His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, announced that the UAE Cabinet has agreed to introduce residence permits for retired expatriates, subject to certain conditions. This decision comes after the recent introduction of the green visa and the independent visa.
What is the green visa and what is the independent visa?
The green visa is designed for businessmen and investors, allowing them to include their children in their residency until they reach the age of twenty-five. On the other hand, the independent visa is for owners of organizations or individuals working independently, enabling them to stay indefinitely in the UAE and include their children in their residency until they reach the age of eighteen.
What are the conditions for granting residency to retirees?
Regarding retirees, they must meet one of the following conditions in order to obtain a five-year residence visa, which can be automatically renewed:
- Ownership of real estate investment worth at least two million dirhams.
- Financial savings of no less than one million dirhams.
- Proof of a monthly income of at least 20,000 dirhams.
The residence visa is valid for five years and can be renewed as long as the conditions continue to be met. The UAE aims to attract individuals who can contribute to the country’s economic growth and advancement. By granting these types of visas, the UAE hopes to attract investors, capital, and talent, which will in turn boost investments, support the economy, and promote tourism growth. The UAE has a high expatriate population, and its development plan focuses on attracting capital and investments to drive the country’s economic, investment, and tourism sectors.
In addition to the residence permit updates for retirees, the UAE has introduced other visa updates throughout the year. These include the “virtual work residence permit” and “multi-entry tourist visas.” The UAE also allows university students to bring their families if they have the financial means and proper housing arrangements.
Since 2018, the UAE has implemented the golden residency program, granting long-term visas for five or ten years to certain groups such as investors, entrepreneurs, and specialized talents. The golden residency is automatically renewed if the conditions are met, and it allows foreigners to reside in the UAE without the need for an Emirati sponsor.
The UAE continues to focus on development, modernization, and reducing its reliance on oil as the primary source of economic support. This includes initiatives such as testing automated transfers and implementing driverless vehicles. Dubai aims to have 25% of its transportation operating with driverless rides by 2030, making it a pioneer in the Middle East and the second country globally to test driverless vehicles.
The UAE’s commitment to development and modernization is evident from the aforementioned information. The country is actively moving away from its dependence on oil as the primary support for its national economy. The decision to grant various types of residencies, such as the golden residency for innovators and distinguished individuals, as well as the green residency for investors and independent individuals, plays a crucial role in attracting investors and capital, thereby furthering the process of development and modernization.
If you require legal consultations or information regarding your legal issues, please feel free to contact us at FHS Law Firm. As #FHS_Advocates and Legal Consultancy, we are renowned in our field and offer comprehensive legal services, providing assistance in matters related to companies, individuals, and dispute resolution.