The UAE Cabinet approved a series of plans, including one that supports expatriates UAE Residency long after they retire.
On Sunday 16 September, the UAE Cabinet approved a landmark law which will provide special UAE residency visa privileges for expat retirees over the age of fifty-five years for a period of five years, with the possibility of renewal.
Although only just announced, the news has been widely lauded by the expat community and will bring more certainty to the lives of expats in the UAE, according to His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.
The UAE is home to over 200 different nationalities with the expat population constituting approximately 80% of the population, particularly in the Capital, Abu Dhabi and Dubai. This makes the UAE home to one of the world’s highest percentage of immigrants in the world and is why the recent approval of such a law is so groundbreaking.
Long-term visa for expats
The law, which will come into effect in 2019, outlines the requirements to qualify for the long-term visa, which includes:
■ An investment in a property worth Dh2 million, or
■ Financial savings of no less than Dh1 million, or
■ An active income of no less than Dh20,000 per month.
Additional New Cabinet Decisions
FEWA Industrial Sector Electricity Tariff Reduction:
As part of the new Cabinet decisions, it was also announced that there will be an Industrial Sector (FEWA) Electricity Tariff Reduction which will come into effect as early as Q4 this year. This means that large factories will be supported with significantly reduced electricity consumption charges by 29 per cent, while small and medium-sized factories will have reduced bills by 10 and 22 per cent, respectively. In addition to this, the Cabinet announced that it will waive the service connection fees for all new factories, irrespective of size.
One Day Court:
The launching of the new one-day court system will provide the fastest and most efficient rulings for minor criminal offences.
UAE-RUSSIA Visa waiver:
The Cabinet also approved an agreement between the UAE and the Russian Federation which will result in the mutual exemption of visa requirements for citizens of both countries.
Source: Gulf News