The move has come in support of the UAE’s efforts to achieve flexibility in terms of residency laws and visa requirements.

Retired expats living in the UAE have a piece of good news as the UAE government announced the approval of amending conditions for granting residency visas to retired expatriates.

In the latest UAE Cabinet meeting held at Expo 2020 Dubai, the decision was made which was chaired by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE, and Ruler of Dubai.

He took to Twitter to announce the news and wrote, “Today, we approved the conditions for granting residency to retired foreigners, where retirees can complete their stay with us in the UAE. We welcome everyone to our country.”

The move has come in support of the UAE’s efforts to achieve flexibility in terms of residency laws and visa requirements.

According to the amendment, the retiree must fulfil one of three criteria to be eligible for retirement residency. The criteria are— a single property or more than one property worth Dhs1m (evaluation to be carried out by the related entity in each emirate), or a bank deposit of no less than Dhs1m, or an active income of no less than Dhs180,000 per annum.

Earlier in 2018, the UAE had announced a system to allow expats to retire in the country, so long as they met certain criteria. Previously entrepreneurs and pioneers could only sponsor their sons until they were 18.

In addition to this decision, Sheikh Mohammed also approved a number of other decisions including the testing of driverless transportation, healthcare and more.

Sheikh Mohammed approved a temporary license to test self-driving vehicles. The move comes as part of the government efforts to adopt and implement advanced technology within all sectors.

With this decision, the UAE will be the first country in the Middle East and the second globally to test the application of self-driving vehicles. The testing process will be carried out through RegLab, under the supervision of the Securities and Commodities Authority.