It has been revealed by the United Arab Emirates (UAE) that a resident visa valid for five years can be obtained for a charge of 720 dirhams. This move is part of an effort to make residency in the Emirates more accessible.
This judgment proved to be a significant development for overseas tourists who are interested in staying in the country for extended periods of time for the reasons of tourism, employment, or investment.
The Federal Authority for Identity, Citizenship, Customs, and Ports Security is the driving force behind this project, which aims to improve the standard of living for foreign residents who are located within its authority.
In recognition of the significant contributions made by long-term residents, the government has developed a residency visa that is valid for a period of five years and is reserved exclusively for those who are 55 years of age or older. This visa provides the possibility to renew the visa and to continue living in the Emirates.
All of the Requirements and Standards for Eligibility
Despite the fact that the 5-year residency visa brings up new opportunities, the government has set some requirements that residents must fulfill in order to be eligible for the visa.
When it comes to displaying devotion to the state and appreciating previous efforts, the emphasis is on the former. A minimum of fifteen years of service, either within or beyond the country, is required for a resident to be eligible for such a recognition.
Conditions pertaining to the ownership of property and financial requirements
When evaluating eligibility, financial variables are also taken into consideration, in addition to the number of years of service. Residents are required to own one or more properties with a total financial value of not less than one million United Arab Emirates dirhams, with evaluations in the respective emirate being carried out by the relevant authorities.
A deposit of at least one million United Arab Emirates dirhams, regardless of whether it is domestic or foreign, must also be deposited to a local financial institution within sixty days after the issue of the residency document.
Stability of Financial Situation for Retirees
During the process of applying for residency, retirees are expected to provide evidence of a fixed yearly income of at least 240,000 UAE dirhams. This income must be supported by a bank statement that spans a period of six months.
The mortgaged title deed is approved in the case of properties that are mortgaged, provided that the redemption value is not less than one million United Arab Emirates dirhams.
The fee structure for the residence permit valid for five years
For candidates to be eligible for the five-year residence permit, they need to be aware of the payments that are involved with it:
- The charge for a residence permit is 200 AED.
- There is a fee of ten dirhams in Kuwait.
- The innovation cost is ten dirhams [UAE].
- In-country fee: five hundred dirhams of the United Arab Emirates
The United Arab Emirates (UAE) is positioned as an attractive destination for persons who are looking for an extended and fulfilling experience in this dynamic and vibrant nation as a result of this initiative, which not only simplifies the procedure of obtaining residence.
