Vastavam web: The United Arab Emirates government approved on Sunday a law that allows expatriates to stay in the country after retirement if they own a property valued about $545,000. Current legislation provides for expatriates to leave when they reach the retirement age, between 60 and 65 years depending on the employer. The new law could help prop up the real estate market of Dubai, the federation’s second-largest and second-wealthiest emirate, after oil-rich Abu Dhabi.
“In effect as of 2019, the law outlines requirements to qualify for the long-term visa such as having an investment in a property worth 2 million dirhams ($545,000), or financial savings of no less than 1 million dirhams, or having an active income of no less than 20,000 dirhams per month,” the Dubai Government Media Office said. The announcement came after a meeting of the cabinet chaired by Dubai Ruler Sheikh Mohammed bin Rashid al-Maktoum, who is also the UAE prime minister.