“Shaikh Mohammad during the UAE Cabinet meeting. The 5-year renewable residence visa for expat retirees will be given if they meet certain conditions, including ownership of property worth Dh2 million, or savings of at least Dh1 million, or a monthly income of at least Dh20,000.”
Expatriates will be granted long-term residence visas after retirement, His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, announced after a Cabinet meeting yesterday.
The Cabinet passed a decision to grant a five-year residence visa for expatriate retirees, aged 55 and above, renewable on meeting certain conditions. The law will take effect next year.
“Chairing the Cabinet meeting, we adopted a system that allows the expatriate brothers to stay long after retirement,” Shaikh Mohammad said on his Twitter account.
The Cabinet also adopted a resolution to support the industrial sector by reducing electricity charges. Shaikh Mohammad said: “We launched today an initiative to support the industry sector and to affirm the UAE’s position on the global map as an attractive investment destination that provides an integrated environment for growth and sustainability.” The initiative introduced a reduced tariff for electricity for the industrial sector to take effect in the fourth quarter of this year. Large industries will be supported by reducing the electricity charges by 29 per cent, while small and medium industries will have fees reduced by 10 per cent to 22 per cent, in addition to waiving the service connection fees for new ones.
The Cabinet also approved the launch of the “one-day court” system to provide the fastest and most efficient services to the community.
The Cabinet adopted the unified national standards for public and private hospitals to improve the level of services provided in accordance with best standards and best international practices. It also approved a resolution on the control and stamping requirements for trading in precious stones and precious metals to establish the necessary regulatory framework while preserving the high reputation of the UAE and increase its attractiveness to investments in this field.
Expatriates yesterday welcomed the UAE Cabinet’s decision to allow long-term residency in the country, helping residents continue their life here post-retirement.
His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, yesterday announced the move that expatriates said would bring more certainty to their lives.
The cabinet passed a decision to grant a five-year renewable residence visa for expatriate retirees, age 55 and above, renewable on meeting certain conditions, which are: ownership of property worth Dh2 million, or savings of at least Dh1 million, or a monthly income of at least Dh20,000.
The law will come into effect from next year.