The UAE emirate of Dubai has announced it is launching a new residency visa specifically for retirees.
The Global Retirement Visa is part of the government's new Retire in Dubai drive to encourage more wealthy expats to relocate, or continue to live in, the city.
Although open to people aged over 55 around the world, the initial roll-out will be for expats already resident in Dubai, the government said.
To qualify for the new, five-year, visa, an expat must receive a monthly income of AED 20,000 ($5,500) or savings in the UAE of at least AED 1m. Alternatively expats could own a Dubai property with a value of more than AED 2m.
A spokesman for Dubai Media Office said, "The programme offers long-term residents of the city who are familiar with Dubai's value proposition an easy and hassle-free retirement option."
"Dubai's close proximity with the native countries of a large majority of residents makes it a convenient retirement destination."
Helal Saeed Almarri, director-general of Dubai Tourism, said: "The Retire in Dubai programme is based on the vision of Sheikh Mohammed bin Rashid Al Maktoum, vice-president and prime minister of the UAE and ruler of Dubai, to further enhance Dubai's position as an iconic global city and make it the world's most preferred lifestyle destination."
"Dubai's Retirement Readiness strategy will enable expatriates and international retirees to take advantage of the city's open-door policy, tolerance, and outstanding quality of life and live in one of the world's fastest growing, culturally diverse cities."
To qualify for the Global Retirement Visa, foreigners must be covered by a valid UAE health insurance policy.
2.5% widely expected
Basic state pension increased 41% since policy inception