UAE has unveiled a 5-year residence visa, aiming to foster inclusivity and cater to international travelers seeking prolonged stays. Priced at a nominal fee of 720 dirhams (Rs 55,000), this visa is designed to elevate the living experience for foreign residents in the Emirates.
Championed by the Federal Authority for Identity, Citizenship, Customs, and Ports Security, this initiative specifically targets individuals aged 55 and above, acknowledging their substantial contributions. With the option for renewal, eligible residents can continue to relish the lifestyle offered by the Emirates.
To qualify for this extended residence, applicants must meet specific conditions. A minimum of 15 years of service, either within or outside the country, is required to showcase loyalty and past contributions.
Financial Criteria:
Financial criteria are crucial, necessitating residents to own properties with a combined value of not less than 1,000,000 UAE dirhams. Property assessments will be conducted by authorities in the respective emirate. Additionally, a deposit of at least 1,000,000 UAE dirhams, whether domestic or international, must be transferred to a local financial institution within 60 days of residency issuance.
For retirees, a fixed annual income of no less than 240,000 UAE dirhams is mandatory, supported by a 6-month bank statement during the residency application process. Mortgaged properties are accepted, provided the redemption value is not less than 1,000,000 UAE dirhams.
To acquire the 5-year residence permit, applicants should be aware of associated fees, including the residence permit fee, knowledge fee, innovation fee, and in-country fee.