People coming to the end of their working life and unsure where to go next may soon be able to stay on in the UAE indefinitely.

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Under proposals announced by the UAE Cabinet yesterday, a five-year retiree visa for people over 55 will be introduced next year.

To qualify for the visa, you’ll either have to own property in the UAE worth at least AED 2 million, have savings of at least AED 1 million or have proof that you make more than AED 20,000 per month.

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Currently, expatriates have to leave the UAE once they reach 60 years of age unless they own or have a stake in a business.

Those qualifying for the retiree visa would presumably also need to have health insurance.