What you need to do if your UAE visa is cancelled after March 1 | Uae –  Gulf News

Recent data shows that the total number of expats in the UAE has now reached 8.84 million, accounting for 89% of the total population. Given the country’s foreigner-friendly business laws and policies, this number appears to be increasing in the future as foreigners continue to work and do business in the country. With this, the UAE has updated its visa scheme for retired expats in order to provide them with greater stability and security, allowing them to enjoy their retirement in the country.

The New UAE Retirement Visa for Expats

The UAE Cabinet in November 2021 approved the new conditions for granting residency to an expat retiree. Under the amendment, if the retiree at age 55 fulfills any of the following criteria, he or she will be eligible for the retirement residency visa: (1) he or she must have a single or more than one property worth 1 million AED; (2) a bank deposit worth no less than 1 million AED; or (3) an active income no less than 180,000 AED per annum. Once granted, expat retirees can gain a residency status within the country for a renewable period of five years.

Benefits for Expats

  • Easier Procurement of Life and Health Insurance Policies

With the new rules in place, experts predict that the insurance industry will develop new products for retirees, such as investment packages in exchange for monthly insurance premiums. This will not only allow them to get their life and health assured, but it will also enable them to earn more money as their premiums rise. As a result, they would be able to secure more funds to care for their health and prolong their lives, while also gaining more assets to enjoy their retirement.

  • Worry-Free Business Exiting

Because one of the requirements for obtaining the visa is the possession of a certain amount of assets, it stands to reason that the majority of expat retirees who may qualify are those who have established businesses and own property in the UAE. Given that the visa is also renewable, they would no longer be worrying for ways to exit their businesses or sell their properties once they reach the retirement age. Instead, they may opt to stay with their assets and enjoy its fruits even beyond the working age.

  • Hold Assets Securely

As expats are now allowed to stay longer and enjoy their retirement in the country, the scheme between them and their bank assets and/or investments can become more simplified. Rather than shipping their earnings offshore, they can now hold their balances in UAE banks, reducing their overall costs. It would also be wise for them now to make more investments in order to generate more income in the local currency to match their current expenses and standard of living.

Looking to Retire in the UAE?

If you are looking to retire in the UAE in the future or anytime soon, it is vital to start growing your assets in order to qualify with the new visa for expat retirees. Invest in Dubai, the leading emirate for the implementation of the new scheme, in order to secure your golden years in the UAE.

Reach out to AIX Investment and keep in touch with the best financial advisors in Dubai to guide you.

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