UAE confirms law allowing foreigners to obtain long-term residencies for retirement

The UAE cabinet has approved a law that will allow foreigners to obtain long-term residencies in the Emirates after they retire. (AFP)
Updated 17 September 2018
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UAE confirms law allowing foreigners to obtain long-term residencies for retirement

  • The law will provide special residency-visa privileges for expatriate retirees over the age of 55 years for a period of five years, with the possibility of renewal
  • It is part of the UAE government’s drive to boost economic growth in the country

DUBAI: The UAE cabinet has approved a law that will allow foreigners to obtain long-term residencies in the Emirates after they retire, the prime minister Sheikh Mohammed bin Rashid Al-Maktoum said on Sunday.
Dubai Media Office announced the significant move on their Twitter page. It is part of the UAE government’s drive to boost economic growth in the country.

The law will provide special residency-visa privileges for expatriate retirees over the age of 55 years for a period of five years, with the possibility of renewal, according to specific conditions, WAM reported.

According to the WAM statement, the law, which will be in effect from 2019, “outlines the requirements to qualify for the long-term visa such as having an investment in a property worth AED2 million ($544,000), or having financial savings of no less than AED1 million, or having an active income of no less than AED20,000 per month.”

 


Rocket hits site of foreign oil firms in Iraq's Basra

Updated 1 min 46 sec ago
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Rocket hits site of foreign oil firms in Iraq's Basra

BASRA: A rocket landed at the headquarters of several global major oil companies, including US giant ExxonMobil, in Iraq’s southern city of Basra early on Wednesday, wounding two Iraqi workers, police said.

The rocket hit the Burjesia residential and operations headquarters west of Basra, they said.

A security source said Exxon was preparing to evacuate some 20 foreign staff immediately.

Other companies operating at the site include Royal Dutch Shell PLC and Italian Eni SpA, oil officials said.

Iraq's southern oil operations including export are not affected by rocket incident in Basra, officials said.

(developing)