Sweeping changes to the residency status of expats in the UAE have led to the possibility of many treating the region as their medium to long term home.
The latest move by the UAE Cabinet this week saw the introduction of a significant new residency visa for those wishing to retire there.
The new residency requirements were:
- Have a single property or more than one property worth AED1m (the valuation will be carried out by the relevant entity in each Emirate); or
- Have a bank deposit of no less than AED1m; or
- Have an active income of no less than AED180,000pa.
Sheikh Mohammed said in a tweet on 9 November 2021: "We approved the conditions for granting residency to an expat retiree. We welcome everyone to our country."
With an estimated eight million expats in the UAE, what are going to be the retirement planning needs of those retiring in the region and how will it evolve the profile of the UAE as a society?
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