The UAE has announced the availability of a 5-year resident visa at a low charge of 720 dirhams to improve accessibility to residency in the Emirates.
This choice is crucial for foreign visitors looking to stay in the nation for an extended period for business, tourism, or investment.
Initiating this program to improve living conditions for foreign nationals living under its authority is the Federal Authority for Identity, Citizenship, Customs, and Ports Security.
The government established this 5-year residence visa particularly for people 55 and above, recognizing the important contributions made by long-term residents and allowing them to stay in the Emirates and improve their visa.
Conditions and Eligibility Criteria
Although the 5-year residence visa creates more possibilities, residents must fulfill specific requirements set forth by the government to be eligible.
The focus is on proving one’s dedication to the state and honoring prior contributions. A resident must have served for at least 15 years, both inside and outside the nation, to be eligible.
Criteria for Property Ownership and Financial Requirements
Eligibility is determined in large part by financial criteria, in addition to years of service. Residents are required to possess one or more properties, as determined by the authorities in each emirate, with a total financial value of at least 100,000 UAE dirhams.
Within 60 days of obtaining residency, a minimum of a million UAE dirhams in domestic or foreign funds must be deposited into a local financial institution.
Retirees’ financial stability
Retirees must provide proof of a fixed annual income of at least 240,000 UAE dirhams throughout the residence application process, in the form of a 6-month bank statement.
If the redemption value of a mortgaged property is at least a million UAE dirhams, the mortgaged title deed will be approved.
The cost split for a five-year residence permit
To get a five-year residence visa, applicants need to be aware of the following fees:
Fee for residence permit: 200 AED
Price of knowledge: 10 UAE dirhams
Innovation fee: 10 dirhams (UAE).
500 UAE dirhams is the in-country price.
Despite simplifying the residency process, this initiative makes the UAE an appealing getaway for anybody looking for a longer-term, more fulfilling stay in this lively, dynamic nation.