The United Arab Emirates has decided to issue a 'Retired Minute Iqama' to expatriates who retire at the age of 55.
The implementation of Iqama and arrival of foreigners was started from October 3, 2022. A new comprehensive system has been introduced regarding Iqama.
In the action plan, 3 conditions have been laid down for the issuance of Iqama for retired foreigners. The first condition is that the applicant must have served the UAE for 15 years in or outside the UAE before retiring.
The second condition is to own one or more immovable properties in the emirate worth not less than 1 million dirhams. The cost will be estimated by the concerned state agency.
It may also be that he does not own immovable property but has at least one million dirhams deposited in the bank. This amount can be within the country and also outside provided that the amount is transferred to a financial institution in the Emirates within 60 days from the date of issuance of Iqama. Or the retired foreigner's annual income is not less than two hundred and forty thousand dirhams.
In this regard, he has to submit the bank statement of up to six months from the date of applying for residence.
The third condition is that if his property in the Emirates is mortgaged, the condition of ownership of the mortgaged property is fulfilled.
The value of the mortgaged property must be at least 1 million dirhams at the time of applying for Iqama.
The United Arab Emirates Federal Agency for Identity and Nationality and Customs and Port Security says that facilities for the residence of family members have also been provided in the new visa system.
It should be noted that the UAE is the first country in the Gulf countries where special Iqama regulations have been established for retired people.
