You will need US$544,514 to retire in the UAE

The UAE

The 44th UAE National Day celebration parade at the Mohammed Bin Rashid Boulevard, downtown Dubai. Source: Shutterstock.

THE United Arab Emirates (UAE) is ramping up efforts to encourage expats to stay in the Arabian Peninsula nation even after retirement.

It already enjoys a high number of international tourist arrivals, with 20.7 million international tourists arriving in the UAE alone in 2017. This includes both visiting travelers and expats.

In the recent years, the UAE has become a hugely a popular destination for expats, particularly with those from Western nations. In fact, with a population of nine million, natives are outnumbered by nine-to-one in their own country.

According to the Boston Consulting Group (BCG) and The Network’s Decoding Global Talent 2018 study, the UAE city of Dubai is one of the most attractive cities in the world for expats.

Dubai came in at number six worldwide, the only Middle Eastern city to land in the top 10, while the UAE city of  Abu Dhabi landed at number 14.

And now, the UAE is giving expats more reasons to stay.

The UAE

Source: Shutterstock.

The UAE cabinet approved a law to provide special residency-visa privileges for expats retirees over the age of 55 years for a period of five years, GulfNews.com reported.

And for those who meet certain criteria, renewal of the visa is possible.

The UAE prime minister Sheikh Mohammed bin Rashid Al Maktoum shared the news on his Twitter stating, “We have also adopted a system that allows expatriate brothers to stay long-term after retirement.”

What’s the catch?

For an expat to be eligible for a long-term visa, the requirements include:

A real estate investment of AED2 million (US$544, 514), or has financial savings of not less than AED1 million (US$272,257), or has proof of income above AED20,000 (US$5,445) per month.

The UAE cabinet plans to introduce the new visa from next year.