The UAE has rolled out a 5-year residence visa tailored for international travelers seeking extended stays. According to the details, the new UAE Residence Visa is priced at a modest fee of 720 dirhams (equivalent to Rs 55,000), and it aims to elevate the living experience for foreign residents in the Emirates.
Furthermore, this initiative is specifically designed to benefit individuals aged 55 and above, recognizing their substantial contributions. Beyond its initial term, the visa offers the valuable option of renewal, allowing eligible residents to seamlessly continue indulging in the vibrant lifestyle the Emirates has to offer.
Eligibility
To qualify for this extended residence, applicants must meet specific conditions, showcasing a minimum of 15 years of service within or outside the country, underscoring their loyalty and past contributions.
Financial Requirements
Financial considerations are also integral, with residents required to possess properties with a cumulative value not less than 1,000,000 UAE dirhams. Property evaluations 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 seeking this visa must demonstrate 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 their redemption value is not less than 1,000,000 UAE dirhams.
Applicants need to be mindful of associated fees, including the residence permit fee, knowledge fee, innovation fee, and in-country fee, to acquire the 5-year residence permit.
This visionary initiative not only simplifies the residency process but also solidifies the UAE’s standing as an enticing destination for individuals seeking an extended and enriching experience in this dynamic and vibrant nation.
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