UAE introduces five year residency visa for retired residents over 55

The Federal Authority for Identity, Citizenship, Customs, and Port Security (ICP) has announced new regulations for issuing residency and identification cards to retired residents in the UAE.This includes the introduction of a 5-year residency visa for expatriates aged 55 and above.
According to the ICP, expatriate retirees who are 55 years or older can now apply for a 5-year residency visa to live in the UAE.To qualify for this visa, applicants must meet the following criteria
The applicant must have worked for at least 15 years, either inside or outside the UAE.
The individual must own property worth at least Dh1 million or, have savings of at least Dh1 million, or receive a monthly income of at least Dh20,000 (or Dh15,000 in Dubai).A bank statement from the last six months is also required.
This residency visa is valid for 5 years and can be renewed if the applicant continues to meet the same requirements.
Application Process
The ICP has outlined the steps to apply for a residency permit and UAE ID card for retired residents through its official website and the UAEICP smart application.