5-year renewable visa for expat retirees
RESOLUTION TO CUT ELECTRICITY CHARGES FOR INDUSTRIES ADOPTED ‘ONE-DAY COURT’ SYSTEM TO PROVIDE QUICK JUSTICE APPROVED UNIFIED NATIONAL STANDARDS FOR PUBLIC AND PRIVATE HOSPITALS
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.
“This is an excellent decision that will go on to help expatriates plan their lives in the UAE with more clarity and certainty. It will also have a very positive impact on the market and attract more people to the country,” said Syed Maqbool, a longtime resident.
The 52-year-old business development manager added that people love to work and live in the UAE, and for many longtime residents who don’t have anywhere to go after retirement and struggle to relocate, this is welcome news.
“This comes as great news for all, particularly those who are nearing retirement. It will help us plan our future better, considering this option we have now,” said Maqbool.
Security
Another longtime UAE expatriate, Moosa Kaleem, hailed the decision as a great and positive move.
“This will open up new doors for people who have spent their entire lives here and don’t want to go back. Most expats are uncertain about their future and this will certainly help provide more security for them,” said Kaleem, who is vice-president of Financial Institution at a bank.
The decision was also welcomed by expatriate business leaders and executives.
Kamal Vachani, group director of Al Maya Group, said the decision to allow expats to stay back in the UAE after retirement is great news and a welcoming step.
Rajesh Balachandran, regional sales manager Middle East for Whirlpool, said the law sounds promising for people looking to keep longterm ties with the UAE. “It will motivate people to invest here. Professionals who wish to continue can do so by providing consultancy services, even after retirement,” said Balachandran.
The UAE had earlier enacted sweeping changes to its residency system this June, in which key workers will be offered visas of up to 10 years to attract sought-after professionals. Doctors and engineers and their families are among those who will be eligible for long-stay visas.
Specialists working in medicine, science, research and technical fields will also be eligible. Students will also be able to secure five-year visas and “exceptional” graduates could remain in the country for 10 years.
At present, students must apply to renew their visa each year. Other major changes include allowing investors to own 100 per cent of a company based in the emirates.
Other agreements passed
The cabinet also approved the launch of the ‘one-day court’ system, to provide fast and efficient legal services to the community.
It will speed up rulings in minor criminal offences, and the initiative will ensure the UAE upholds its law institutions, with a distinguished judicial system based on modern mechanisms.
The UAE Cabinet has approved the Succession Planning and Talents Pool project in the federal government, as part of the government’s vision to develop human competencies across the federal government and to optimise human resources.
Its aim is to ensure that Emirati manpower is equipped to take on leadership and specialised positions.
The cabinet also adopted the unified national standards for public and private hospitals, in line with the UAE Vision 2021, to improve medical service provided in the UAE in accordance with the best international practices.
The new unified standards give guidelines for health care professionals and hospitals, as well as other standards on medicines, patients’ rights etc.
The cabinet also approved a resolution regulating trading control and stamping requirements in precious stones and precious metals, to establish the necessary framework and increase the scope for international investment in this sector.
An agreement between the UAE and Russia — on the mutual exemption of visa requirements for citizens of both countries — was approved.
So was an agreement between the UAE and Gabon, to establish an embassy to Zimbabwe in Harare.
An agreement on economic and technical cooperation between the UAE and Cyprus was also approved, among other decisions.