In a groundbreaking move aimed at fostering extended stays, the UAE has introduced a 5-year residence visa for a mere 720 dirhams. This strategic decision opens up new avenues for international travelers seeking prolonged stays in the Emirates, whether for tourism, work, or investment.
Spearheaded by the Federal Authority for Identity, Citizenship, Customs, and Ports Security, this initiative is designed to elevate the quality of living for foreign residents within the jurisdiction. Specifically tailored for individuals aged 55 and above, the 5-year residence visa not only provides the option of renewal but also invites expats to continue their residence in the Emirates.
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Conditions and Eligibility Criteria
While the 5-year residence visa offers exciting possibilities, residents must meet specific conditions to qualify. The focus is on demonstrating loyalty and acknowledging past contributions, requiring a minimum of 15 years of service, either within or outside the country.
Financial Requirements and Property Ownership Criteria
Financial criteria play a pivotal role in determining eligibility. Residents must own one or more properties with a combined value not less than 1,000,000 UAE dirhams, assessed 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.
Financial Stability for Retirees
Retirees need a fixed annual income of no less than 240,000 UAE dirhams, supported by a 6-month bank statement during the residency application process. In the case of mortgaged properties, the mortgaged title deed is accepted, provided the redemption value is not less than 1,000,000 UAE dirhams.
Fee Structure for the 5-Year Residence Permit
Applicants should be aware of the associated fees to obtain the 5-year residence permit:
Residence permit fee: 200 AED
Knowledge fee: 10 UAE dirhams
Innovation fee: 10 UAE dirhams
In-country fee: 500 UAE dirhams
This initiative not only simplifies the residency process but also solidifies the UAE as an attractive destination for individuals seeking an extended and enriching experience in this dynamic and vibrant nation.