Dubai has started a program that makes foreigners over the age of 55 eligible for a five-year renewable visa if they meet certain criteria, according to the Dubai Media Office. The business hub of the Middle East has started the program to attract wealthy retirees as the city a flight of expatriates amid an economic downfall.
The initial phase of the program will focus on UAE residents working in Dubai.
The candidates will be eligible only if they meet one of the following requirements like Monthly income of 20,000 dirhams ($5,445), Savings of 1 million dirhams, Own property in Dubai worth 2 million dirhams.
In 2018, expatriates to stay beyond retirement age. People of foreign nationalities constitute 90 per cent of the city’s population, but the residency is tied to employment, discouraging many from setting roots, and in turn investments, in the city.