Pakistan Rupee Exchange Rate
The UAE Digital Government (UAE D Gov) has announced that retired expatriates can now apply for a 5-year residence visa in the UAE, provided they meet the required criteria for obtaining this type of visa.
The UAE D Gov emphasized that individuals over the age of 55 who are residents can apply for a 5-year residence visa to live in the UAE. It should be noted that this visa can be renewed after fulfilling the same requirements.
To be eligible for this visa, retired expatriates must meet one of the following requirements: they should have served for at least 15 years inside or outside the UAE before retirement, be at least 55 years old, own real estate valued at no less than Dhs1 million, have financial savings of Dhs1 million, or have a monthly income of Dhs20,000 (Dhs15,000 in Dubai). In addition, they must submit a bank statement for the past six months. Retired expatriates are encouraged to visit https://www.visitdubai.com/ar/retire-in-dubai/plan-your-retirement to learn more about the program in Dubai and how to apply for the visa.
The 5-year residence visa is also available to foreigners, as well as their spouses and children. The visa can be renewed as long as the retiree continues to meet the eligibility requirements.
Regarding the financial options, applicants can demonstrate their eligibility by having an annual income of Dhs180,000 ($49,000) or a monthly income of Dhs15,000 ($4,100), having savings of Dhs1 million ($275,000) in a fixed deposit for three years, investing in Dhs1 million non-mortgaged real estate, or a combination of the first and third options with a minimum investment of Dhs1 million in a fixed deposit for three years.
In other news, the UAE Federal Authority for Identity, Citizenship, Customs and Ports Security (ICP) has announced that tourists holding visit visas of 30 or 60 days can now extend their visas for an additional 30 days without having to exit the country.
According to the authorities, tourists must enter the country within 60 days from the date of visa issuance, and the entry permit will be valid for either 30 or 60 days, depending on the type of visa obtained. To avoid fines of Dhs100 per day, tourists must either leave the country or extend the entry permit before it expires, as stated by the ICP.
In 2022, significant visa reforms were implemented in the UAE. Under the reformed services, individuals can obtain a visit visa for either 30 or 60 days, and they have the option to apply for an additional 30-day extension immediately to avoid penalties. The maximum extension period for a visit visa is 120 days. The ICP has also introduced the option to extend the visa for 30 days through their smart channels. However, residency renewal applications cannot be submitted if the validity of the residency is more than 6 months (separate residency services).
