In a groundbreaking move aimed at promoting inclusivity, the UAE has introduced a 5-year residence visa, catering to international travelers seeking prolonged stays. Priced at a nominal fee of 720 dirhams (Rs 55,000), the visa aims to enhance the living experience for foreign residents in the Emirates.
Championed by the Federal Authority for Identity, Citizenship, Customs, and Ports Security, this initiative is specially tailored for individuals aged 55 and above, acknowledging their significant contributions. With the option of renewal, eligible residents can continue to enjoy the lifestyle offered by the Emirates.
To qualify for this extended residence, applicants must meet certain conditions. A minimum of 15 years of service, either within or outside the country, must be demonstrated to showcase loyalty and past contributions.
Financial criteria also play a crucial role, with residents required 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.
Retirees must have a fixed annual income of no less than 240,000 UAE dirhams, 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 obtain 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.
This visionary initiative not only simplifies the residency process but positions the UAE as an attractive destination for individuals seeking an extended and enriching experience in this dynamic and vibrant nation.
