On 16 September 2018, the UAE Cabinet, chaired by His Highness Sheikh Mohammed bin Rashid Al Maktoum, the Vice President, Prime Minister and Ruler of Dubai, has approved a law to provide special residency-visa privileges for expats retirees over the age of fifty-five years for a period of five years, with the possibility of renewal, according to specific conditions. The law will come into force as of 2019.
The right to a new scheme have expats 'retirees' over the age of 55 years, who are able to evidence any of the following:
- Real estate investment in a UAE of a minimum market value of AED2 million;
- Financial savings of no less than AED1 million;
- Proof of an income of not less than AED20,000 per month.
Other major Cabinet decisions on Immigration and Labour law announced this year:
- Approval of an agreement between the UAE and the Russian Federation on the mutual exemption of visa requirements for citizens of both countries;
- Approval of an agreement between the UAE and the Government of the Republic of Gabon regarding the establishment of an embassy to the Republic of Zimbabwe in Harare. The Cabinet approved the signing of an agreement between the UAE and the Government;
- Abolishment of mandatory bank guarantee for labour recruitment and replace it with a low-cost insurance system;
- Adoption of new visa facilitation procedures for visitors, residents, families & people overstaying visas;
- Approval of UAE exemption of transit passengers from all entry fees for first 48 hours approved. Transit visa extension for up to 96 hours for a fee of Dh50;
- Introduction of new six-month visa for job seekers who overstayed their visa but wish to work in the country;
- 10 years visa for professionals such as doctors, engineers, specialists working in medicine, science, research and technical fields;
- Approval of five-year visas for students and 10-year visa for "exceptional" graduates.
