For the estimated 8.34 million expatriates currently living and working in the UAE, a growing number are approaching retirement age and are curious about the options open to them if they decide to stay in the Emirates.
The UAE has become home to many, however, with no form of permanent residency available to foreign nationals, it can be a challenge to reside in the country without employment. Under current regulations, the age of retirement for expatriate workers is 65 with some jurisdictions imposing restrictions on visa applicants as early as 60.
The good news is that measures can be taken to allow legal residency for retirees who are keen to continue working beyond retirement or for those who are looking to lead a more leisurely lifestyle. These include:
Business investment visas
A foreign national is eligible for an investor visa in the UAE if they incorporate their own business or invest in one; this allows retirees to either relax in their golden years or continue working during retirement. This visa involves varying levels of financial commitment, which depend on the location of the business and the minimum investment threshold required. In the UAE’s free zones, for instance, investors have a vast choice of company set-ups, including “flexi-desks” where individual units can be leased rather than an entire office space.
A retiree can also choose to incorporate a company in the mainland which would give them full access to the local market and flexibility to do business across the UAE. Depending on the structure of the company, however, they may be required to have a local sponsor or a service agent involved.
Regardless of the jurisdiction chosen, the controlling authority will issue a business licence which reflects the type of activity the company will be involved in, eg a professional licence will be given to craftsmen, artisans and the like.
With a valid business licence, foreign investors can then apply for a work and residency visa. The application process depends on the selected jurisdiction and will result either in a sponsorship by the governing authority, or through a self-sponsorship mechanism.
The visas are valid for three years in most free zones, and two years in other jurisdictions, and unlike many other visa types, a continuous stay outside of the UAE for six months or more will not invalidate the visa.
Property-based investment visa
If a retiree owns property that has an initial purchase price of Dh1 million or above, they are eligible for either a two-year investor permit in Dubai or a six-month renewable investor visa in other emirates. They can also be eligible for a visa or permit by owning multiple properties with a cumulative purchase price of at least Dh1m, depending on the location of the homes.
Remember, the property must be ready to inhabit, owned by the applicant and – if applicable – large enough to accommodate all members of the family.
A property can be mortgaged, however, to be eligible for the visa at least 50 per cent of the mortgage must be paid. Applicants must provide proof of income either from within or outside the Emirates.
Dependency visa
Retirees with an adult child working in the UAE can live here on a residence permit for dependents. While regulations for this visa type are not clearly defined and often considered on a case-by-case basis, the essential principals are a monthly salary of approximately Dh20,000 earned by the sponsor and a sufficient living space documented through an attested tenancy contract. A refundable security deposit is required from the sponsor and the visa is valid for up to one year. Both parents must be sponsored at the same time unless one is deceased or a divorce can be proven with appropriate documentation.
Additional considerations
Under UAE law, all residents must hold a valid health insurance policy. If you decide to call the UAE home after retirement, remember no national benefits are provided to expat retirees, making it crucial to have a sustainable source of income to cover your living expenses.
Nofisatu Mojidi is the relationship manager, worldwide private client practice at Fragoment UAE. With inputs from Marcin Kubarek, knowledge and content manager at Fragomen UAE
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What is graphene?
Graphene is a single layer of carbon atoms arranged like honeycomb.
It was discovered in 2004, when Russian-born Manchester scientists Andrei Geim and Kostya Novoselov were "playing about" with sticky tape and graphite - the material used as "lead" in pencils.
Placing the tape on the graphite and peeling it, they managed to rip off thin flakes of carbon. In the beginning they got flakes consisting of many layers of graphene. But as they repeated the process many times, the flakes got thinner.
By separating the graphite fragments repeatedly, they managed to create flakes that were just one atom thick. Their experiment had led to graphene being isolated for the very first time.
At the time, many believed it was impossible for such thin crystalline materials to be stable. But examined under a microscope, the material remained stable, and when tested was found to have incredible properties.
It is many times times stronger than steel, yet incredibly lightweight and flexible. It is electrically and thermally conductive but also transparent. The world's first 2D material, it is one million times thinner than the diameter of a single human hair.
But the 'sticky tape' method would not work on an industrial scale. Since then, scientists have been working on manufacturing graphene, to make use of its incredible properties.
In 2010, Geim and Novoselov were awarded the Nobel Prize for Physics. Their discovery meant physicists could study a new class of two-dimensional materials with unique properties.
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Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
Sinopharm vaccine explained
The Sinopharm vaccine was created using techniques that have been around for decades.
“This is an inactivated vaccine. Simply what it means is that the virus is taken, cultured and inactivated," said Dr Nawal Al Kaabi, chair of the UAE's National Covid-19 Clinical Management Committee.
"What is left is a skeleton of the virus so it looks like a virus, but it is not live."
This is then injected into the body.
"The body will recognise it and form antibodies but because it is inactive, we will need more than one dose. The body will not develop immunity with one dose," she said.
"You have to be exposed more than one time to what we call the antigen."
The vaccine should offer protection for at least months, but no one knows how long beyond that.
Dr Al Kaabi said early vaccine volunteers in China were given shots last spring and still have antibodies today.
“Since it is inactivated, it will not last forever," she said.
RESULT
Fifth ODI, at Headingley
England 351/9
Pakistan 297
England win by 54 runs (win series 4-0)
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Jetour T1 specs
Engine: 2-litre turbocharged
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From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants
Top financial tips for graduates
Araminta Robertson, of the Financially Mint blog, shares her financial advice for university leavers:
1. Build digital or technical skills: After graduation, people can find it extremely hard to find jobs. From programming to digital marketing, your early twenties are for building skills. Future employers will want people with tech skills.
2. Side hustle: At 16, I lived in a village and started teaching online, as well as doing work as a virtual assistant and marketer. There are six skills you can use online: translation; teaching; programming; digital marketing; design and writing. If you master two, you’ll always be able to make money.
3. Networking: Knowing how to make connections is extremely useful. Use LinkedIn to find people who have the job you want, connect and ask to meet for coffee. Ask how they did it and if they know anyone who can help you. I secured quite a few clients this way.
4. Pay yourself first: The minute you receive any income, put about 15 per cent aside into a savings account you won’t touch, to go towards your emergency fund or to start investing. I do 20 per cent. It helped me start saving immediately.
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OIL PLEDGE
At the start of Russia's invasion, IEA member countries held 1.5 billion barrels in public reserves and about 575 million barrels under obligations with industry, according to the agency's website. The two collective actions of the IEA this year of 62.7 million barrels, which was agreed on March 1, and this week's 120 million barrels amount to 9 per cent of total emergency reserves, it added.
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French business
France has organised a delegation of leading businesses to travel to Syria. The group was led by French shipping giant CMA CGM, which struck a 30-year contract in May with the Syrian government to develop and run Latakia port. Also present were water and waste management company Suez, defence multinational Thales, and Ellipse Group, which is currently looking into rehabilitating Syrian hospitals.
Learn more about Qasr Al Hosn
In 2013, The National's History Project went beyond the walls to see what life was like living in Abu Dhabi's fabled fort:
The Travel Diaries of Albert Einstein The Far East, Palestine, and Spain, 1922 – 1923
Editor Ze’ev Rosenkranz
Princeton
A new relationship with the old country
Treaty of Friendship between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates
The United kingdom of Great Britain and Northern Ireland and the United Arab Emirates; Considering that the United Arab Emirates has assumed full responsibility as a sovereign and independent State; Determined that the long-standing and traditional relations of close friendship and cooperation between their peoples shall continue; Desiring to give expression to this intention in the form of a Treaty Friendship; Have agreed as follows:
ARTICLE 1 The relations between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates shall be governed by a spirit of close friendship. In recognition of this, the Contracting Parties, conscious of their common interest in the peace and stability of the region, shall: (a) consult together on matters of mutual concern in time of need; (b) settle all their disputes by peaceful means in conformity with the provisions of the Charter of the United Nations.
ARTICLE 2 The Contracting Parties shall encourage education, scientific and cultural cooperation between the two States in accordance with arrangements to be agreed. Such arrangements shall cover among other things: (a) the promotion of mutual understanding of their respective cultures, civilisations and languages, the promotion of contacts among professional bodies, universities and cultural institutions; (c) the encouragement of technical, scientific and cultural exchanges.
ARTICLE 3 The Contracting Parties shall maintain the close relationship already existing between them in the field of trade and commerce. Representatives of the Contracting Parties shall meet from time to time to consider means by which such relations can be further developed and strengthened, including the possibility of concluding treaties or agreements on matters of mutual concern.
ARTICLE 4 This Treaty shall enter into force on today’s date and shall remain in force for a period of ten years. Unless twelve months before the expiry of the said period of ten years either Contracting Party shall have given notice to the other of its intention to terminate the Treaty, this Treaty shall remain in force thereafter until the expiry of twelve months from the date on which notice of such intention is given.
IN WITNESS WHEREOF the undersigned have signed this Treaty.
DONE in duplicate at Dubai the second day of December 1971AD, corresponding to the fifteenth day of Shawwal 1391H, in the English and Arabic languages, both texts being equally authoritative.
Signed
Geoffrey Arthur Sheikh Zayed
Where to buy
Limited-edition art prints of The Sofa Series: Sultani can be acquired from Reem El Mutwalli at www.reemelmutwalli.com
The biog
Age: 19
Profession: medical student at UAE university
Favourite book: The Ocean at The End of The Lane by Neil Gaiman
Role model: Parents, followed by Fazza (Shiekh Hamdan bin Mohammed)
Favourite poet: Edger Allen Poe
Dhadak 2
Director: Shazia Iqbal
Starring: Siddhant Chaturvedi, Triptii Dimri
Rating: 1/5
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