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DUBAI: Dubai is looking to attract wealthy foreign retirees as the economy of the Middle East commercial and tourist center reels from the coronavirus pandemic and low oil prices, prompting many expats to leave.
It will grant renewable visas every five years to expatriate and foreign residents over 55 who meet specific financial conditions, the government media office said.
To be eligible, they must have a monthly income of at least 20,000 dirhams (US $ 5,445) or 1 million dirhams in cash savings, or 2 million dirhams in properties in Dubai.
Important sectors of the Dubai economy, such as tourism and transport, have been badly affected by the coronavirus crisis and companies have cut jobs to save costs.
This has led many expats, who make up the majority of the UAE’s population, which includes Dubai, to leave the country where residence is linked to employment and which does not offer citizenship routes to non-nationals.
The new law could help shore up the Dubai property market, which has suffered from oversupply for years.
The economy of Dubai, the UAE’s second-largest and richest emirate after oil-rich Abu Dhabi, is expected to contract sharply this year, with some analysts estimating a contraction of more than 10 percent.
