In a significant move, the UAE government is set to allow expatriates above 55 years of age to stay in the country after retirement for a period of five years, under a new law, said a report.

The move is seen as part of the government’s policy reforms that seek to boost economic growth. It comes following a raft of similar changes earlier this year such as to allow investors and key workers such as doctors or engineers access to long-term visas.

The law was approved at the UAE cabinet meeting, chaired by His Highness Sheikh Mohammed bin Rashid Al Maktoum, the Vice President, Prime Minister and Ruler of Dubai.

As per the law, which will come into effect from next year, all expatriates above 55 years of age will be able to stay in the country even after retirement for a period of five years (with the possibility of renewal), if they own a property worth Dh2 million ($544,450) in the emirates, reported state news agency Wam.

Outlining the requirements to qualify for the long-term visa, the cabinet said those expats having financial savings of no less than Dh1 million, or having an active income of no less than Dh20,000 per month would also be eligible for getting this special treatment post retirement, it added.