that the retirees can complete their stay with us in the UAE. The immigrant community has received the new promulgation with great applause.
The initial approval for the amendment in policy was issued in the Expo 2020 Dubai. Consequently, various departments and ministries have been in the process of formulating the methodology and criteria for the new rule. The new decision necessitates the ex-pat to meet certain criteria to be eligible for applying for the subject visa.
This new residency visa regulation for retired ex-pats comes in line with the previously announced visa system, which was in force since 2018. The cabinet meeting concluded with another milestone approval as well. Approving a temporary license for testing self-driving vehicles, the UAE became the first country in the Middle East to issue such an approval.
Declaring the decision Sheikh Mohammed bin Rashid Al Maktoum tweeted that “The UAE will be the first country in the Middle East and the second globally to test self-driving cars on its streets. Our goal is to make this type of vehicle safer and more reliable.”
The visionary leader highlighting the decision added that “We are awaiting the MoI report, in coordination with the Artificial Intelligence Office, to review the results of testing self-driving cars and take an appropriate decision accordingly.” It is astonishing to find how elegantly the leadership transformed the country’s perspective with futuristic decisions. This is a welcome step towards innovative transportation, a trailblazing initiative that is going to be followed by the other countries.
Who All Are Eligible for the New Residence Visa For Retired Expats in UAE?
The authority has specified the eligibility criteria for applying for the ex-pat residency visa. It may be noted that the 5-year long renewable retirement visa for the expatriates would be issued only if they meet any of the criteria stipulated by the authority. You may talk to us in case you have any further queries in this regard. Additionally, we can help you process the visa application and obtain the residency visa without any complications.
Eligibility specifications for the new residency visa:
- Investment in a property worth a minimum of 2 million Dirhams
- A financial saving of at least one million Dirhams
- A constant income of at least 20,000 Dirhams per month
The expatriate who meets any of the above-mentioned criteria can apply for the 5-year residency visa for retired ex-pats. You may note that the new visa regulations supersede all the resident visa policies for aged ex-pats. Accordingly, the ex-pats over the age of 55, who had been issued with long-term resident visa (for 05 years), based on the regulation promulgated in September 2018, need to renew the visa if they meet the requisite eligibility criteria.
In addition to approving the said residence visa and green signalling the testing of self-driven cars on the UAE roads, the cabinet adopted a new fund policy. With the federal special fund policy, government institutions can consider financing options to pursue the development programs.
The financing should abide by the regulations and should be according to the existing controls and standards. Proposal to go ahead with this federal fund policy is expected to improve productivity and offer flexibility in funds.
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Just ping us to know more about the new residence visa for retired ex-pats and the nuances of gaining the subject visa. Our team of executives will render you support and all the services based on your requirement. To discuss more, contact us now.