Long-term visa will help expats plan retirement confidently
UAE’s new expat laws could make it top ten financial hub in a decade
AUAE Cabinet decision on Sunday granting longterm visas to expatriate retirees is expected to attract more people with advanced skills and enhance the UAE’s ability to build a knowledgebased economy, experts said.
Dr Abdullah Al Suwaiji, an Emirati human resources expert, said: “This is a great decision that will go on to help expatriates’ transition to retirement confidently. It will also have a very positive impact on the economy and attract more people to the country, helping residents continue their life in the country post-retirement.”
He added that the latest move along with the decision to allow 100 per cent foreign ownership of companies in the UAE and a 10-year visa for investors, scientists, doctors, engineers, entrepreneurs and innovators will attract foreign direct investment (FDI) as well as talent.
Investment hub
Jasem Abdullah Al Naqbi, member of the Federal National Council and a lawyer, said the
move will raise the UAE’s global profile as a preferred retirement hub and investment destination, positively impact the local business environment and ultimately enhance the country’s economic competitiveness.
Al Naqbi said the decision will also attract more tourists.
Dr Mohammad Al Khazraji,
an Emirati lawyer, said: “Expatriates are already investing in many businesses, including construction, retail and medical services for decades and the new measures will definitely encourage more investments.”
Dr Al Khazraji added: “Professionals who wish to live and work in the UAE can do so by providing consultancy services even after retirement.”
Nigel Green, founder and CEO of deVere Group, one of the world’s largest independent financial advisory organisations, said the UAE could soon join London, New York and Hong Kong in the world’s top 10 global financial centre rankings.
Green affirmed the UAE is a perennially popular destination for ambitious expatriates.
“The UAE will become even more attractive to overseas talent, thanks to the new law that allows expats to stay on in the UAE long after they retire.”
Green added: “Recruiting more top talent will inevitably become easier for companies based in the country. ”