Web Report

In another great initiative, Dubai has launched a five-year visa for retirees to settle in the emirate, it was announced on Wednesday.

Any resident or those outside the country aged over 55 years can apply for the visa, provided they meet the set requirements.

According to the criteria, the retiree has to have a monthly income of Dh20,000 from investments or pensions; or a balance of Dh1 million; or property in Dubai worth Dh2 million.

The scheme was launched as per directives issued by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.

In 2019, the UAE had implemented a system for long-term residence visas. The five- and 10-year visa scheme enables foreigners to live, work and study in the UAE without the need of a national sponsor and with 100 per cent ownership of their business on the UAE’s mainland.