If you have been dreaming about a luxury destination to spend your retirement years, think no further. The Dubai government announced the ‘Retire in Dubai’ global retirement programme on 2nd September 2020.
Once we are on the wrong side of 40s or 50s, planning our retirement becomes essential. One of the key aspects of planning ones retirement is narrowing down on the city or country to retire in. Dubai has always been a preferred destination for retirement for those who have always envisioned a retirement life full of luxury, fun and relaxation. Well, if you are 55 years and above, it just became easier for you to retire in Dubai. Read on to find how.
On 2nd September 2020, the Dubai government, under the directive of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, announced the global retirement programme- ‘Retire in Dubai’ in order to enhance the city’s status as a preferred retirement destination on the world map. This is the first of its kind scheme in the region and is open to all resident expatriates and foreigners aged 55 and above.
What does the retirement programme entail?
- All applicants will be provided a Retirement Visa, renewable every 5 years.
- Open to all resident expatriates and foreigners aged 55 and above.
- Financial eligibility criteria includes either a monthly earning of AED20,000 (approx. USD5,500) or savings to the tune of AED1 million (approx. USD275,000) or ownership of a property in Dubai worth AED2 million (approx.USD550,000).
The initiative is a part of the combined efforts by the General Directorate of Residency and Foreigners Affairs and Dubai Tourism to reinforce the city’s status as a preferred tourism and lifestyle hub. Is also aims at offering a unique lifestyle for the retirees, that will in turn bolster economic development in the country and enhance its reputation as a global business and investment centre.
Why should one apply for the Dubai retirement visa?
Unique Lifestyle: Dubai is known for its cosmopolitan nature with over 200 nationalities residing together. This promises an exciting cocktail of different cultures, beliefs and values to the residents. The holders of retirement visa would be given special banking options to enable them to purchase a property that fits their lifestyle. Dubai Tourism has been in collaboration with multiple real estate promoters such as Dubai Holding, Meraas and Emaar, and Emirates NBD
Convenience: The city is synonymous to comfort and affordable luxury thus promising retirees a life they truly desire.
Recreation:It is no secret that Dubai is one of the most popular shopping and leisure destinations in the world. It offers a plethora of options in terms of food, entertainment, relaxation, tourist spots etc. It even offers the opportunity to attend multiple cultural and shopping festivals throughout the year.
Connectivity: Dubai is strategically located midway between the West and the East and its highly connected infrastructure makes it easy for retirees to visit friends and family from all over the world.
Dubai International (DXB), one of the busiest airports in the world, connects more than 240 destinations through 140 airlines. Dubai World Central (DWC), the second airport in the city has further enhanced connectivity making it one of the most compelling advantages of living in Dubai.
Well-developed healthcare system: Dubai is also known for its world class health care facilities. The medical infrastructure has further got a boost after the pandemic. Moreover, Dubai Tourism has collaborated with leading companies in the insurance sector to provide price-competitive packages for the retirees.
Legacy management: The DIFC Wills Service Centre will provide services such as will drafting, registration, and probate services at exclusive competitive prices to the retirees.
So, if it was indeed your dream to retire in Dubai, you have it easy now.
