The United Arab Emirates has announced a new visa scheme to attract wealthy foreign retirees to the country. Under the new "Golden Visa" program, individuals over the age of 55 who have retirement income of over $40,000 per year or savings of over $1 million will be granted a 10-year residency visa. The UAE hopes this new visa category will boost the economy by attracting more affluent foreigners to live, spend, and do business in the country.