UAE to allow expats long-term residency after retirement

In a significant move, the United Arab Emirates will allow foreigners to obtain long-term residencies in the country after they retire, the prime minister said on Sunday.

The Cabinet meeting decision was announced on Twitter by Sheikh Mohammed Bin Rashid Al Maktoum, who is also the UAE vice president and Ruler of Dubai.

The move is seen as part of the government’s policy reforms that seek to boost economic growth.

The UAE Cabinet approved a law to provide special residency-visa privileges for expats retirees over the age of 55 years for a period of five years, with the possibility of renewal, according to specific conditions, reported WAM, Emirate’s news agency.

“The law, which will be in effect as of 2019, outlines the requirements to qualify for the long-term visa such as having an investment in a property worth AED2 million, or having financial savings of no less than AED1 million, or having an active income of no less than AED20,000 per month.”

The government also decided to cut electricity fees for industries, Sheikh Mohammed said on Twitter.

Gulf Cooperation Council (GCC) countries till now generally do not allow expatriates to stay after their work permits expire.

‘One-day court’ system

The Cabinet also approved the launch of the “one-day court” system to provide the fastest and most efficient services to the community. The “one-day court” will contribute to speeding up the ruling in minor criminal offenses.

“The initiative also affirms that the UAE is a state of institutions and law, possessing a distinguished judicial system that is based on modern mechanisms and systems,” according to WAM.