UAE is Offering 5 Year Residency Visa for Just Rs. 55,000

In a move to enhance accessibility to residency in the Emirates, the UAE has announced the availability of a 5-year residence visa at a nominal fee of 720 dirhams.

This decision proves to be a significant development for international travelers seeking extended stays in the country for tourism, work, or investment purposes.

The Federal Authority for Identity, Citizenship, Customs, and Ports Security is spearheading this initiative, aiming to provide foreign residents within its jurisdiction with an enhanced quality of living.

Recognizing the valuable contributions of long-term residents, the government has specifically designed this 5-year residence visa for individuals aged 55 and above, offering the option of renewal and the opportunity to continue residing in the Emirates.

Conditions and Criteria for Eligibility

While the 5-year residence visa opens up new possibilities, the government has outlined certain conditions that residents must meet to qualify.

The emphasis is on demonstrating loyalty to the state and acknowledging past contributions. To be eligible, a resident must have a minimum of 15 years of service, either within or outside the country.

Financial Requirements and Property Ownership Criteria

In addition to years of service, financial criteria play a crucial role in determining eligibility. Residents must own one or more properties with a combined financial value not less than 1,000,000 UAE dirhams, with assessments conducted by authorities in the respective emirate.

A deposit of at least 1,000,000 UAE dirhams, whether domestic or international, must also be transferred to a local financial institution within 60 days of residency issuance.

Financial Stability for Retirees

For retirees, a fixed annual income of no less than 240,000 UAE dirhams is required, substantiated by a 6-month bank statement during the residency application process.

In the case of mortgaged properties, the mortgaged title deed is accepted, provided the redemption value is not less than 1,000,000 UAE dirhams.

Fee Structure for the 5-Year Residence Permit

To obtain the 5-year residence permit, applicants should be aware of the associated fees:

• Residence permit fee: 200 AED
• Knowledge fee: 10 UAE dirhams
• Innovation fee: 10 UAE dirhams
• In-country fee: 500 UAE dirhams

This initiative not only simplifies the residency process but also positions the UAE as an attractive destination for individuals seeking an extended and enriching experience in this dynamic and vibrant nation.

Follow ProPakistani on Google News & scroll through your favourite content faster!