There comes a time in each and every one of our lives where we will be thinking about retirement. After dedicating a good chunk of our time to work and other related activities, we deserve to spend the remaining days of our lives relaxed and at ease. This is the reason why many consider retirement as one of the fruits of their hard work and labor. It is good to hear that in the United Arab Emirates (UAE) you will not be finding any shortage of retirement options making it possible for just about anyone to be able to find one that fits their preference and need. The government has also taken the extra measures in order to provide the people with more avenues on how they want to proceed with their retirement. One of these can be found with UAE’s new law to provide retirement visa for retired expatriates.
UAE has slowly climbed its way as one of the progressive countries in the world. Their technology is not far behind with the country introducing new innovations to the world on a regular basis. This is the reason why the stigma revolving around living in the country is slowly being replaced by vivid imagery and wonderful career opportunities. This is the reason why many consider UAE, particularly Dubai, as a great place to live in each stage of life, from school to retirement. It is even made more accessible with the new law we mentioned earlier.
The New Law on Retirement Visa for Expats
Under this law, a five-year renewable visa can be provided to expatriate pensioners over the age of 55. This is quite handy as it gives them a sense of security especially those nearing the age of retirement. People who live in colder climates may welcome the change of pace in warmer countries such as Dubai making it a great place to settle down in. Those who are looking forward to retiring in Dubai may be pleased to hear that the new visa is expected to be introduced next year. This is valid for five years and can be renewed for retirees who plan on staying longer and still meet the eligibility criteria.
Retirement Visa Requirements for Expats
The requirements are pretty straightforward with expats needing to have an ownership of a real estate invest investment of at least AED 2 million. Retirees will also be required to have savings of more than AED 1 million, or prove income of at least AED 20,000 per month. Although expats usually don’t pay any tax, the cost of healthcare as well as entertainment is pretty steep making it important for them to have funds.
Retirement should be a hassle-free transition from your years of employment. Investment plays a very important role in helping you achieve such goal as this helps guarantee a steady flow of income even after retirement. It’s imperative to have a sustainable source of income to cover living expenses after retiring from employment. HBS Dubai is able to provide plenty of options with regards to real estate investment in Dubai giving their clients expert advise and support each step of the way.