DUBAI: The UAE cabinet has approved a law that will allow foreigners to obtain long-term residencies in the Emirates after they retire, the prime minister Sheikh Mohammed bin Rashid Al-Maktoum said on Sunday. Dubai Media Office announced the significant move on their Twitter page. It is part of the UAE government’s drive to boost economic growth in the country. Dubai Media Office ✔ @DXBMediaOffice The #UAE Cabinet approved a law to provide special residency-visa privileges for expats retirees over the age of fifty-five years for a period of five years, with the possibility of renewal, according to specific conditions. 4:33 PM - Sep 16, 2018 39 30 people are talking about this Twitter Ads info and privacy The law will provide special residency-visa privileges for expatriate retirees over the age of 55 years for a period of five years, with the possibility of renewal, according to specific conditions, WAM reported. Dubai Media Office ✔ @DXBMediaOffice · 10h The #UAE Cabinet approved a law to provide special residency-visa privileges for expats retirees over the age of fifty-five years for a period of five years, with the possibility of renewal, according to specific conditions. Dubai Media Office ✔ @DXBMediaOffice In effect as of 2019, the law outlines requirements to qualify for the long-term visa such as having an investment in a property worth AED2 million, or financial savings of no less than AED1 million, or having an active income of no less than AED20,000 per month. #UAE 4:34 PM - Sep 16, 2018 22 24 people are talking about this Twitter Ads info and privacy According to the WAM statement, the law, which will be in effect from 2019, “outlines the requirements to qualify for the long-term visa such as having an investment in a property worth AED2 million ($544,000), or having financial savings of no less than AED1 million, or having an active income of no less than AED20,000 per month.”