The U.A.E. government has taken a major policy change aiming at boosting economic growth. Moreover, it will permit foreigners to obtain long-term residency visas after their retirement.
The New Law
The new law, will take effect in 2019, and has these provisions:
a) The residency visas (extended) will apply to persons who retire above the age of 55.
b) It has a running period of five years, where there is a possibility of renewal.
The Qualifications for this are:
a) Having an investment in an asset/ property worth two million Dirhams,
b) Savings of one million Dirhams,
c) Active monthly income of 20,000 Dirhams,
Upon implementation, this move will be a major step, for a member of the Gulf Cooperation Council. Furthermore, so far this grouping, has not allowed expatriate workers, to exceed their stay period, beyond their work permit. This aims to provide a reason, to stay in the U.A.E. to the people; moreover, the experts feel that it will be good, if additionally there is some way for them, to stay and manage the savings and pensions.
Reduction in electricity fee
The Emirates decided to reduce electricity fees for industries. This will begin in the fourth quarter. The Cost of Electricity consumption for large factories will be reduced by 29 percent, by 10 percent for small factories and 22 percent for the medium range. Additionally there will be a waiver for Service connection fees in the case of new factories.
Sheikh Mohammed bin Rashid Al Maktoum, the VP and Prime Minister U.A.E. stressed on the aspects of improving the competitiveness. His Highness feels that it is a journey with no finish line.
Finally, in the past, Qatar also made permanent residency, an option for some foreigners, as a step that would give them an access to the welfare system. They can enjoy the commercial rights, reserved only for its citizens.
We, at Visa Reporter
, will bring all the associated developments, in this domain and keep the immigrants well informed.