The United Arab Emirates Cabinet has approved a number of new plans and rules, chaired by the Vice President of the UAE, Prime Minister and Ruler of Dubai, His Highness Shaikh Mohammed Bin Rashid Al Maktoum.
Among the new rules, there is one which will enable expats to remain in the nation even after they retire. A resolution has also been adopted to aid the industrial sector by reducing fees for electricity consumption in the case of large to small factories.
There are going to be initiatives in place for supporting the industry sector. They will also be confirming the position of the UAE in the world as a fantastic investment destination, capable of providing an integrated environment for sustainability and growth.
One of the aims of these new plans is to help the UAE become a successful green economy model. This will be essential in preserving the environment for the future generations.
However, one of the most important announcements by the Cabinet was about the expats living in the country. The UAE is now going to offer a new special long-term residency visa which expats may be eligible for after their retirement. A 5-year visa will be given to the retired expats if they are above the age of 55 years. In some cases, this visa may be renewed.
In order to qualify for this visa, the expat retiree must have a property investment that is worth at least Dh2 million. Alternatively, he or she must have financial savings amount to a minimum of Dh1 million or possess an active income of Dh 20,000 per month at minimum.