New law to allow expats to retire in the UAE

The UAE Cabinet, chaired by the Ruler of Dubai, also approved another law to reduce electricity consumption tariffs for the industrial sector

A new law has been approved by the UAE Cabinet that will allow expats to retire in the country [pictured: national flag of the UAE].
A new law has been approved by the UAE Cabinet that will allow expats to retire in the country [pictured: national flag of the UAE].

Expats will be allowed to retire in the UAE following a new law approved by the country's cabinet, chaired by Vice President and Prime Minister of the UAE, and Ruler of Dubai, HH Sheikh Mohammed bin Rashid Al Maktoum.

The special residency visa privileges will be offered, based on specific conditions being met, to expat retirees aged 55 or older.

These visas will span for a period of five years with the possibility of renewal, provided required criteria is met. 

Due to take effect in 2019, the law outlines "the requirements to qualify for the long-term visa", according to Dubai Media Office.

READ: The UAE’s new visas could support construction freelancers and SMEs

Among these requirements is having an investment in property worth $544,510 (AED2m); having financial savings worth no less than $272,255 (AED1m); or having an active income no less than $5,445 (AED20,000) per month. 

The UAE Cabinet's approval of this law coincided with its adoption of a resolution to support the local industrial sector, with electricity fees set to be reduced for large, medium, and small factories. 

Large factories will see their electricity consumption charges cut by 29%, while small and medium factories will see reductions of 10-22%. Additionally, service connection fees will be waived for new factories. 

The reduced tariff initiative will take effect in Q4 2018, and is hoped to encourage the sector to diversify away from non-environment friendly energy sources, such as liquid fuels. 

Commenting on these initiatives, HH Sheikh Mohammed bin Rashid said: "We launched today an initiative to support the industry sector and to affirm UAE’s position on the global map as an attractive investment destination that provides an integrated environment for growth and sustainability.

"We are investing in a sustainable industrial sector through the collaboration between different government entities and our goal is to be a successful model for the green economy to preserve our environment for future generations," he added.

In addition to these initiatives, a 'one-day court' was set up by the cabinet, and the Succession Planning and Talents Pool project was also approved for the federal government. In addition, the cabinet adopted unified national standards for public and private hospitals, in line with UAE Vision 2021. 

The hospital standards provide guidelines for healthcare professionals and hospital design. 

A resolution on the control and stamping requirements for precious stone and metal trading was also adopted by the cabinet, with agreements signed for visa exemptions from citizens of the UAE and Russia. Moreover, the UAE and the Republic of Gabon agreed to establish an embassy to the Republic of Zimbabwe in Harare.

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