In a landmark move aimed at fostering inclusivity, the UAE has introduced a 5-year residence visa, catering to international travelers looking for extended stays. Priced at a nominal fee of 720 dirhams (Rs 55,000), the visa is designed to enhance the living experience for foreign residents within the Emirates.
Led by the Federal Authority for Identity, Citizenship, Customs, and Ports Security, this initiative specifically targets individuals aged 55 and above, recognizing their significant contributions. With the option of renewal, this visa allows eligible residents to continue enjoying the Emirates' lifestyle.
To qualify for this extended residence, certain conditions must be met. Applicants are required to demonstrate a minimum of 15 years of service, either within or outside the country, showcasing their loyalty and past contributions.
Financial criteria
Financial criteria also play a pivotal role, requiring 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 a prerequisite, 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 the associated fees, including the residence permit fee, knowledge fee, innovation fee, and in-country fee.
This visionary initiative not only streamlines the residency process but positions the UAE as an appealing destination for individuals seeking an extended and enriching experience in this dynamic and vibrant nation.
