The new executive regulation for the entry and residence of foreigners, which will come into force on the third of next October, has created an integrated system of residency with great advantages and facilities, including a residence permit for a retired foreigner without a guarantor, for a period of five years, renewable according to the same conditions under which it was granted.
The regulation specified three conditions and controls for granting residency to a retired foreigner. The first is that the foreigner’s service period before referring him to retirement should not be less than 15 years, whether inside or outside the country, or that he has completed 55 calendar years of age, and the second is that he fulfills one of two conditions, that he be an owner One or more real estate in the country, the value of his real estate or the total value of his real estate is not less than one million dirhams, whether this value is the purchase or market value, provided that the evaluation is carried out by the competent authority in the concerned emirate, or that he has a financial deposit of no less than One million dirhams inside or outside the country, provided that it is transferred and deposited in any financial institution in the country within 60 days from the date of issuance of the residence permit, with the exception of this if he invests in the value of the deposit in the country.
The fixed annual income of the retiree shall not be less than 240,000 dirhams, or its equivalent in foreign currencies, whether the source of income is from inside or outside the country, provided that a bank statement for the last six months is submitted from the date of submitting the application for obtaining residency, and the third condition is that taking into account the provision of Clause A-2 of this Article, if the property is mortgaged, the mortgaged property deed is accepted, provided that the value paid for the release of the mortgage from the total value of the mortgage is not less than one million dirhams at the time of submitting the application for obtaining residency.
For its part, the Federal Authority for Identity, Nationality, Customs and Ports Security stated that the updated visa system provides new advantages for the residence of family members, including allowing a foreigner residing in the country to easily bring in his family members such as a husband and children, and the age of children to be granted residency has been raised to 25 years from 18 years old Only, in addition to granting a residence permit to unmarried girls and sons of people of determination, regardless of age.
The updated system of entry visas also provides new and multiple purposes and options for those wishing to visit the country with flexible, extendable visit periods, up to one year, and without the requirement of a guarantor or host in the country, with the aim of facilitating procedures and requirements, which gives the opportunity for visitors and job seekers to achieve their ambitions on the land UAE, and enjoy a safe and stable life.
The updated visa system represents a qualitative leap in the field of entry and residence of foreigners at the regional and international levels. It also embodies the principles and the fifty-year plan adopted by the leadership, to advance the country during the next fifty years, and embodies the concepts of coexistence and human brotherhood on which the UAE was founded.