UAE approves law granting residency to retired property investors

FILE PHOTO: Visitors look at the aerial view of Dubai from the Deira old Dubai side in Dubai, UAE July 9, 2018. REUTERS/Satish Kumar

DUBAI (Reuters) - The United Arab Emirates government approved on Sunday a law that allows expatriates to stay in the country after retirement if they own a property valued about $545,000 (£416,980).

Current legislation provides for expatriates to leave when they reach the retirement age, between 60 and 65 years depending on the employer.