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Dubai started a program to attract wealthy retirees as the Middle East business hub faces a flight of expatriates amid an economic downturn.
Foreigners over the age of 55 will be eligible for a five-year renewable visa if they meet certain criteria, according to the Dubai Media Office. In its initial phase, the program will focus on UAE residents working in Dubai.
Eligible candidates should meet one of the following requirements:
- Monthly income of 20,000 dirhams ($5,445)
- Savings of 1 million dirhams
- Own property in Dubai worth 2 million dirhams
- Click here for Dubai Media Office statement
The United Arab Emirates, of which Dubai is part, passed a law in 2018 allowing expatriates to staybeyond retirement age. Foreigners form about 90% of Dubai’s population, but their residency is tied to employment, discouraging many from setting roots, and in turn investments, in the city.
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The program “will contribute toward our tourism economy by facilitating frequent visits from families and friends of the retirees and increasing visitation from markets with a high retiree population,” Mohammed Ahmed Al Marri, director-general of the General Directorate of Residency and Foreigners Affairs in Dubai, was cited as saying by the Dubai Media Office.
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