The UAE’s announcement to introduce a new five-year visa for expats older than 55 is likely to encourage expats to remain in the UAE in the later stages of their life as well as keep investments in the country, Arabian Business has reported.

The state-run WAM news agency has said the changes will come into effect from 2019. The UAE Government has announced offers for visa renewal eligibility for expatriates above the age of 55 if they have:

• An investment in a property in the country worth AED2 million, 
• Financial savings of no less than AED1 million, 
• Or an active income of no less than AED20,000 per month.

The new visa provides an added sense of security and may encourage younger expats to put down more stable long-term roots.

According to Bloomberg, Bilal Khan, a senior economist at Standard Chartered believes the visas are “essentially about maintaining capital by having people keep their savings in the UAE,” and that the larger economic reforms that have taken place recently, “show a growing realisation among policymakers of the need to make structural changes that give expats a bigger buy-in to the economy.”

In May this year, the UAE approved new long-term visas for investors in the UAE, as well as those who are specialists in medical research and technical fields, as well as for all scientists and innovators.

A separate five-year residency visa will also become available to foreign students studying in the UAE and 10-year visas for “exceptional students,” said the state-run WAM news agency.

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