How to get a five-year residence visa in UAE?

Expats in the UAE will be allowed to stay back in the country for a "longer period of time" after retirement, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, announced on Sunday.

The visa will be provided to expat retirees over the age of 55 years for a period of five years under specific conditions:

1. The expat should have investment in a property worth Dh2 million, or,
2. Have savings of no less than Dh1 million, or,
3. Have an active income not less than Dh20,000 per month

The move was welcomes by UAE expats.

"This is a boon for many who have lived in this country for decades, will help them plan long time in terms of investment as well as retirement" Vinay Varma, owner, Royal Orchid Group told Khaleej Times.

"The decision to allow expats to stay back in the UAE for a longer time after retirement is a great news," said Kamal Vachani, group director, Al Maya Group.

"I have been living in this country for the last 17 years. We belong to this country and this decision will keep many families together," Wajeb Al Khoury, director of line investment, LuLu Group expresses.

"This is a major shift in policy. Giving expats the option to stay back after retirement will have a positive impact on the society and economy," said Shaher Mousli, CEO of Arthur Mackenzy Properties Group.

• Dubai